hedged of un hedged, page-11

This is the section on hedging from the latest activity report:

Hedging
A requirement of the CN issued to fund the acquisition of Paddington was a hedging
strategy to provide credit providers comfort over the company’s future cash flow.
Accordingly, Norton sold forward 330,000 oz at an average rate of $A875 oz. The
company also purchased 145,000 oz of gold put options at A$760 per oz covering the
period to June 2010.
Norton had, at 31 December, 315,000 oz sold forward at $A877 through to June 2012. The
total amount hedged represents approximately 50% of annual production based on
150,000 oz per year.