Newcrest to close out remaining gold hedge by Sept
(Adds details)
SYDNEY, Feb 19 (Reuters) - Australia's Newcrest Mining Ltd (NCM.AX: Quote, Profile, Research, Stock Buzz) said expects to close a remaining 622,302 ounces worth of U.S. dollar-denominated forward gold sales by mid-September.
Newcrest last year was forced to dilute its stock and offer A$2 billion ($1.8 billion) in new deeply discounted shares to pay for closing out a total of 4 million ounces of hedge contracts assembled a decade ago when gold was much lower and no one believed prices would rise to current levels. (Reporting by James Regan)
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