he aint the only one that's tossing it in, page-29

Note with 60% hedging effective 100% hedging comes from 60% contract hedge, 16% Goxt tax (40% of remaining 40%) and remianing 24% due to increased cost of mining. Increased expense to mine even in GFC1 tended to gobble up 20-50% of the increased proceeds from sales. As gold increases in price this % will diminish, appears companies get a bit looser as revenue inflows rise.