NCM 0.00% $23.35 newcrest mining limited

hedge book now fully closed out

  1. 9,081 Posts.
    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
 
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