running the numbers, page-11

Again GF I disagree with your accounting treatment.
You say that there is a $US130 million hedging derivative liability on the Balance Sheet at Dec 2008.
If the NZ gold price & the US/NZ exchange rate don't vary over the next two years then there is definitely no hedging benefit/loss to the P&L Statement over that time.
The $US130 million liability gets extinguished from the Balance Sheet by OGC paying out $US130 million in cold hard CASH on a quarterly basis to the hedging counterparty.
They are essentially selling 300k ozs/pa at the spot price and from those proceeds paying out the $US130 million liability.
There is only an effect on the P&L Statement when the NZ gold price varies as the hedge price is set in NZ dollars.