1q09 results, page-14

elzephyrus,
Yes, you are right. On my numbers, I think they will make a small profit in 2010, but it could easily swing to a loss if the NZD gold price came back a few hundred dollars an ounce. I've seen a brokers report that suggests a small loss after tax in 2010.
The good news is that in this year cashflow is very strong, so they can build up the cash reserves, pay down project debt to zero by the end of the year and reduce the capital leases. This sets them up to ride through 'tough' 2010 year with the production 2/3rds hedged, and then go into 2011 totally unhedged.
As a previous poster pointed out, compare the Market Cap of SGX vs OGC. Only 19 months of hedging to go which at that point you will see the real earning power of OGC. You should also keep in mind the Didipio project as well, a free option that could be worth $$$/share if it gets developed without diluting shareholders.