cash operating costs aud918

For the September quarter.

Which mean total costs of production leave NGF with next to nothing, if anything at all in profits.

It seems to me that NGF produced 30,064 ounces of gold last quarter for absolutely no benefit to shareholders.

Of course NGF are leveraged to a rise in the US dollar gold price which also filters through to an increase in the AUD gold price.

However there is also the issue of NGF having at 30th. September hedged forward the delivery of 192,500 ounces of gold at just AUD875. When marked to market that is currently negative more than $51 million by ny calculations.

Now who is the hedge counterparty? The company entitled to that cheap gold. Lehman Brothers. Hmmnn...

Factual information obtained from the NGF September quarterly report.