a point on hedging, page-5

I think you miss the point here they will have mark to market losses through the P&L this is the accounting standard.

The losses are say 17m today yet the credit lines wont be drawn for months and yet they chose to lock in the hedges at the low????

This does not make sense. They have alternatives but did not consider the potential losses of 17m on a facility drawn to zero. What is the cost over 4 years? already 6% per annum additional cost on the life of loan.

Add this to the 8% coupon they are now paying 14% per annum and rising.

The management need to explain why you would lock in hedges so far out of draw down when they are clearly gold bulls? This makes no sense other than Macquarie bank are laughing at the company and taking their bonuses.