smashed, page-8

OGC state cash costs which compares for the most part with other companies.

Total operating costs include depreciation and amortisation. There is a higher charge in the 2nd half, most likely due to the strong NZD dollar vs US Dollar, as OGC report in US Dollars.

Also they had a strong half for ore mined and much of their amortisation expense is calculated per tonne of ore, accounting wise they had a bigger number to spread against the ounces.

In my view they had a very good half for rock movement and mining, thus they had more amortisation flowing through.

The key is to look at is cash flow or EBITDA and once the hedges are cancelled, then reassess whether its worth investing in.

BTW i had more at $2.12