New Gold has hedged nearly all of its remaining 2016 gold production to ensure cash flow for its Rainy River project, the company said, an unusually large amount for a miner after bullion made its biggest rally in 4-1/2 years.
The miner said on Tuesday that it hedged 270 000 oz of gold for the remaining nine months of the year through options contracts at a cost of $2-million, starting in April, giving them a minimum price of $1 200/oz and maximum at $1 400/oz.
