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  1. ff1champ

    506 Posts.

    AngloGold puts brakes on hedge buyback

    AngloGold puts brakes on hedge buyback

    South Africa's largest gold producer, Anglogold, said this morning (31 July) it would put the brakes on its aggressive hedge buy-back programme. The group has wound up more than 33 percent of its hedge book this year in response to increased investor appetite for gold companies with undiluted exposure to the bullion price.
    Bobby Godsell, AngloGold's chairman, said the group had achieved a good balance between revenue certainty and gold price upside. "So it is unlikely to reduce the hedge by anything of this magnitude going forward," said Godsell.

    In the three months to June, AngloGold reduced its hedge book by 2.4 million ounces, or 165 percent of its quarterly production. The hedge book is now 10.5 million ounces, stretching out to 2011.

    time for Newmont to step up and start clearing the Normandy book that stretches in 2007-8
    although i suspect they will wait to see AUD around 58 before they'd do any reduction

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