Ann: June Quarterly Report, page-9

A play on newcrest is a leveraged long position on where u think the gold price will be going forward. i think that by the time this debt bomb explodes gold will be higher (prob a lot higher) and so NCM will be prob 3x that. even at these woefull prices NCM is generating heaps of free cash flow. much more than is reqd to service its debt load. call me stupid but i will take the other side of the sell order. cheers and lets buckle up for the ride