new minewsarticle , page-5

re: new minewsarticle - sprocket to sprocket

the hedge book is not a problem, indeed, as far as hedged companies are concerned, kcn is incredibly lightly hedged. without double checking everything, but from memory, kcn had outstanding hedges of a paltry 95000 0z as at the end of the march quarter, this should be reduced to something like 60,000 oz by the end of june. outstanding hedges are two thirds of one years production. compared to other hedged companies, this is really a non event

indeed, as i write, one would expect the hedged position to be something between 80,000 oz and 85,000 oz.

so far, delivering into the hedges has been a great idea. it forgoes money in the short term, but rakes in more money, in the longer term