Swiv - see below from 2012 AGM report, regarding forward sales :
Revenue protection
As a pre-requisite for drawing funds under the EGM debt facility, 230,000 ounces of gold were sold forward at an average price of US$1,250 per ounce for delivery in the period from March 2012 to December 2014 under bullion forward sales contracts. This amount of gold equates
to approximately 7% of the gold contained in currently defined Ore Reserves at the EGM and approximately 25% of forecast gold production in the period from March 2012 to December 2014.
During the period a total of 40,000 ounces of gold
were delivered under the forward sales agreement at
an average price of US$1,219 per ounce, reducing the company’s hedging commitment at the end of the period to 190,000 ounces of gold at a weighted average price of US$1,256 per ounce.
In addition, options granting the right but not the obligation to sell 75,000 ounces of gold at US$850 per ounce in the period from July 2012 to December 2013 are held as part of the group’s financial risk management strategy.
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Swiv - see below from 2012 AGM report, regarding forward sales...
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