PERTH (miningweekly.com) – Diversified metals miner Metals X has hedged some 1 500 t/m of copper from its Nifty copper operations, in Western Australia, between October 2017 and July 2018.
The company said on Thursday that it has taken advantage of the recent increase in copper prices by structuring the hedge programme at no cost, by buying put options and selling call options for the production.
The hedge effectively places a floor price of A$7 600/t and a ceiling price of A$8 000/t for the copper, with Metals X participating in the spot copper price between the floor and ceiling prices.
The monthly hedge represented some 45% of the future targeted production at the 40 000 t/y Nifty operation.
Edited by: Creamer Media Reporter
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