"if there were no hedge then at a published cash cost of approx $550 per ounce and a gold price of $723, that would leave a margin of US $173 or at 66c to the US $ a profit of AU $262"
It seems to me that you are comparing the gold price in US $ but quoting cost in aust $.
So if you want to keep the 723 the australian costs converted to US would be alot lower than 550 around 366 oz
So it still comes out the same.
366 * 1.51 = 552aust profit per ounce.
UNLESS I have made a horrible mistake and our costs of 550 are in fact US $ .. hope not.
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