• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

See More

Randgold profit jumps

May 06 2010 09:24

Related Articles

Randgold boosts output forecast

Randgold gets stuck in at Moto

Randgold sticks to reserve plan


London - West African-focused gold miner Randgold Resources posted a an 83% jump in first-quarter net profit and said it has started mining at its Tongon project in the Ivory Coast.

Net profit surged to $23.9m from $13.1m in the year-earlier period as attributable production climbed 2% to 112663 ounces.

However, profit dropped 38% from the previous quarter on lower production from its flagship Loulo mine in Mali and plant breakdowns at the Morilla mine.

"The most critical challenge we face over the next three quarters is delivering on our production and profit forecasts under very demanding conditions," said chief executive Mark Bristow.

"Looking further ahead, we remain confident about achieving our goal of producing 1.2 million ounces in 2014."

Total cash costs also jumped to $617 an ounce from $461 in the year-earlier quarter.

The company said that since May 3 Loulo has experienced power supply interruptions which have impacted operations throughout the mine and that the consequences are being assessed.

In March, Randgold announced a 75% increase in reserve estimates boosted by the acquisition of Kibali and discoveries at its Gounkoto and Massawa projects.

randgold resources



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

20 self-made teenage millionaires

From selling lemonade to building webpages, these young entrepreneurs made a pretty fortune!


Luxury living

Top 10 richest musicians of all time
10 most expensive cars In the world
10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote