Aeris hedges its bets at Cracow
PERTH (miningweekly.com) – An additional 26 500 oz of gold from the Cracow gold mine, in Queensland, has been hedged, ASX-listed Aeris Resources said on Monday.
The ASX-listed company noted that the new hedging would have maturities between March 2022 and June 2023, at 1 750 oz a month from March to December 2022 and 1 500 oz a month from January to June 2023, at an average price of A$2 642.44/oz.
“Over the next 18 months we are committing significant funds to mine life extension and exploration projects at both Tritton and Cracow as we secure the long-term future of Aeris,” Aeris executive chairperson Andre Labuschagne said.
“The recent rise in the Australian dollar gold price we saw as an opportunity to lock-in a portion of Cracow’s gold production out to the end of 2023 at what we believe are attractive prices. This will help to underpin part of our revenue base during what will be an important period for the company.
“Cracow gold production is now hedged approximately 70% to the end of calendar 2022 and 30% for the first half of calendar 2023.”
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