Australia-based miner Resolute Mining is taking advantage of the gold price strength by hedging 30 000 oz at an average price of $1 337/oz, thereby securing price certainty for a portion of near-term US dollar revenues from its Syama gold mine, in Mali.
Before these additional hedges, the company’s US dollar forward sales programme consisted of 35 000 oz of gold forward sold at an average price of $1 323/oz.