re: hedge
There is very little respect for goldminers in the investment community because:
(a) they pay little or no dividends (b) They post rubbery cash cost of production figures that are meant to decieve (c) They keep on spending on exploration/development as if there is no tomorrow . (d) They are more interested in jamming through the remuneration packages at AGM rather than listening to and rogering investors concerns (e) They seem to operate their mines and plant from crisis to crisis rather than via a programmed maintenance/replacement plan to minimise downtime. ( I hope the CEO of RRL reads this)
The best way of ascertaining the true costs of production is to subract NPAT from revenue and devide this sum by the number of ozs sold.
Most Aussie goldminers have a cost well over $1000/oz using this calculation. For example NCM's is close to $1200; hence their massive SP drop since 12th April.
This is why I switched to RRL from NCM & others and I hope that I have done the right thing.
An orderly lift in the POG will also help. Cheers Moorookamick
RRL Price at posting:
$3.76 Sentiment: Buy Disclosure: Held
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