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.

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Cannon-Brookes launches shareholder campaign against AGL demerger

Cannon-Brookes launches shareholder campaign against AGL demerger

Australian billionaire and Atlassian co-founder Mike Cannon-Brookes...

Action film The Fall Guy starring Ryan Gosling to inject $244m into the Australian economy

Action film The Fall Guy starring Ryan Gosling to inject $244m into the Australian economy

The Australian economy is expected to receive a $244 million inject...

Board clean-out on the cards for The Star as review told of mass resignation plan

Board clean-out on the cards for The Star as review told of mass resignation plan

The review of Star Entertainment Group (ASX: SGR) by the NSW gaming...

Gold Coast economy ‘turbocharged’ and tipped to outperform in post-pandemic rebound

Gold Coast economy ‘turbocharged’ and tipped to outperform in post-pandemic rebound

The Gold Coast economy is poised for a sharp post-pandemic recovery...