Ann: Presentation - Denver Gold Forum, page-60

Debt has been postponed

That means they are holding
unhedged usd debt longer at a time when aud is falling, at a time when interest rates are rising, at a time when cashflow is weak to cover these additional exposures and costs

Bankers have nailed them

ncm will not be laughing all the way to the bank

they took the punt which was a clear risk

niw they have rising debt levels
rising service costs

like a a huge credit card, many just never pay it off , always paying interest, fees, never getting ahead