Ann: Corporate Presentation, page-8

Just as RRL and prob. most Goldie's do..

I think you will find that even tho the gross hedge is over 417 kOz it is staggered so usually impact on bottom line per annum is modest and smoothed out over time .. it is a prudent stability measure

The positive impact of Oz that are not hedged being sold on market far out weighs the negative impact of hedging at under market rate

Ezi