Randgold Resources Forges Ahead in Tough Year
JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 02/07/11 -- Randgold Resources (NASDAQ: GOLD) (LSE: RRS)
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
London, 7 February 2011 -- Despite operational and political setbacks in a generally challenging year, Randgold Resources boosted its profit for 2010 by 43% to US$120.6 million on the back of a stronger Q4 performance which drove up attributable production by 30% to 132 099 ounces quarter on quarter.
Lifted by a rise in the gold price, Q4 gold sales were up 25% at US$145 million but would have been considerably higher had 23 428 ounces produced at the new Tongon mine not remained unsold at year end due to disruptions related to the disputed outcome of the Côte d'Ivoire elections in November. The sale of these ounces would have added US$21.7 million to annual profit.
The significant improvement in profit for the year has led the board to propose an 18% increase to 20 US cents per share in the dividend. In line with current best practice, shareholders will be asked to approve the dividend at the annual general meeting.
Chief executive Mark Bristow said that given the scale and complexity of the projects the company was developing, 2010 was always going to be a tough year, and it proved even more difficult than expected due to technical problems related to the expansion of the Loulo complex in Mali and the unsettled situation in Côte d'Ivoire.
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This information is provided by RNS
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