Resolute Mining Ltd. said Oct. 5 that it hedged an additional 35,000 ounces of gold at an average price of A$1,728/oz to take advantage of strong gold prices to protect returns during the staged development of its Ravenswood mine in Queensland, Australia.

The Australian gold miner's latest hedge, which will be delivered monthly in installments of 5,000 ounces from June to December 2019, is in addition to the remaining forward sales program of 50,000 ounces of gold.

Resolute's total gold hedge stands at 85,000 ounces in deliveries until December 2019, representing less than 20% of its forecast gold production in the period and less than 2% of its current ore reserves at Ravenswood, which stood at 1.7 million ounces contained in 66.6 million tonnes grading 0.8 g/t as of June 30.

In July, an updated study on an expansion of Ravenswood extended the life of the mine by three years to 2032.