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hi demiller,
Well, it's good to see de Crespigny continuing to keep shareholders (myself included) about Normandy's hedging policies. I thought the record half year results were pretty good, considering a US$40 dollar an oz fall in the realised gold price, altho' I notice zinc made a big comeback.
Merill Lynch's analysts were moaning on about how Normandy needed to let go of some of its assets to fund a share buyback; not necessarily a bad idea at the present lowly share price, but why sell assets at the present depressed prices if you believe, as de Crespigny stated, and as his actions have demonstrated, that he believes the price of gold, and other minerals, is going up.
Anyway, I may reduce my unrealised loss on the purchase of Normandy from 50% to 35% if gold stays above US$300 an oz.
Here's hoping
badgley
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