London - Africa-focused Randgold Resources posted a more than 20% drop in profit on Thursday, hit in the first three months by a reduced contribution from its Loulo-Gounkoto mine in Mali, lower prices and ounces of gold left unsold.
The group said its basic earnings per share dropped 20% from a year ago to 76 US cents. The drop from the previous quarter was 42%. Profit for the three months dropped to $81.6m.
Randgold's shares have fallen around 4% since a historic drop in the price of gold in mid-April, when bullion experienced its biggest single-day price drop in thirty years.
The company, which has mines in Mali and
Ivory Coast, said it had reviewed all operations after the drop in the gold
price. At Loulo-Gounkoto that has meant a change in the mine plan to reduce
spending, trimming anticipated production for the year.