Share

Randgold tumbles on Mali unrest

Johannesburg - Shares in gold miner Randgold Resources fell 13% on worries over the impact of unrest in Mali, home to some two-thirds of the group’s production and where renegade soldiers say they have seized power in a coup.

Randgold, which owns the Loulo, Morila and Gounkoto mines in Mali, is down 13% at 5 735 pence, underperforming a 2.7% drop in the broader UK mining sector.

“Out of any company in the sector, we would consider Randgold Resources as the best placed to deal with such a situation given the incidents and history of its activities in Ivory Coast...

"However the uncertainty will be negative for the share price as Randgold’s Malian operations represent 43% of the group net present value and 65-70% of group production in 2012,” Collins Stewart said in a morning note.

“Randgold’s gold operations in Mali are also of significant importance to the country with the group having paid over $1bn in royalties, taxes and dividends to the government to date, with Randgold being a source of substantial foreign investment in the west and south of the country.”

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.1%
Rand - Pound
24.13
-0.1%
Rand - Euro
20.63
-0.2%
Rand - Aus dollar
12.40
+0.2%
Rand - Yen
0.13
+0.2%
Platinum
912.00
-1.2%
Palladium
1,021.38
-4.2%
Gold
2,161.57
+0.1%
Silver
25.12
+0.3%
Brent Crude
86.89
+1.8%
Top 40
66,252
0.0%
All Share
72,430
0.0%
Resource 10
53,317
0.0%
Industrial 25
100,473
0.0%
Financial 15
16,622
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders