RE: HedgingCGA has 214,347 ounces hedged at $859 average price for years 2-5 (there was zero hedging for the first 12 months). This was used to finance Masbate mine capex.
Thus:
1) about 53,600 ounces hedged per year for the next 4 years at $859
2) total annual production forecast at between 200K-250K ounces, so about 24% of production hedged for next 4 years.
With the recent PP proceed to pay off the high priced debt, current mine cash flow/production can be used to retire the hedge book early.