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Resolute Mining hedges 22,800 gold ounces amid 'market volatility'

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Resolute Mining hedges 22,800 gold ounces amid 'market volatility'

Resolute Mining Ltd. forward sold an additional 22,800 ounces of gold at an average price of US$1,553 per ounce in scheduled monthly deliveries of 3,800 ounces between July and December.

The company said Jan. 3 that it took advantage of market volatility and current gold price strength to extend its U.S. dollar-denominated gold hedge position.

Resolute noted that the hedging will secure price certainty during 2020 for some of the sales from its Mako mine in Senegal and the Syama mine in Mali, where the sulfide roaster was recently brought back online after repairs on its main external shell.

The company's total gold hedge book now includes 177,800 ounces in monthly deliveries out to December.