Last Updated :
07 May 2009 at 22:00 IST
Randgold profits soar by 41%
Commodity Online JOHANNESBURG: Yet another gold miner has announced its soaring profits in the first quarter of the year on Thursday.
Global gold mining giant Randgold Resources said it has posted a 41% increase in quarter on quarter net profit to $13.1 million in the first three months of 2009 following increased production and a higher gold price.
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According to a press note, attributable production for the quarter was up 3% at 110,313 ounces and gold sales rose by 12% to $87.3 million. Total cash cost per ounce was $461.
The press note said while the company more than met its financial and operational targets for the quarter, its real achievement was the substantial progress made on a range of expansion, development and exploration projects designed to ensure sustainable production and profitable growth.
The company’s Loulo operation increased production by 17% to 70,826 ounces. This increased production was reflected in a 4% reduction in total cash costs per ounce.
Production at Morila was down 16% at 98,718 ounces as the operation is being converted from mining to stockpile treatment.
At the Yalea underground mine development, which along with the plant expansion is anticipated to increase Loulo’s total production to 400,000 ounces per year by 2010, made a record advance of 605 metres in March.
Planning of Gara, the second underground mine at Loulo, is being finalised with development scheduled to start in January 2010.
Randgold Resources is a gold focused mining and exploration business incorporated in the Channel Islands in 1995 and listed on the London Stock Exchange (RRS) in 1997 and on Nasdaq (GOLD) in 2002.
The company’s major discoveries to date include the 7.5 million ounce Morila deposit in southern Mali, the 7 million plus ounce Yalea deposit at Loulo in western Mali and the 4 million plus ounce Tongon deposit in the Côte d’Ivoire.
Randgold Resources financed and developed the Morila mine, which was commissioned in October 2000 and since then has produced approximately 4.85 million ounces of gold as well as distributing more than US$1.2 billion to its stakeholders.
The company recently decided to proceed with the development of a mine at its Tongon project. First gold production is scheduled for the fourth quarter of 2010.
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