Toronto - Randgold Resources expects to produce 700 000 ounces of gold in 2011, ahead of previous company estimates of 600 000 ounces, Chief Executive Mark Bristow said on Thursday.
In a presentation to analysts in Toronto, Bristow said output should grow to 1.2 million ounces by 2014. That forecast does not include production from the Kibali project - formerly called Moto - in the Democratic Republic of Congo, Bristow said.
UK-based Randgold and South Africa's AngloGold Ashanti bought Moto Goldmines in October, securing 70% of the project, and then raised their collective stake to 90% earlier this month. Randgold expects to announce a timeline for the project's development early next year.
Randgold currently produces about 400 000 ounces a year.
Bristow said Randgold focuses on developing fairly high-grade projects, and said he would like to eventually pay around 40 percent of the company's profit back to shareholders, which would be virtually unique in the gold industry.
"I would like to get Randgold to a proper dividend policy," he said. He did not give a timeline on when that might happen.
The company paid an annual dividend this year of 13 cents a share, versus a Nasdaq-listed share price of $87.70 on Thursday.
Randgold currently operates two mines in Western Africa and has four projects, including Kibali, in development.
- Reuters