JOHANNESBURG (miningweekly.com) - Western Australian miner Westgold Resources has used the recent spike in Australian dollar gold prices to top up its hedge position, effectively adding 60 000 oz at A$1 710/oz.
This takes Westgold's total hedge position to 123 750 oz at A$1 678/oz, which completely amortises in calendar 2018 with deliveries, the company announced on Friday.
In addition, the miner further noted that it has 14 months of its gold pre-pay to be delivered at 1 250 oz/m (to a total 17 500 oz).
Westgold currently owns three operating gold projects with a fourth under refurbishment.
The four processing facilities have a combined 5.5-million-tonne-a-year treatment capacity.
All are located in the prolific gold production belts of Western Australia.