any thoughts ?, page-3

finished Hedging
The total gold hedge position at the end of the March quarter was 5.1Moz and copper hedging was 60kt.
Gold hedge commitments, including the gold loan, represent 17% of reserves and 9% of resources.
Deliveries into the hedge book consisted of a series of Australian Dollar and US dollar gold forwards. The achieved gold price for the quarter was $521/oz ($563/oz).
The increase in the negative mark-to-market (MTM) position is inline with the significant increase in spot gold and copper prices. As the hedgebook consists of a series of sold gold forwards out to FY 2011 and copper forwards to FY 2007, the calculation of the MTM position takes into account a significant time portion.