Gold producer Randgold Resources (LON:RRS, NASDAQ:GOLD) posted today strong results for its first quarter output and profits despite the political turmoil in Mali, from where it extract two-thirds of its gold output.
Randgold Resources seems to be on track with its construction programme on its major Kibali gold mine development in the eastern DRC, aiming for initial production before the end of 2013.
Sanctions against Mali's military junta were lifted on Sunday after the country's coup leaders agreed to step aside, allowing a provisional authority to organize elections within 40 days.
Investors are holding their breath after a military mutiny and coup March 22 in Mali, one of West Africa's most established democracies. This Gold Report exclusive delves behind the headlines to analyze the coup's impact on miners.
Randgold Resources (LON:RRS, NASDAQ:GOLD) shares fell close to 13% this morning after a military coup in Mali, where the company has three gold mines that account for most of its bullion production.
London- and Nasdaq-listed gold producer Randgold Resources Ltd. (LON:RRS) (NASDAQ:GOLD) stocks went up 3.5 percent after the West Africa-focused miner reported a more than fourfold rise in net profit for the year ended December 2011 due to higher gold prices and a significant increase in production.
Shares of Randgold Resources, a pure-play gold mining company focused on west and central Africa, soared 7.4% Wednesday after announcing third quarter production increased 80% and sales jumped to $309.6 million from only $116.3 a year ago.
Despite a once-off drop in gold sales from the previous quarter following instability at its Tongon mine in the Ivory Coast where it has been producing for one year and what it described as once in a century rainfall at its Loulo/Gounkoto operations in Mali, third-quarter income increased more than four-fold to $106.8 million.
Gold miner Randgold Resources’ second quarter gold production more than tripled, boosted by contributions from its new Tongon and Gounkoto mines and soaring gold prices, sending its shares higher.
Randgold Resources Limited (GOLD) is an African focused gold play engaged in gold mining, exploration and related activities in Africa with the company listing on both the London Stock Exchange and NASDAQ. Major discoveries to date include the 7.5 million ounce Morila deposit in southern Mali, the 7 million ounce Yalea deposit and the 5 million ounce Gounkoto deposit, both in western Mali, the 4 million ounce Tongon deposit in the Côte d’Ivoire and the 3 million ounce Massawa deposit in eastern Senegal.
Randgold's full-year profit $120.6M, compared with $84.3M last year. Company proposes to increase dividend by 18% to 20 cents per share; predicts attributable production of 750,000-790,000 ozs for 2011.
London, 15 October 2009 – Randgold Resources plans to move swiftly towards a bankable feasibility study on the Moto gold project following the completion today of its business combination transaction with Moto Goldmines Limited, chief executive Mark Bristow said.
Now that the financial and political matters have been completed, Randgold Resources, along with its partner AngloGold Ashanti are reckoning to move ahead rapidly on the very big Moto gold project in the DRC.
Orezone Gold Corporation (ORE:TSX) is pleased to announce that it has completed the sale of its Sega Gold Project ("Sega") in Burkina Faso to Cluff Gold plc (Cluff) for total consideration of approximately US$26.5M.