RE:$1000 goldWhere does it leave EDV? In a better place than most of the rest of the gold mining industry:
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Somewhat hedged
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Only modest debt
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Sufficient cash at bank to complete projects already underway
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Cost structure competitive with the majors
Together with the rest of the industry, will have to "hunker down" until the gold price is sufficient (or costs are lowered) such that mining pays. I.E. suspend new projects like Hounde, suspend any operations that are unprofitable at the prevailing gold price/costs, continue optimising costs (which are likely to fall in the face of declining demand from the industry and contained raw material costs).
Given the excellent operational performance by management & astute financial management (e.g. selling bullion before the latest price falls, to maximise exposure to hedges & minimise gold price risk), I'm happy to sit tight & back this team.