(MENAFN- ProactiveInvestors)
BCD Resources () has taken advantage of a falling Australian dollar to lock forward gold sales from the Lorena JV Project.
The project is located 15 kilometres east of Cloncurry in northwest Queensland.
BCD hedged 6000 ounces of gold at AU$1447.50 per ounce which provides the company with income certainty.
The company said that it expects that the Lorena Gold project will commence wet commissioning in late February 2015 with the first concentrate being sent to the Beaconsfield facility in March 2015.
Lorena JV
The Lorena Gold Project is a 50/50 joint venture between () and BCD.
BCD is required to fund the development of the project to earn its 50% economic share with the company having spent more than $3.2 million on direct civil construction plant and equipment and a further $0.6 million on the statutory approval and feasibility requirements.
The company is expected to shortly fulfil all the condition precedents necessary of the project finance support and working capital facility offers previously reported.
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