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.

 

Get our daily business news

Sign up to our free email news updates.

 
Finexia’s Childcare Income Fund secures ‘very strong’ rating from Foresight Analytics & Ratings
Partner Content
Private credit specialist Finexia Financial Group (ASX: FNX) has secured a “very...
Finexia
Advertisement

Related Stories

Just Wines acquires collapsed spirit subscription service Liquor Loot for $1.2m

Just Wines acquires collapsed spirit subscription service Liquor Loot for $1.2m

Only eight months since rescuing non-alcoholic specialty store Sans...

UniSuper pumps $623m into Macquarie green energy and climate fund

UniSuper pumps $623m into Macquarie green energy and climate fund

One of the nation’s largest super funds, UniSuper, has commit...

Founder-led Solution Underwriting acquired by UK insurance provider CFC

Founder-led Solution Underwriting acquired by UK insurance provider CFC

After 14 years in business and with 55 staff spread across four Aus...

The Star Gold Coast CEO resigns after just six months in the role

The Star Gold Coast CEO resigns after just six months in the role

The exodus of The Star Entertainment Group's (ASX: SGR) new bre...