Largest change in hedging by company
(000 oz)

Moz (Committed) Q1 08 Q2 08 Change

AngloGold Ashanti 10,035 6,894 (3,141)
Sino Mining 285 0 (285)
Barrick Gold 6,660 6,400 (260)
Newcrest Mining 209 0 (209)
Lihir (Equigold) 338 147 (192)
Xstrata 395 351 (45)
Penoles 135 108 (27)
Crescent Gold 25 0 (25)
Kinross Gold 895 874 (21)
Vale 62 41 (21)
Resolute 345 325 (20)
Aurizon Mines 211 191 (20)
IAMGOLD 102 83 (19)
Inmet Mining 60 42 (18)
Norton Goldfields 298 280 (18)
Randgold Resources 190 172 (17)
Ok Tedi 73 57 (15)
Teck Cominco 76 65 (11)
Etruscan Resources 221 210 (11)
Intrepid Mines 33 22 (11)
Yukon-Nevada Gold 42 31 (10)
Pamodzi Gold 125 116 (9)
EURO Ressources 31 23 (8)
Allied Gold 92 85 (7)
Sherwood Copper 54 47 (7)
GBS Gold International 5 0 (5)
Central African Gold 86 81 (5)
Dominion Mining 38 34 (5)
Metorex 12 9 (3)
SEMAFO 32 29 (3)
Dragon Mining 9 8 (2)
Alamos Gold 2 9 7
Focus Minerals 0 32 32
Boliden 170 256 86
Wega Mining 165 286 115

Source: VM Group, Haliburton Mineral Services