I have tried very hard over the last few years to like NCM but it has always let me down.
What I am concerned about is the US$ debt. If this is un hedged, any benefit NCM is getting from higher A$ gold is being mitigated by the higher debt service payments.
Although not that large, less cashflow means more pressure for Cap raising. Just cannot belive they have got themselves into this!!
ncm in the $10's!, page-37
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