This is some more info. provided by the company re. its hedging policy:
"Croesus Mining NL - Gold and Forex Hedging @ 30 June 2002 Croesus has a combination of AUD and USD forward gold sales in place as well as USD currency positions. The net effect of this hedging which includes the inherited Central Norseman Gold Corporation Limited hedging, requires Croesus to deliver 10,000 ounces per month at ~A$500 per ounce. Remaining production is sold at spot.
Hedging Summary @ 30 September 2002 179,000 Ounces @ A$500oz which includes Central Norseman gold puts & calls
32% of reserves hedged
10,000 ozs delivered /month; remainder into spot
No margin calls on hedging
No new hedging currently proposed to be taken".
All up ... it looks pretty positive to me.
CRS Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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