what kind of result are we looking for here, page-3

Well KG, all I can say is that last year on Sales revenue NCM made 14.7% NPAT before the hedging restructure. Since the costs of hedging are to be amortised and the costs of production this year are marginally lower, let's take a midpoint average selling price of $US875 this year which translates into, say, $A940 per oz or $1.6b in sales. If NPAT comes in at 15%-20% we're looking at $240m-$320m for the 07/08 year. This is just back of the envelope stuff....don't know how the analysts got $500m. If 500 is the expectation and we only come up with half that, god help us tomorrow!