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Aeris hedges copper bets

20th July 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Aeris Resources has entered into an unsecured copper hedge with Macquarie Bank for 9 000 t of copper at a forward price of A$9 096.80/t.

“With the current copper price significantly above our budgeted price for the first half of the 2021 financial year, we have taken the opportunity to hedge 75% of our copper production over the next six months,” said executive chairperson Andre Labuschagne.

“Locking in this higher price enables us to accelerate exploration and life extension projects at the Tritton copper operation, with the first project being the exploration drive to the Budgergar deposit, which sits adjacent to the Tritton underground mine.”

The hedges will mature over the next six months in scheduled monthly deliveries of 1 500 t.

Edited by Creamer Media Reporter

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