Randgold Resources Ld - Annual Financial Report
31.03.2011 | Marketwire
JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 03/31/11 --
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
RANDGOLD FORECASTS SIGNIFICANT PRODUCTION INCREASES AND UNIT COST
REDUCTIONS
London, 31 March 2011 - Randgold Resources is projecting significant
production increases and reductions in cash cost per ounce driven by
forecast improvements in grade and new mine developments over the next
five years, says chief executive Mark Bristow in the company's annual
report for 2010, published today.
Group production for 2011 was expected to increase by more than 70%
over 2010 to between 750000 and 790000 ounces of gold, and management
was targeting total cash costs, after royalties and taxes, of less than
US$600/oz, Bristow said. The recently commissioned Tongon is scheduled
to produce 260000 to 270000 ounces while the Loulo complex's
production is expected to be 420000 to 440000 ounces, of which some
120000 ounces will be contributed by the new Gounkoto mine development
in the latter half of the year. The Morila joint venture should
produce 200000 to 210000 ounces.
Bristow cautioned, however, that this forecast was subject to exchange
rates and input costs remaining at last year's levels, and to the
political impasse in Cote d'Ivoire not impacting to a greater extent on
the Tongon mine. He also said that the company's focus on efficiencies
and costs would have to be even tighter than usual, particularly in the
first half of the year.
Reviewing the past year, Bristow said it had been even more challenging
than anticipated but despite some daunting operational and political
obstacles, the company had increased its profit by 43%. 'More
importantly, it kept intact its strategy of creating real stakeholder
value in the African gold industry, delivered on some very demanding
objectives and remained firmly on course to achieve its future growth
targets,' he said.
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the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/9655D_1-2011-3-30.pdf
RANDGOLD RESOURCES ENQUIRIES
Chief Executive Financial Director Investor & Media Relations
Mark Bristow Graham Shuttleworth Kathy du Plessis
44 788 071 1386 44 1534 735 333 44 20 7557 7738
44 779 775 2288 44 779 771 1338 Email: randgoldresources@dpapr.com
Website:www.randgoldresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
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