Miner said full-year profit and output was on track despite a third-quarter dip, but its shares slid to a three-month low after its CEO did not rule out seeking arbitration over a tax dispute in Mali.
Ivory Coast Mining News
Gold producer says its total gold output from mines fell to 522,917 oz in the quarter ended Sept. 30 from 615,498 oz in the same period a year earlier.
Company will make final decision on its development by mid next year.
The Morila operation continues to deliver value in its post-mining phase while progressing plans to develop the site into a commercial agricultural hub after its closure in 2019, Randgold Resources chief executive Mark Bristow said at an on-site media briefing today.
Africa-focused gold producer has confirmed "multiple opportunities for extending the life of the operation beyond the current four-year horizon."
The Kibali gold mine’s underground operation, which will significantly increase production, is on track to start commissioning in the third quarter of this year, Randgold Resources chief executive Mark Bristow said at a media briefing here today.
Employees who had staged an illegal sit-in at the mine returned to work Wednesday after management and authorities reached a deal with them, the company said.
Company said talks are underway to stop an illegal sit-in that started last week by some employees demanding annual ex-gratia payments.
The Kibali gold mine in the Democratic Republic of Congo has continued its performance improvement in the second half of the year after a tough first half.
Situation has worsened as a result of a shortage of new discoveries, cost cutting measures and miners digging out higher-grade material for a short-term gain, say experts.
The new venture is part of Randgold's ambitious plan to discover three new deposits in the next five years.
The gold miner also expects to be in a position to increase dividends by the end of the year.
In the current climate of global economic and political stress, it is more important than ever for African governments to engage with their investors in a spirit of genuine partnership, Randgold Resources chief executive Mark Bristow said here today.
After a slow start to 2016, the Kibali gold mine is picking up speed, with the substantial performance improvement forecast for the second half of the year already manifesting itself, Randgold Resources chief executive Mark Bristow said here today.
The world’s third-biggest gold miner said its net earnings will also benefit from weaker operating currencies in South Africa, Brazil, Australia and Argentina.
Speaking at a regular briefing, Bristow said that, as anticipated, the complexity of dealing with multiple ore types from different sources had affected throughput, recovery and grade in the first half of the year.
Randgold Resources chief executive Mark Bristow is on a fund-raising motorbike safari, which will take him from east to west across mid-Africa.
The miner slid the most in four years after reporting first-quarter gold production fell 11% due to operational problems at Kibali and Tongon mines.
Energy supply issues also hurt equipment at the miner's Tongon gold operation in the first three months of this year.
Randgold Resources’ annual resource and reserve declaration, shows attributable measured and indicated resources steady at 21.1 million ounces while inferred resources are marginally up to 6.7 million ounces.
The world’s third-largest gold producer returned to profit in the fourth quarter, did not manage to avert posting a net loss for 2015.
The firm also said it would continue to invest in exploration, which remains the engine that drives its business.
Randgold Resources has expanded its operations in Congo following the success of the Kibali gold mine, which will lead to the miner exceeding its full year production guidance for the mine in 2015.
The company said it believed that the Obuasi mine does not meet its criteria for making an investment.
The firm, debt-free despite current market conditions, mined a record 305,288 ounces in the third quarter, up from 299,320 a year earlier.