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Company News Summary

Westgold Resources Provides Gold Hedging and Pre-Pay Update

07 Sep 2017  |  16:51:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Gold Hedging and Pre-Pay Update

Westgold Resources advised that it has used the current up-surge in the Australian Dollar gold price to make a small top up to its near-term hedging and extend its gold pre-pay arrangement with Citibank. The Company has added 15,000oz of short dated deliveries for the period September through December 2017 at a gold price of A$1,656.3/oz. In addition, with the previous gold-prepay being fully amortised at the end of September 2017, the Company agreed with Citibank to extend this by a further 18 months adding 22,500oz. The pre-pay will add an immediate $36.15M in cash to the working capital position of the Company and will be carried as un-earned income on the balance sheet amortising at a rate of 1,250oz per month for 18 months.

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