A good summary from stock analyst. One of the problems OGC is encountering at the moment is the increasing NZD/USD. With it now over 0.67, the increasing Au price is more than offset by the higher NZD/USD. Current NZD spot gold price is $1430, so each move higher in the currency is hitting the bottom line. The current NZD spot gold price is the lowest since the 2nd week of Jan09, i.e. lowest in 7 months. The positives are that the hedge book is slowly but surely being wound down(only 17 months to go), the cash balance is improving, and the project debt and capital leases are being paid down. The financial position is improving each month. Hopefully by the start of 2011, we have an unhedged gold producer making substantial profits, coupled with a copper/gold project in the Phillipines getting close to production.
OGC Price at posting:
$1.01 Sentiment: Hold Disclosure: Held
