https://www.miningweekly.com

Excelsior hedges its gold bets

Excelsior hedges its gold bets

Photo by Bloombeg

25th August 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Gold developer Excelsior Gold has hedged some 50 800 oz of gold at a price of A$1 570/oz until December 2017.

The ASX-listed company on Tuesday said it had taken advantage of the recent volatility in the gold price by entering into the hedging programme and had also granted call options for a further 21 200 oz of gold throughout 2018, at an exercise price of A$1 600/oz.

The gold would be sourced from the Kalgoorlie North gold project.

Excelsior said the remaining 193 300 oz contained in the project area would remain unhedged and would have full exposure to movements in the gold price.

Excelsior has previously inked an ore treatment agreement with fellow-listed Norton Gold Fields, which would see the company mine three small openpit areas in the Bardoc South project area for ore treatment before the end of December.

Mining of the Zoroastrian openpits would start in November, ahead of the start of ore treatment in January under a longer-term capital contribution agreement, which provided for a minimum 2.5-million-tonne treatment allocation to Norton’s Paddington mill.

The gold hedging was a condition to a A$15-million loan facility agreed upon with Macquarie Bank in July.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Craig Miller Technical Services (CMTS)
Craig Miller Technical Services (CMTS)

CMTS is a leading, well-established EC&I contractor with 37+ years of mining and industrial experience. We execute full-scope EC&I projects with...

VISIT SHOWROOM 
ZF Aftermarket
ZF Aftermarket

ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.072 1.687s - 128pq - 2rq
Subscribe Now