running the numbers, page-14

We will have to agree to disagree on this as I'm just as sure that I'm correct.
There is no credit to the Income Statement over the next two years if the NZ gold price & NZ/US exchange don't change from Dec 2008 - a loss is a loss is a loss - they have accounted for the unpaid $US130 million hedging loss in the previous two years 2007/08 under mark to market accounting rules - they started paying the counterparty during 2008 and will continue paying out the remaining $US130 million hedging loss as the hedges fall due over the next two years.
As stated in the Annual report issued today,their average selling price for 2008 was $US822/oz which seems right to me - sold 264,124 ozs @ $822/oz for revenue of $217 million.