"if there were no hedge then at a published cash cost of approx...

"if there were no hedge then at a published cash cost of approx $550 per ounce and a gold price of $723, that would leave a margin of US $173 or at 66c to the US $ a profit of AU $262"

It seems to me that you are comparing the gold price in US $ but quoting cost in aust $.

So if you want to keep the 723 the australian costs converted to US would be alot lower than 550 around 366 oz

So it still comes out the same.
366 * 1.51 = 552aust profit per ounce.


UNLESS I have made a horrible mistake and our costs of 550 are in fact US $ .. hope not.