New Gold hedges nearly all its remaining 2016 gold output
Wednesday, March 9, 2016
New Gold Inc. has hedged nearly all of its remaining 2016 gold production to ensure cash flow for its Rainy River project, the company said, an unusually large amount for a miner after bullion made its biggest rally in 4 1/2 years.
The miner said on Tuesday that it hedged 270,000 ounces of gold for the remaining nine months of the year through options contracts at a cost of $2 million, starting in April, giving them a minimum price of $1,200 an ounce and maximum at $1,400 an ounce.
That breaks down to 30,000 ounces each month and accounts for 90-100 percent of New Gold's production forecast.
Hedging, which can be put in place through options contracts as well as forward or deferred sales, allows miners of the metal to lock in prices for their output. ...
... For the remainder of the report:
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