There is the selling price of gold in $NZ which has fallen but...

There is the selling price of gold in $NZ which has fallen but there are also consumables such as diesel, reagents and steel which have fallen. Moreover, the increase in the $NZ which is up 18% on the $US also helps operating costs.

With OGC operating costs lower than the hedged gold at around $NZ800/oz are important to remove drain on cash generation.

Higher prices are better but it is the margin that is critical. I think OGC are cash positive on hedges and cash margin currently around $NZ800 on unhedged.

The first quarter could be very positive.