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Harmony Gold closes out 230,000 oz Australia hedge

Publication: Reuters
Source: Reuters Africa

JOHANNESBURG (Reuters) - South Africa's Harmony Gold paid A$75.8 million to close out the remainder of its Australian hedge book totalling 230,000 ounces, the firm said on Friday.

The hedge had an average forward price of A$517.78 per ounce and it was closed out at A$809 per ounce, a statement said.

Harmony is against the practice of hedging -- selling gold in advance to lock in fixed prices -- but it inherited the hedge when it acquired its Australian operations.

Its Australian mines produced 51,699 ounces in the three months to end-March, 9 percent of Harmony's total output of 579,032 ounces.

Harmony Gold Mining Company Ltd, the world's fifth biggest gold producer, is the least internationally diversified of major South African gold miners with around 90 percent of output from its home base.

Harmony shares rose 1.72 percent to 105.38 rand by 1327 GMT, compared with a 2.03 percent rise in the gold mining index.

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