re: why - ncm down ? Going bust. Doubt it. They are heavily committed for further mine expansions and very impressive production upgrades, particularly Telfer Deep. If I recall correctly, don't have the facts in front of me, NCM is around 20-25% hedged. This may prove useful if the gold bubble bursts in the next few days. That said, I would imagine that any NCM sales on the spot market will be invested in those expansions and debt minimized. Two years from now NCM will be a very huge, low-cost (and low-cost it certainly is today) gold producer - if it hasn't been snapped up by an overseas predator by then.
That NCM's price is dropping now is a disappointment - but no big surprise.
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