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ANGLOGOLD SLASHES HEDGE BOOK AS GOLD PRICE OUTLOOK IMPROVES.
PERTH, Aug 1 Asia Pulse - South African gold miner AngloGold Ltd (ASX:AGG) has again slashed its hedge book as the medium and long-term prospects for the gold price improve.
AngloGold reduced its hedge book by 2.4 million ounces in the June quarter to 10.5 million ounces, which followed a 1.7 million ounce reduction in the previous three month period.
"The hedge has been reduced in the light of the more positive medium and long-term prospects for the gold price, as well as the improved margins and lower cost base of AngloGold's production," chief executive Bobby Godsell said.
Gold producers running down their hedge books has helped boost interest in the precious metal this year and despite recent weaker prices, with gold falling back towards US$300 an ounce compared to the high US$320s, AngloGold remains optimistic market conditions should support the gold price going forward.
"Notwithstanding weaker prices in June and July, we believe that the favourable market circumstances for gold remain firmly in place and should continue to support the price of gold going forward," it said in its June quarter report.
Mr Godsell also said AngloGold supported the broad policy objectives of proposed legislation in South Africa as long as it was achieved in a responsible ...
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Source: HighBeam Research, ANGLOGOLD SLASHES HEDGE BOOK AS GOLD PRICE OUTLOOK IMPROVES.