ncm to close out hedge book restructure financ, page-9

I can't understand valuations given to NCM, LGL or any other gold company for that matter. They have a history of burning enormous amounts of shareholder capital and very little profit to show for it. Compare this to base metals company's that actually make good money.

Closing your forward contracts only makes sense if the company believes the gold price will shoot up significantly, otherwise it's another time wasting exercise.