Minas Buenaventura (BVN-N) has bought out its 2009 gold hedging commitments, removing another 248,000 oz. from its hedge book.
The company will pay US$87 million to clear off those contracts, which will leave it with 922,000 oz. committed between 2010 and 2012. The ounces are locked in at prices between US$289.76 and US$403.40 per oz. over those three years.
Buenaventura has removed 971,000 oz. from its hedge book in 2007. It knocked out 240,000 oz. of hedge contracts for delivery in 2007 and 2008 earlier in May, and in March, it paid US$145 million to cancel contracts covering 483,000 oz.