PERTH (miningweekly.com) – Gold miner Newcrest Mining has hedged a portion of the future gold production from its Telfer mine, in Western Australia.
The company hedged 64 714 oz of gold during the 2016 financial year, at a price of A$1 707/oz, a further 300 694 oz in the 2017 financial year, at a price of A$1 730/oz, and 165 341 oz of gold for the 2018 financial year, at a price of A$1 761/oz.
“With the Australian dollar gold price trading close to ten-year highs, we saw this as an appropriate moment to lock in the price on a portion of Telfer’s future production by hedging the Australian dollar gold price,” said Newcrest FD and CFO Gerard Bond.
The Telfer mine produced 132 305 oz of gold and 5 095 t of copper during the quarter ended December.