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Resolute Mining gains new substantial holder in UBS

The company recently forward sold an additional 30,000 ounces of gold at an average price of US$1,519 per ounce.

Resolute Mining Ltd - Resolute Mining gains new substantial holder in UBS
UBS now holds about 44.89 million Resolute shares

Resolute Mining Limited (ASX:RSG) has a new substantial shareholder in UBS Group AG and its related entities with a 5.05% stake.

UBS now holds about 44.89 million Resolute shares.

Maximising gold sales revenue

Resolute continues to ride high on the gold wave with its US Dollar gold hedge book recently strengthened through the forward sale of a further 30,000 ounces.

The company forward sold the gold at an average price of US$1,519 per ounce in scheduled monthly deliveries of 5,000 ounces between January 2020 and June 2020.

This comes on the back of the acquisition of Toro Gold and an upward gold price.

These have seen the mid-tier gold miner’s share price rise 68% over the last six months.

Quick facts: Resolute Mining Limited

Price: 1.19 AUD

Market: ASX
Market Cap: $1.55 billion

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