The March 2003 hedging was announced in the 2002 Annual Report. I was reading it (again) last night, very straight forward and plain English.
I'm a ...shall we say....veteran of the precious metals world. I strive to invest in miners with minimal to zero debt, and minimal to zero hedging. I want the maximum upside exposure to the commodity. The same thinking applies to natural gas investments. So far, CRED, XEC, and PETD are suiting my needs.
Hello Deep: You mentioned that you invest in mining ventures. Have you heard of anou.v (Anatolia Minerals Development Limited)? They are exploring in Turkey with Rio Tinto. Apparently having good success. Claim to have 1/5th of all licensed mineral properties in Turkey under license. If you have heard of them, what do you think?
In reply to your inquiry about Anatolia Minerals Development, go to the website of the wall street reporter and listen to the recent interview of the President and Director of the company, it's well worth the effort if your looking for an undiscovered company, few people know about this opportunity yet.