Gold & hedging - FWIW, page-13

i think that the comments about kcn to be unfair - ie

KCN - debt, ratios, hedged

the gold mining operation that kcn have, was 100% debt funded, which of course, required some hedging. the debt is being rapaid at a rapid rate. cash flow from mining operations will be close to one australian dollar per share. the balance of the debt, could be repaid in less than one year.

i am not buying any more kcn shares, as i bought plenty in the previos two years, at about 75c per share, however, they are probably outstanding buying at the current price.

sbm, maybe largely unhedged, but the performance of the mine, is not all that spectacular. from memory, the company made an accounting loss, of just over one million dollars, despite a near record 40000 oz production for the latest quarter