Randgold Resources Ld - Q2 results and updates
07.08.2013 | Marketwire
JERSEY, CHANNEL ISLANDS--(Marketwired - Aug 7, 2013) - Randgold Resources Ld (
Randgold Resources Ltd.
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
RANDGOLD PROJECTS SUSTAINED PROFITABILITY AT LOWER GOLD PRICE LEVELS
London, 7 August 2013 - Increased production and reduced costs should
enable Randgold Resources to remain profitable in the face of a
decreased gold price, the company said today.
Speaking at a presentation on Randgold's quarterly results, chief
executive Mark Bristow noted that the company's business model had been
designed to deliver returns at lower gold prices, and it had therefore
not been forced to write down its reserves as these had been calculated
at US$1 000/oz. Randgold had, however, reviewed all its business plans
at the beginning of the year and where necessary aligned them to the
drop in the gold price."Our giant Kibali project is scheduled to start gold
production in
October, Loulo and Gounkoto are both accessing higher grade sections in
their orebodies, Tongon is continuing its turnaround and improved
efficiencies across the group have already cut our total cash cost per
ounce by 5% this past quarter. In addition, projects are underway
across the group to increase throughput and recoveries and reduce unit
costs further," he said.
Randgold was therefore well placed to sustain its profitability, he
said, albeit not at the levels achieved during the peak in the gold
price.
Reflecting the turndown, the reduction of 17% in the average gold price
received during the quarter to June impacted on profit for the period,
which came down from US$81.6 million in Q1 to US$54.1 million.
Production of 196 207 ounces was in line with that of the previous
quarter.
Click on, or paste the following link into your web browser, to view
the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/1099L_1-2013-8-6.pdf
RANDGOLD ENQUIRIES:
Chief Executive Financial Director Investor & Media Relations
Mark Bristow Graham Shuttleworth Kathy du Plessis
+44 788 071 1386 +44 1534 735 333 +44 20 7557 7738
+44 779 775 2288 +44 779 771 1338 Email: randgold@dpapr.com
Website: www.randgoldresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END