FORWARD COMMODITY CONTRACTS

The group’s hedging position at 31 March 2008 is summarised below:

MATURITY DATE	Forward sales Ounces	Forward sales average US$/oz
Year ended 2008	62 997	429.28
Year ended 2009	84 996	434.90
Year ended 2010	41 748	500.38
Total	189 741	447.44

The forward contracts all relate to the Loulo with Morila's production being completely exposed to spot gold prices. The remaining portion of the hedge book represents approximately 18% of the planned production at Loulo and 13% of the group's production for the period.

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