*** lhg cash shortage as gold rises, page-2

Mikee - The hedging figures you cite don't reconcile with the hedging figures in Lihirs 3 Qtr report dated 28 Oct o4.

On p.4 of the report it states "hedging committments represent less than 10% of reserves and 4.5% of resources". There is also table which shows foward hedging out to 2010 of 1,698,046 oz. That doesn't concure with your hedging figure of 2m 0z pa.