Western Goldfields (WGW)

[ibreken]

Hedged at $801 an ounce (about one third of production). That was the reason you sold? When I first found out about they were hedging it had me worried. But then when I saw they were able to hedge at $801 and ounce while gold was trading at about $650 I knew this was a winner and management were right on the ball. Why on earth would you think a hedge at $801 is bad? It locks in massive profits and anything above that is a bonus for other production. It makes it even more profitable than my example using $750 an ounce. There are good hedges and bad hedges and that was a great hedge, ensuring profitability and securing the financing in one brilliant move.