Data provided by McGregor BFA
All data is delayed
Loading...
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
NEXT ON FIN24X

 
 
 

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
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

SA sliding into crony capitalism - Naidoo

Twenty years after the first democratic elections, South Africa is sliding into a system of crony capitalism former Cabinet minister and Cosatu leader Jay Naidoo says.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

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