There are a couple of comments in this thread that are just...

There are a couple of comments in this thread that are just plain wrong. If you read the last set of accounts in detail, you will see they took some additional hedging, so 2009 is not 200K unhedged, its more like <170k. Secondly, the hedging a) was not smart, but b) not a choice they had. The banks force these on OGC.
At the current NZD gold price, the unhedged portion of gold production is very profitable, but most of that profit is directed to
1) paying down project debt
2) capital lease payments to Caterpillar and ANZ.
3) interest on the convertible notes.
4) development and drilling of NZ gold mines
5) relatively high corporate costs.
6) care and maintenance on Philipines project.

After deducting all that, there isnt a huge amount left over. The NZD gold price needs to remain high for the rest of the year, otherwise the position becomes a bit precarious.