PERTH (miningweekly.com) – Gold miner Norton Gold Fields this week announced that it had entered into forward sales programmes for more than half of its projected 2014 production guidance.
At the end of September, Norton announced that it had forward sold 25 000 oz of gold to Macquarie Bank at a flat forward price of A$1 403.472/oz. This sales amount represented around 14% of the projected guidance for 2014.
This week, the miner announced that it had sold a further 75 000 oz to Macquarie Bank, at a flat forward price of A$1 425.50/oz.
Taken together, the forward sales programmes totalled 100 000 oz, at a weighted average price of A$1 420/oz, deliverable by March 2016.
Norton told shareholders that the company still had around 25 000 oz of gold at a flat forward price of A$1 403.472 remaining in the forward sales programme.