NORTON SELLS GOLD TO MACQUARIE

NORTON SELLS GOLD TO MACQUARIE

NORTON Gold Fields Ltd (ASX: NGF) has secured an additional gold hedging program with Macquarie Bank.

Macquarie will take 25,000 ounces of gold over the next 12 months at a flat forward price of $1,431.00/oz.

Norton has about 9,700 ounces of gold at a flat forward price of $1,601.40/oz remaining in the hedging facility announced on August 29.

The Company’s hedge book totals 34,741 ounces at a weighted average price of A$1479/oz deliverable in CY2014.

Norton CEO Dr Dianmin Chen believes it is prudent a move considering the instability of the gold price.

“In light of the continued volatility of the gold price, adding a modest amount to our hedge program at a recent high will secure our short term revenue stream, while providing upside opportunities should the gold price continue to rise,” he says.

NGF is trading down 3.85 per cent at $0.125 this morning.

 

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