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 African Business Network 183
option in the coming months.
“I think the market is pricing in a lot more risk than remains. The market has been so bad for so long and I don’t think people think anything is ever going to happen in mining in West Africa.
“People say ‘is it actually possible to produce a mine on time and on budget and produce what you say you are going to?’. Hopefully Hummingbird will prove that it is possible and that will be very good for the whole industry.”
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price because otherwise why would they be involved with a gold company, however I want to balance that with prudent  scal controls.”
There is the option for Hummingbird to hedge a small proportion of the production to paying back the debt facility, of $40-45 million - protecting the company from any sharp moves in the gold price.
With $60 million free cash potential at US$1,250/oz and four years to pay back the debt it would amount to only a small portion of production that would require hedging.
Betts says ideologically he is against the idea but he recognises the that prudently there is a place for it and the board will discuss the

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