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They will do this at times in anticipation of higher prices.
I am not sure that what you say is in line with their operations. They claim from time to time to enter the futures market for short term purposes. To withhold inventory does not fit their stated goal of maximum cash flow generation.
I don't think they would state that it's their reasoning for not bringing ore to market, but this has been discussed over the years as a reason.
I'm not sure when they report earnings (date?), but earnings should be very good considering they did not sell over 5 million ounces that will carry over.
Maximum cash flow generation over time or over the cycle? One could easily conclude that such an objective leaves a great deal of latitude in accomplishment.