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Harmony hedges exchange rate on third of gold sales

Gold mining company Harmony Gold announced on Tuesday  that it had entered into foreign exchange rand-dollar hedging contracts that fixed the exchange rate on $400-million (R6.2-billion) of gold sales. The company said that the hedging contracts were spread over 12 months at an average minimum price of R15.59 to the dollar and an average maximum price of R18.60 to the dollar.