Hedging StrategiesThe rationale for ABX's new hedges may not have been great timing as the gold price increased significantly after the hedges were put in place.
Market MultiplesABX has systematically traded at lower multiples versus peers due to below-average ROIC, higher-than-peer-average unit cost inflation, higher-than-average country risk, and higher-than-average copper exposure.
Operational ChallengesThe most challenging aspect of the Lumwana mine expansion is going to be the mining, with the plan calling for mining of over 300 million tons per year, which presents significant operational challenges.