The National Court has yet to hear this judicial review application, in which the participants in the Wafi-Golpu Joint Venture (WGJV) are not defendants. At this stage, project and permitting activities can progress and Harmony and Newcrest Mining, its WGJV partner, are looking forward to re-engaging with the State of Papua New Guinea on the special mining lease for the project. MINIMUM MARGIN HEDGING The average forward rand gold price on the hedge book has now increased from $1 889/oz to $1 971/oz, with Harmony hedging when it is certain that it can achieve a minimum margin of 25% above AISC and inflation. Locking-in the required margin is a prerequisite. Approximately 15% of its gold production currently hedged. The net debt to Ebitda ratio of 0.1 times remained flat quarter-on-quarter, with debt amounting to R833-million ($56-million) repaid in the three months to March 31, when net debt increased to R953-million ($64-million).