NCM 3.58% $29.09 newcrest mining limited

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    Newcrest hedges extra copper


    Monday, July 05, 2004
    NEWCREST Mining has simplified its hedging book to provide greater revenue certainty, eliminating its entire foreign currency book and adding in extra copper hedging, without any cash outlay.

    The restructure also eliminates all contingent products in the gold book.

    The gold producer's hedgebook now consists of a series of Australian dollar forwards and a series of US dollar forwards. The gold loan remains in place.

    Hedging is now in place on Newcrest's copper by-products for the 2004-05 and 2005-06 fiscal years. The new copper hedging covers 97,008 tonnes of 2005 production and 58,100 tonnes of 2006 production and was achieved at $1.72 per pound for 2005, and $1.56 per pound for 2006.

    The company now has a total of 7.2 million ounces hedged to a date of 2011.

 
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