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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
94 Independence Group NL
Notes to the consolidated financial statements
30 June 2016
(continued)
20 Derivatives (continued)
Gold (continued)
Ounces of metal
Weighted average price
(AUD/ounce)
Fair value
2016
2015
2016
2015
2016
$'000
2015
$'000
0 - 6 months
Gold put options purchased
12,500
23,500
1,330
1,350
4
137
Gold call options sold
12,500
23,500
1,593
1,744
(2,491)
(101)
6 - 12 months
Gold put options purchased
-
15,000
-
1,330
-
314
Gold call options sold
-
15,000
-
1,560
-
(1,112)
12 - 18 months
Gold put options purchased
-
12,500
-
1,330
-
460
Gold call options sold
-
12,500
-
1,593
-
(1,177)
Total/weighted average
strike price
Gold put options purchased
12,500
51,000
1,330
1,339
4
911
Gold call options sold
12,500
51,000
1,593
1,653
(2,491)
(2,390)
Diesel
The Group held various diesel fuel hedging contracts at 30 June 2016 to reduce the exposure to future increases in the
price of the Singapore gasoil component of diesel fuel.
The following table details the diesel fuel hedging contracts outstanding at the reporting date:
Barrels of oil
Weighted average price
(AUD/barrel)
Fair value
2016
2015
2016
2015
2016
$'000
2015
$'000
0 - 6 months
20,228
-
61.50
-
341
-
6 -12 months
29,532
-
65.61
-
443
-
1 - 2 years
60,525
-
74.37
-
799
-
Total
110,285
-
69.67
-
1,583
-
Nickel
There were no nickel commodity contracts held by the Group at 30 June 2016. The tables below detail the outstanding
nickel commodity contracts denominated in United States dollars (USD), and the foreign exchange contracts which
match the terms of the commodity contracts, held by the Group at 30 June 2015. These contracts were used to reduce
the exposure to a future decrease in the Australian dollar (AUD) market value of nickel sales.
The following table details the nickel contracts outstanding at the reporting date:
Tonnes of metal
Weighted average price
(USD/metric tonne)
Fair value
2016
2015
2016
2015
2016
$'000
2015
$'000
0 - 3 months
-
750
-
16,711
-
4,626
Total
-
750
-
16,711
-
4,626
The following table details the forward foreign currency contracts outstanding at the reporting date:
Independence Group NL
66