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3rd Quarter Results and updates

ID: 1526935
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(businesspress24) - JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 11/02/17 -- Randgold Resources (NASDAQ: GOLD)

Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD

As forecast, Randgold Resources'' results for Q3 were lower than those for Q2 but the company says it remains well positioned to achieve the top end of its production guidance for the year.

Production was lower quarter on quarter due to the Gounkoto super pit pushback and a planned decrease in grade at the flagship Loulo-Gounkoto complex. Another factor was a mill upgrade project in the first part of the quarter which impacted on throughput at Tongon.

Consequently production of 310 618 ounces was 9% down on Q2 while total cash cost per ounce rose by 17% to $667. Profit of $60.2 million was down 41%. Comparing the first nine months of this year to the same period in 2016, production was up 11%, total cash cost per ounce was down 9% and profit was up 22% while the group cash position grew as planned.

Chief executive Mark Bristow said the commissioning and automation of Kibali''s underground ore handling systems and their integration with the shaft was currently being completed and was the key for Kibali to meet its 610 000oz guidance for the year. Otherwise, all the group operations were on target to meet or exceed their annual production plans. In addition, the group continued to look at ways to expand its existing asset base and to discover new world-class gold deposits.

"Brownfields exploration continues to generate good results. We can now confidently project annual production in excess of 600 000 ounces for at least 10 years for both Loulo-Gounkoto and Kibali, and we hope to extend Tongon''s life, as we have done at Morila," Bristow said.

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Date: 11/02/2017 - 07:00
Language: English
News-ID 1526935
Character count: 4076
Firma: Randgold Resources
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