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Avocet to buy out of hedge
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.