SOURCE: Randgold Resources

March 31, 2010 06:07 ET

Randgold Resources Limited: Foundation Laid for Next Growth Stage

JERSEY, CHANNEL ISLANDS--(Marketwire - March 31, 2010) -  Randgold Resources Limited (LSE: RRS) (NASDAQ: GOLD)

Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD

Randgold Resources last year laid the foundation for its next growth stage, says chairman Philippe Liétard in the company's 2009 annual report published today.

Liétard says the company's record results for 2009 -- which included a 79% profit surge -- had demonstrated again the effectiveness of its strategy, which was focused on the long term creation of value rather than on seizing short term gains.

"In 2009 Randgold was able to pluck some of the fruits of its past investments in the discovery and development of profitable gold projects, as well as in people and partnerships. By the same token, we believe that the work done during the past year will deliver its rewards in times to come," he says.

"In 2009, the foundations were laid, through organic development as well as acquisition, for the next stage in the company's growth. At this raised level, Randgold's horizons are being broadened significantly on every front: the geographical spread of its activities; its resource base and production profile; and the reach of its ambitions."

Liétard said Randgold believed the ideal model for successful and sustainable mining in Africa was that of a partnership between the company, its investors and the host government. The company's results for the past year had again demonstrated how effective this approach could be.

Also in the annual report, chief executive Mark Bristow says that while 2010 will be another very challenging year for the company, it was confident of achieving the goals it had set itself. 

These include boosting annual production at its Loulo complex in Mali to 400 000 ounces through the full ramp-up of the Yalea underground development; starting work on the Gara underground mine at Loulo; commissioning the new Tongon mine in Côte d'Ivoire for first production in the fourth quarter of this year; advancing the Gounkoto, Massawa and Kibali projects; and maintaining the flow of quality targets into its prospect pipeline.

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Contact Information

    Chief executive Dr Mark Bristow +44 788 071 1386
    +44 779 775 2288
    Financial director Graham Shuttleworth +44 1534 735 333
    +44 779 614 4438

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