currency hedge, page-2

Following is an extract from their release to the ASX and TSX on 17/11/08, at the end of section 8 of that report -
"The company only has hedges against its United States dollar denominated exposure to the gold price and does not have any currency hedging in place."
That is, the benefit of the fall in the AUD/USD exchange rate from 98c to 64c will flow to MDL shareholders when they begin repatriating profits (ie the profits will be larger in AUD terms). Their debt is in USD so no doubt that will be paid down first, albeit its a lot smaller debt since their big win on the partial close of their gold hedging positions.