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when the west hit iraq?, page-21

  1. 679 Posts.
    CRS Hedging details from their WEB site are:


    Hedging Position

    Croesus Mining NL - Gold and Forex Hedging @ 30 June 2002
    Croesus has a combination of AUD and USD forward gold sales in place as well as USD currency positions. The net effect of this hedging which includes the inherited Central Norseman Gold Corporation Limited hedging, requires Croesus to deliver 10,000 ounces per month at ~A$500 per ounce. Remaining production is sold at spot.

    Hedging Summary @ 30 September 2002
    179,000 Ounces @ A$500oz which includes Central Norseman gold puts & calls

    32% of reserves hedged

    10,000 ozs delivered /month; remainder into spot

    No margin calls on hedging

    No new hedging currently proposed to be taken

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