OCEANA Gold, the mining spinoff from WA engineering firm GRD, has bought back 100 per cent of its gold hedging contracts.
The company’s hedge book was about 900,000 ounces and closing it will give the company a surplus of about $25 million.
That surplus, together with the cash Oceana has on hand, will be used to retire the company’s secured debt of $30 million.
Oceana CEO Steve Orr said the company would still have enough cash on hand to develop its mining projects.
IT expects to have net cash and bullion of more than $60 million.
