24th Dec 2019 10:01
(Alliance News) - Resolute Mining Ltd on Tuesday said it has forward sold an additional 30,000 ounces of gold at an average price of USD1,501 per ounce.
The gold mining company said it has extended its dollar denominated gold hedge position to secure price certainty during 2020 for a portion of the dollar revenue generated from its African gold mines, which are Syama in Mali and Mako in Senegal.
"We continue to actively manage our gold sales and undertake near-term hedging to take advantage of gold price volatility, maximise revenue, and protect the company's balance sheet," explained Managing Director & Chief Executive John Welborn.
Resolute said its total gold hedge book as of Tuesday consists of 165,000 ounces in monthly deliveries out to December 2020.
Looking ahead, Welborn added: "With long mine lives, large gold inventories, and an industry leading production growth profile, Resolute remains strongly leveraged to further upside in gold prices."
Resolute shares were trading 8.1% higher in London on Tuesday at 64.95 pence each.
By Evelina Grecenko; [email protected]
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