Resolute increases hedging book
PERTH (miningweekly.com) – Gold miner Resolute Mining has forward sold another 30 000 oz of gold at an average price of $1 943/oz.
The ASX-listed miner on Thursday said that the gold would be delivered in monthly batches of 5 000 oz between January 2020 and June 2020.
MD and CEO John Welborn told shareholders that the company was taking advantage of the current record Australian dollar gold price strength to extend its hedge position.
“Incremental expansion of Resolute’s gold hedging position at levels significantly above our budgeted gold price protects and supports our revenues and cash flows. We continue to actively manage our gold sales and undertake near-term hedging to take advantage of gold price volatility, maximise revenues, and protect the company’s balance sheet,” he said.
Resolute’s gold hedge book currently stands at 190 000 oz in monthly deliveries out to June 2020, made up of 65 000 oz in US dollars and 125 000 oz in Australian dollars.
The hedge book represented less than 3% of the current reserves, Welborn said.
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