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Randgold reports profit jump

Johannesburg - West Africa-focused miner Randgold Resources posted a jump in third-quarter profit from the previous year on an 80% surge in gold production and higher metal prices.

Profit surged to $122.9m from $28.2m in the year-earlier quarter. However, profit dipped 4% from the second quarter when the company had sold gold from its Ivory Coast mine that had been delayed due to unrest in the country.

In August, Randgold lowered its 2011 production guidance to 740 000-760 000 ounces from 750 000-790 000 oz after abnormal rainfall hit production at its Loulo/Gounkoto mining complex in Mali.

Randgold is the only pure gold producer in the FTSE 100, although Russian gold miners Polymetal and Polyus Gold are planning to join it there, further raising the influence of resources stocks in the index.
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Rand - Dollar
18.97
-0.2%
Rand - Pound
24.06
+0.2%
Rand - Euro
20.57
+0.1%
Rand - Aus dollar
12.35
+0.6%
Rand - Yen
0.13
+0.8%
Platinum
900.98
-0.2%
Palladium
1,000.76
-0.5%
Gold
2,153.55
-0.3%
Silver
24.91
-0.5%
Brent-ruolie
86.89
+1.8%
Top 40
65,669
-0.9%
All Share
71,900
-0.7%
Resource 10
52,931
-0.7%
Industrial 25
99,286
-1.2%
Financial 15
16,575
-0.3%
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