Avocet to buy out of hedge

City A.M. Reporter
AFRICA-FOCUSED Avocet Mining said yesterday it is set to buy back all its forward sold production, a hedge that has caused problems for the company since it cut a reserves estimate at its gold mine in Burkina Faso earlier this year.

The miner, which inherited the hedging agreement with Macquarie from a takeover deal in 2009, said it had secured a $63m (£39m) loan from Ecobank Burkina Faso which would allow it to pay off the hedge.