NORTON SELLS GOLD TO MACQUARIE
Written on the 22 January 2014
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.