Societe Generale to buy $100 mln gold from GV Gold
IRKUTSK, Dec 6 (PRIME) -- Societe Generale has issued a U.S. $100 million prepayment to Russian gold producer GV Gold for gold supplies, the company said in a statement on Thursday.
Under the deal, GV Gold receives the full sum, and will supply about 3,000 ounces, or 93.3 kilograms of gold per month in the next three years.
Payment for the gold is done at LBMA morning fixing as of the date of supply. No hedging of the price is encompassed, the company said.