https://thewest.com.au/business/min...hedge-book-and-debt-clouds-outlook-c-15913580
Bellevue Gold posts maiden profit of $75m but growing hedge book and debt clouds outlook
Adrian RausoThe West Australian
Mon, 2 September 2024 11:31AM
Bellevue Gold managing director and chief executive Darren Stralow with a gold bar worth more than $1 million.Credit: Neil Watkinson/Kalgoorlie Miner
The miner that touts its ‘green’ gold credentials has turned a first profit and is targeting aggressive production growth over the next few years.
Bellevue Gold generated a net profit after tax of $75 million for the 2024 financial year from 93,600 ounces of gold sold.
The company cranked out first gold from its namesake mine in the northern-western Goldfields in October last year and started commercial production in May this year.
Bellevue produced 42,705oz in the June quarter for $41m of free cash flow. It has $216.9m of borrowings with $48.7m of cash in the bank.
The company is targeting between 165,000oz and 180,000oz for the current financial year and wants to bump that up to at least 250,000oz by FY2028.
But Bellevue has accumulated a chunky hedge book — 224,250oz at an average hedge price of $2,772/oz by June 30, compared to 200,000oz of hedged output a year prior.
The current spot price is about $3,685/oz.
Shares in Bellevue were down 7 per cent in early trade on Thursday amid a sea of red for the ASX’s gold miners.
The precious metal’s price has retreated over the weekend due to the US dollar rising.
Bellevue is aiming to make its mining operation carbon-neutral by 2026, thereby making its gold environmentally-friendly or “green”.
“We’ve got an industry-leading target of 2026, the rest of the industry is at 2030, some even at 2050,” Bellevue chief executive Darren Starlow told The West Australian in March.
“We believe this differentiated product can command a price premium in the same way conflict-free diamonds do.”
The ambitious plans have attracted a horde of detractors — Bellevue is the second most short sold gold stock on the ASX, not far behind Genesis Minerals.
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