Valler,The detail is in Note 22 Financial Instruments in the...

Valler,
The detail is in Note 22 Financial Instruments in the Annual Financial Statements - download pg 27 of that document(actual pg 26) - half-way down the page under ' Metal Committments' - in the Gold Call options the 2009 Maturity options of 32,000 ounces are new - there will be an obligation for OGC to payout that option if the gold price is above $NZ1,530 at maturity - there is no info as to which month this option matures.
But as GreasyFast says it is more of a niggle in that I didn't think Management would hedge any more production in 2009/10.
Hedging is a valid tool to lock-in revenue at a good margin - with cash costs of some $NZ800/oz they have locked-in a good margin at $NZ1530/oz - I can't see that they were under any obligation to make that hedge but you can't complain too loudly when a good margin is obtained.Again they are trying to lockin diesel & electricity prices whilst they are low - a sensible policy.
The headline net loss figure may have spooked some investors today and if the goldprice keeps rising there might be more of the same in Q1,2009 due to the large hedging position but that's what we want to happen - it's all about positive cashflow. Still no news on Didipio would have disappointed the market also.
2011 and good profits is getting closer.