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Bad hedges devastate Australian gold miner Bellevue
Bellevue Gold Flags Takeover Talk After Bad Hedges Force A$156 Million Raise
By Mark Wembridge
Australian Financial Review, Sydney
Monday, April 14, 2025
Bellevue Gold has been targeted by several unsolicited takeover approaches and has appointed a team to review future bids, the struggling miner said, after tapping shareholders for A$156 million following another production downgrade.
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The embattled West Australian group has been caught out by the soaring price of gold, and will use more than A$110 million of the cash raised to escape from forward hedging contracts agreed for an average of $US2135 (A$3370) per ounce, far below the current price of above $US3220.
Bellevue last month requested a trading halt for its shares due to fears over the quality of ore at its eponymous mine in Western Australia's Goldfields region and a looming drop in production. Its shares fell 15% in the days preceding the suspension.
The miner confirmed those production fears today, cutting its full-year guidance by 22% to as few as 129,000 ounces. Bellevue had hoped to produce almost double that amount annually by 2028. ...
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