JOHANNESBURG (miningweekly.com) – Gold mining company Randgold Resources has recorded substantially higher profit in the three months to March than in the corresponding first-quarter period last year. “This is probably the best quarter-one we’ve had for five years,” Randgold Resources CEO Dr Mark Bristow told Mining Weekly Online from London.
The “above-run-rate” output at all mines in the first three months of this year augurs well for 2017 guidance being met. Cash rose by 16% to $600-million in the first quarter, which had zero debt.
Earlier this week, shareholders approved a 52% hike to $1 a share in the yearly dividend. Profit was up 33% on the corresponding quarter of 2016 and down 10% quarter-on-quarter against last year’s record final quarter finish.
Total cash costs an ounce were 4% down year-on-year and up 13% quarter-on-quarter. High recoveries supported the performance of the Loulo-Gounkoto gold mine in Mali, where the Morila tailings retreatment operation is delivering on plan, with sound cost control achieved at the Tongon mine in Côte d’Ivoire.
Gold reserves have been replenished at the higher grade of 3.7 g/t, up from the previous 3.6 g/t, and vigorous greenfield exploration is being supplemented by exploration progress around existing mines.
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