G'day Nick,Enjoyed your post. Just wonder a bit about what...

G'day Nick,

Enjoyed your post. Just wonder a bit about what you're saying about CRS - which I do realise is a very good company.

I sent myself the following by e-mail back in September of this year.

Has their hedging position (35% of 625,000 oz) changed since then?

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Croesus Mining is the fourth largest Australian controlled gold producer with forecast production of 300,000 ounces per annum.
Gold production comes from three 100% owned mining and processing operations within 200km of Kalgoorlie in Western Australia.

Binduli & Hannan South Operations
Davyhurst Gold Operation
Central Norseman Gold Operations
Croesus reported a pretax profit of A$15 million for 2002 from gold production of 195,977 ounces at a cash cost of A$317/oz.

Production for the June 2002 quarter was a record 70,184 ounces at a cash cost of A$285/oz. Gold production for calendar 2002 is forecast at 300,000 ounces at A$330 per ounce.

Recent exploration success has been achieved at Norseman operations with the discovery of the Marlin and Bluefin veins and Daisy South deposit. A new high-grade ore shoot has been confirmed on the HV1 structure. Croesus is committed to exploration and six drill rigs are currently operating at Davyhurst and Norseman sites.

Underground mining has commenced at the Lights of Israel deposit at Davyhurst and the Lady Gladys ore reserve has been more than doubled.

Croesus has good exposure to any rises in the gold price with (only) 35% of ore reserves hedged.

Croesus has ore reserves of 625,000 ounces and a total mineral resource of 2.8 million ounces.

CRS has no debt.

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bye.dub