Ann: Fender Underground Commences, page-15

Didn't so much burn it as invested it. Investment for future productivity and production. One thing we need to recognise is that the lower gold price is not so much a lower gold price at all, but a much higher $US. In $Oz there has been movement around $2,600 oz. mainly a bit above. That is the $ number that matters. Expect a good June quarter with the pluses being the increase in production plus less lower priced older hedges being filled, and the minuses increasing labour cost and supply problems and energy costs, mainly for more expensive diesel fuel. Steps are in train to switch to cheaper local gas for electricity generation to run the plants and camps. Guess the ore transport vehicles will still use diesel.