Jason Hommel article below. I must say I have had my concerns about NCM over the years. They were so heavily hedged several years ago that if memory serves me they had over 100% of production forward sold years in advance.
I know they have been working hard to close out their hedges but as of last week they still had over 600K ozs forward sold so the past continues to haunt their bottom line.
http://www.silverstockreport.com/2008/barrick.html
