I've just read the MDL consolidated statements released and...

I've just read the MDL consolidated statements released and overall it appeared to score a plus rather than minus - yet the SP is being tanked today. Is it me looking through rose coloured glasses or have i missed something. Seems the big item is the unrealised loss on gold hedge. IMO thats just a cost financing the venture ( Bankers insist on hedge to protect gold price downside). We need to realise that during the yr a realised gain was booked on closing a previous hedge book.
Total prodn for Calender 2009 is still projected @ 160k oz with a cash cost of approx US$440 - that provides cash flow of $65m at the hedged price of US$846.
Seems to me to be OK - again maybe I am too close.
Would appreciate all your views.