hedging has already cost the company $11.2m

Can the board please explain why you would lock in hedging well in advance of drawing down the facility.

In 1 week this has already cost $11.2m or $40oz for 290,000oz.

This week has added 4% pa to the total cost of hedging over the 4 year life of the facility.

If the price rises to just US$1200 the loss is US$36m or half the total facility.

Everyone else is paying millions to close out their hedges and these guys are taking out more.

The investment community want unhedged stories, Macquarie wants a hedged story.

I really think you should questions the quality of management and their advisors to allow this.

It will end up proving that equity was a lot cheaper.

May other companies have paid out 2 or 3 times their original financed amount in losses on the hedges.

A seriously poor decision.