Randgold Resources Announces Q4 results & updates
04.02.2013 | Marketwire
JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 02/04/13 -- TSX-V:IAERANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
OVERCOMING EXTRAORDINARY CHALLENGES, RANDGOLD DELIVERS RECORD 2012 RESULTS
Cape Town, 4 February 2013 - Randgold Resources achieved record production and profit levels in 2012 while dealing with a range of challenges associated with the expansion of its flagship Loulo-Gounkoto complex in Mali, the fast-track development of the giant Kibali project in the Democratic Republic of Congo, operational problems at the Tongon mine in Cote d'Ivoire and the general turmoil in Mali.
Results for the fourth quarter and the full year, published today, show profit for the year up 16% at US$511 million and production up 14% at 794 844 ounces of gold. Quarter on quarter, profit increased by 18% and production by 5%. Cash and gold on hand at the year end amounted to US$403 million despite capital expenditure of US$563 million, mainly on the Kibali project. The board has proposed a 25% increase in the annual dividend to 50 US cents for shareholder approval at the annual general meeting.
Loulo exceeded its production target for the year, delivering 503 224 ounces on the back of the accelerated development of its Yalea and Gara underground mines and a ramp-up in plant throughput following the successful commissioning of a third mill. The Morila joint venture also beat its forecast with annual production of 202 513 ounces. A pit pushback project has been approved subject to certain conditions, with mining due to start in Q2 this year. This is expected to extend the life of the operation.
Tongon's production slipped from 250 390 ounces in 2011 to 210 615 ounces, mainly as a result of frequent outages in the grid power supply, which caused disruptive plant stoppages and process upsets as well as lower than planned recoveries. This situation was exacerbated by a fire in the milling circuits. The plant was restored to full production by the end of January and the power and recovery problems are being addressed.
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