Bad hedging contracts cost Bellevue Gold almost $200 million in the past financial year, after the miner in 2021 locked in prices for its future production as part of a funding deal with Macquarie.
While rivals have rewarded shareholders with bumper payouts flowing from the soaring price of gold, Bellevue has been obliged to sell much of its bullion at less than half the market price and has not paid a dividend.
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