that's right mate, 50k remaining end of this year to be paid off end of 2013. $912/oz delivery price, roughly their all-in production cost per oz...
in other words, CGX is effectively a 150k unhedged producer increasing to 200k unhedged from 2014. They could retire debt now, accelerate delivery or buy back the hedge early but as you say 'slow and steady'. They're retiring debt $4m per quarter so debt free end of 2013 too.
In 18-24 months time after the expansion to 10-11mtpa for $120-130m, they will be even more of a cash cow (thanks for the link, Loki).
CGX Price at posting:
$2.50 Sentiment: LT Buy Disclosure: Held
