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Resolute hedges additional 37,200 ounces amid market conditions, gold prices

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Resolute hedges additional 37,200 ounces amid market conditions, gold prices

Resolute Mining Ltd. forward sold an additional 37,200 ounces of gold at an average price of US$1,562 per ounce in scheduled monthly deliveries of 1,200 ounces between July and December.

The additional gold hedge was made by the Australia-listed miner to take advantage of the volatile gold market condition and the prevailing prices for the precious metal.

Further, the move secured price certainty for a part of its U.S. dollar revenues generated from its Syama and Mako gold mines in Mali and Senegal, respectively.

After the latest hedge, Resolute's forward gold sales now stands at 215,000 ounces, which represents less than 3% of the miner's ore reserves, in monthly deliveries through to June 2021.

Earlier this month, Resolute signed definitive agreements to sell its Ravenswood gold mine in Queensland, Australia, for up to A$300 million.