Newcrest closes out gold hedge book
Thursday July 3, 2008, 10:22 am
Newcrest Mining Ltd has closed out its gold hedge book at a cost of $1.672 billion.
The close-out involved the purchase of 4,000,634 ounces of gold and was completed by the end of June at an average gold price of $A868 an ounce.
The purchase price was $A70 an ounce lower than the average spot price over the buying period.
Newcrest said the close out cost of $1.672 billion exceeded its initial estimate of $1.5 billion.
"However this higher cost was more than offset by increased revenue in that period and as a result it was not necessary to draw on any debt facilities as originally forecast," it said
- Forums
- ASX - By Stock
- NCM
- hedge book now fully closed out
hedge book now fully closed out
-
- There are more pages in this discussion • 2 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add NCM (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
MTL
MANTLE MINERALS LIMITED
Nick Poll, Executive Director
Nick Poll
Executive Director
SPONSORED BY The Market Online