Randgold Resources Ld - 3rd Quarter Results
JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 11/07/13 --
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
RANDGOLD SHINES IN GOLD PRICE GLOOM
London, 7 November 2013 - A strong performance by its flagship
Loulo-Gounkoto complex in Mali powered Randgold to an 80% quarter on
quarter profit increase for the three months ended September despite a
3% drop in the average gold price received over that period.
In a quarter that also saw the early commissioning at its giant Kibali
project in the Democratic Republic of Congo, Randgold increased group
production by 19% to 233676ounces and reduced its total cash cost per
ounce by 17% to US$662/oz on the back of the production rise. Despite
its capital expenditure, mainly on Kibali, peaking during the quarter,
the company remained net cash positive.
Kibali poured its first gold in September, well ahead of the original
target date, and has since started commercial production from its open
pit mine. It is expected to exceed its 30000 ounce production
forecast for the fourth quarter of this year and is on track to meet
its target of 550000 ounces for 2014. It is currently ramping up to
full capacity on the plant's oxide circuit with the completion of the
remaining plant and hydropower stations, and the commissioning of the
sulphide circuit, scheduled for next year. The development of the
underground mine is progressing well.
Chief executive Mark Bristow said the successful start-up of Kibali
represented a considerable feat of geology, metallurgy, engineering and
logistics, as well as negotiation and diplomacy."The Randgold team only moved
on site in January 2010 and in less than
four years it has built a world-class gold mine in one of Africa's
remotest regions, in the process more than doubling its reserves to
11.6million ounces and increasing its resources to 21million ounces.
And while doing this, we have also completed or progressed major
performance-enhancing capital projects at Loulo-Gounkoto and Tongon,"
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