Ann: Preliminary March Quarter Operating Results, page-18

This company is run by losers. First they hedge a huge quantity at a lousy $1700 or so which will take a long time to dispose of, and which nearly destroys the business, and now they hedge out far further and the bulk of projected production at $2200 when the $A gold price is $2700. Why would you want to bet on these dolts? If they were racehorses they would be getting a trip to the slaughterhouse to be turned into dogfood.