In that case, we can treat NGF as a 80,000 oz producer rather than 150k oz producer. They are producing at AUD$745 per ounce cost, so the hedged 70,000 oz only earns them $700k. The other 80,000 oz earns them 80,000 x (spot - AUD$745) = $32m at AUD$1145 ???.
lehman brothers decision tomorrow, page-5
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