the de-hedging of the hedge play..., page-16

Syd - my numbers are very rough and don't factor in anything to do with costs, copper price etc.

However ... mean copper price last year was A$3.93. The mean price since 1 Jul 2011 would be close to that so I don't see it as a big factor for this quarter relative to +A$200m profit due to gold price.

If copper price stays down (as it's likley to) then it could take some of the shine off the 2nd quarter, but maybe POG will be up again, have to wait and see.