deano,thanks for the info, doesn't suprise me the least, would...

deano,
thanks for the info, doesn't suprise me the least, would show that management are thinking in line with all the other heads of mining companies and keeping a tight finger on costs, 20% of the workforce... hmmmm are they are the ones that sit in the crib room for half the day ;)

as for mentioning hedging as the cause? i am not convinced, i would like to hear the full context of what was mentioned to pass final judgement but to say or imply their hedging has got the in trouble is codswallop imo

They have forward sold 75k ounces at 1140oz. Even over the past quarter where costs were basically on par they could still deliver into the hedge. They stated that this past month they hit 10k ounces and i would expect something similar ongoing, that provides for enough gold to cover the hedge and then some, and costs would reduce signifcantly over this period providing a healthy cash margin as targeted.
Ongoing after the 75k hedge they are only put options for 150k ounces and ofcourse the GUP is there for anything over $1100oz.


Audaces fortuna iuvat