otif : reserve upgrade dec qtr, page-5

Cheers Karthur, good point about the hedging. I dismissed this as a necessary evil but given the savaging of the AUD it has worked out rather well. Furthermore, Goldman Sachs and PNB Paribas both predict sub 60c for the AUD in 2009 (as of two days ago according to CNBC). We have to see what the cash costs will be but assuming $US 420 we get $A 600-700 margin and operating cash flow of $100m+. Excellent exploration upside too but I suspect Redback will make a move in the next yr or so. I'm looking to buy more on the next pull-back and want to see a higher low established on the chart.

Rowingboat.