SOURCE: Randgold Resources

May 06, 2010 02:04 ET

Randgold 1st Quarter Results

JERSEY, CHANNEL ISLANDS--(Marketwire - May 6, 2010) -  Randgold Resources (LSE: RRS) (NASDAQ: GOLD) has started mining at its new Tongon project in the Côte d'Ivoire and has also initiated the development of the second underground mine at its Loulo complex in Mali in line with its growth plan designed to boost attributable production to 1.2 million ounces in 2014.

In a tough operational quarter, the company also made significant progress with the key issues related to the development of the Kibali project in the Democratic Republic of the Congo and continued to advance the feasibility studies on the Gounkoto project in Mali and the Massawa project in Senegal.

During the past quarter, the previous quarter's record throughput at Loulo took its toll on the plant in terms of a rise in wear rates and a consequent increase in downtime. This, together with plant breakdowns at Morila, had a negative impact on throughput and therefore on gold production, unit costs and net profit for the quarter. Attributable production of 112 663 ounces and profit of US$23.9 million, while down on the previous quarter's record results, were nevertheless significantly up on the corresponding quarter in 2009.

Chief executive Mark Bristow said that in spite of the time spent on remedial measures at Loulo, the company had continued to make solid progress on all its strategic objectives during the period.


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Incorporated in Jersey, Channel Islands
Reg. No. 62686  

Contact Information

    Chief Executive
    Dr Mark Bristow
    +44 788 071 1386
    +44 779 775 2288

    Financial Director
    Graham Shuttleworth
    +44 779 614 4438
    +44 1534 735 333

    Investor & Media Relations
    Kathy du Plessis
    +44 20 7557 7738
    Email: Email Contact