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Acacia enters into gold price protection measures

06 September 2017 07:48

Acacia Mining said that as part of on-going measures to mitigate cash outflows it had bought put options covering 210,000 ounces of gold at a strike price of US$1,300 ounce.

It said the total cost of the options was US$3.2 million and they provided a minimum price for the majority of the group’s expected dore production for the next 6 months above its budgeted gold price of US$1,200 per ounce, with full upside exposure should the gold price continue to trade above US$1,300 per ounce.

It said the options would expire in equal instalments of 35,000 ounces per month over the period.

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