StockMarketWire.com - Resolute Mining has added to its US dollar gold hedge book after announcing it has forward sold an additional 30,000 ounces of gold at an average price of US$1,501 per ounce in scheduled monthly deliveries of 5,000 ounces between July 2020 and December 2020.
Resolute said it has extended its US dollar denominated gold hedge position to secure price certainty during 2020 for a portion of the US dollar revenues generated from its African gold mines, Syama in Mali and Mako in Senegal.
Resolute's total gold hedge book as at 24 December 2019, including today's US dollar gold hedges, consists of 165,000 ounces in monthly deliveries out to December 2020.
Resolute managing director and CEO, John Welborn, said, '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.
'Incremental expansion of our US dollar hedging position at current levels which are above our 2020 budgeted gold price, protects and supports Resolute's revenue and cash flow.'
Story provided by StockMarketWire.com
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