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Resolute Mining’s Welborn steps up and buys another 25,000 shares on-market

The company produces gold from its Syama gold mine in Mali and its Ravenswood gold mine in Queensland.

three empty board seats
He paid an average purchase price of $1.03 for his shares

Resolute Mining Ltd (ASX:RSG) managing director and CEO John Welborn has purchased 25,000 more shares in the company last Friday through on-market trades.

The $25,750 purchase increases his overall shareholding in the gold mining company to 4.55 million shares.

READ: Resolute Mining locks in some profits with forward sales

Last week Resolute took the opportunity to forward sell another 30,000 ounces of gold at an average price of US$1,337 per ounce.

This increased the company’s total hedge book to 160,000 ounces of gold with about 60% of the hedges in A$ and the balance in $US.

Resolute is still leveraged to plenty of upside in the gold price wit 160,000 ounces representing less than 3% of the company’s current Ore Reserves.

Quick facts: Resolute Mining Limited

Price: 1.185 AUD

ASX:RSG
Market: ASX
Market Cap: $1.07 billion
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