Basically NCM is now unhedged with respect to copper and has gold hedging of 700,000 ounces per year for the next 6 years.
Given that NCM expects to produce 1.8m ounces of gold this financial year and 100,000 tonnes(220m lbs) of copper, NCM's FY operating profit for 2006/07 will probably be more than double that of 2005/06.
The fact that NCM is unhedged re:copper will add enormously to future profits.
The key driver of NCM is its huge reserve and resource bases for both copper and gold....all discovered by NCM on NCM's ground.
NCM historically has discovered new ounces of gold for just A$13/ounce
NCM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
