running the numbers, page-12

You are very wrong miningnut. For evidence, see the average realized price - why is it about $150 less than average spot for the period. And if you think if the price is stable until the end, and they have had the negative revenue impact for 8 quarters, what exactly would they be paying on December 31, 2008? - they would have already "delivered" those ounces. Remember, the liability is being discharged over time, and this is evidenced by the timing of the hedging contracts - OGC is explicit in that the hedges are spread out evenly over the time frame. Think - how is a derivative liability calculated. Ounces under hedge X (actual gold price - discounted hedge gold price). So if you have less ounces and the price is stable, what happens - the liability REDUCES!!!!!!! How does this happen? You got it - credit to the income statement. You ONLY would be right if all the ounces were deliverable on December 31, 2010. That is not the case.

You need to research this a bit more....sorry, you are wrong.