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OZ Minerals hedges 60% of gold stockpile at Prominent Hill mine


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OZ Minerals hedges 60% of gold stockpile at Prominent Hill mine

OZ Minerals Ltd.said April 27 that it has hedged about 60% of the recoverable gold at its stockpile inSouth Australia at an average price of A$1,713 per ounce, amounting to 171,200 ouncesthat is expected to generate A$293 million of revenue from 2018 to 2021.

As at March 31, the Prominent Hill stockpile contained about370,000 ounces of gold, according to the statement.

OZ Minerals said it will review its hedge position on a quarterlybasis and keep about 60% of the recoverable gold contained in the stockpile hedgedas the stockpile grows over the remaining life of the open pit.

The stockpile is currently expected to be drawn down throughto 2022.

The hedge contracts have been entered into with the company'sbanking syndicate including NAB, HSBC and Westpac.

OZ Minerals previously said it expected to meet or its 2016 guidance of between115,000 tonnes and 125,000 tonnes of copper and between 125,000 ounces and 135,000ounces of gold.