why?, page-10

re: why - ncm down ? To Billytea
the hedging position at CRS was 30% & now according to their second quarter rep it is now 24%. Lets look into this further.

"Croesus Mining produced record earnings of $23 million for the half year before interest expense, tax, depreciation and amortisation (EBITDA).
Group gold production was 136,988 oz (for 6 months).
GOLD HEDGING
The Croesus hedge book continued to be reduced and stands at 148,600 ounces representing 24% of ore reserves. Croesus deliver 10,000 ounces per month into hedging contracts with the remainder being sold at spot. The average gold price received for the quarter was $560 versus the average spot price of $580."

I hold CRS and have taken a position in DRD because its 100% unhedged. Read their report, a US$6 increase in gold price increased their profit by 54% that was for an average gold price of $321, now the gold price is $60 higher.

Regards John