Can't work out the logic there Primetime23.
The fact is KCN have committed to deliver 50,000 ounces of their gold production at just A$1435. With gold at A$1450 that's already $750,000 out the money.
For every A$20 gold is above A$1435 KCN loses one million dollars in revenue.
As for Challenger, the reality is there in all its dark red if you delve into the quarterly.
You will find that KCN tell us that for the June quarter the "Total production cost" for Challenger was US$2,380 an ounce.
kcn considering hedging..., page-34
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