Was it MANAGEM's hedge rather than Semafo's, that roan was complaining about? It seems possibly so from the Managem story I posted. If it's really only a Managem hedge, then maybe it might not bind Semafo and it might not affect Semafo's profits at all.
Managem owns other (non-Semafo) gold mines in Morocco, which might be the basis for its hedging.
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