Australian gold miners give hedging the cold shoulder

[pmbug]

...
Once happy to sell the lion's share of future production forward at fixed prices and guarantee revenue streams, hedging all but dried up by the second half of the last decade as mining companies scrambled to gain full exposure to rising bullion prices.

Major producers such as Canada's Barrick Gold Corp and Australia's Newcrest Mining spent billions of dollars unwinding out-of-the-money hedges.
...

More: http://www.mineweb.com/mineweb/cont...g-finance-investment-old?oid=187403&sn=Detail

This would seem to clash with reports of Barrick selling forward their Pascua Lama gold/silver.

 

[rblong2us]

and tells us what direction the miners reckon the future price of metals will be ...........

As for Barrick having an ex Goldmanite to run it, that suggests it has been playing with fire and needs some creative financial management to survive.