Dream about it...... The company has about 600 million shares fully diluted. From the future Brazilian mine 12.5% of gold has been sold at $400.00 profit as a part of gold steam agreement, Brazilian Real hedged at 1.9 and 1.98 to US $1.00 (today is at 2.07 a big negative move by the corp.) and as a part of the $ 90 million gross loan facility they hedged 216,000 oz of gold at $ 1,600.00 which is another bad move.
I just wonder even if nothing goes wrong building the mine. will they be able to be profitable .. ????
And here is the campony interpretation of currency swaps as they call:
Derivatives arising from the currency swaps and gold contract are intended to manage the Corporation’s risk management objectives associated with changing market values, but they do not meet the strict hedge effectiveness criteria designated in a hedge accounting relationship. Accordingly, these derivatives have been classified as “non-hedge derivatives”