SOURCE: Randgold Resources

February 08, 2010 02:11 ET

Randgold Resources - Profit, Production and Reserves Soar in Record Year

JERSEY, CHANNEL ISLANDS--(Marketwire - February 8, 2010) -


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

PROFIT, PRODUCTION AND RESERVES SOAR IN RECORD YEAR

London, 8 February 2010 - Randgold Resources (LSE: RRS) (NASDAQ: GOLD) crowned a year in which it expanded its flagship Loulo operation, progressed the development of a new mine at Tongon, advanced two major new discoveries and completed the Moto acquisition by posting a 79% year-on-year profit increase on the back of record production at Loulo.

Results for 2009, published today, show a profit of US$84.3 million (2008: US$47 million) for the year. The fourth quarter profit of US$38.7 million was up 185% quarter-on-quarter and 315% up on the corresponding quarter in 2008. Given the profit increase, the board increased the annual dividend by 30% to 17 US cents per share. The company's balance sheet remains strong, with US$590 million in cash and no net debt.

Attributable group gold production for the year was up 14% at 488 255 ounces, boosted by a strong fourth quarter performance from Loulo, where the recently completed plant expansion significantly increased throughput. Loulo's production for the year was 351 591 ounces (2008: 258 095 ounces), of which 106 564 ounces came in the last quarter. The Morila joint venture -- successfully converted to a stockpile retreatment operation at the beginning of 2009 -- produced 341 661 ounces, slightly higher than forecast due to better than planned recoveries and grade.

The prefeasibility study on the Massawa project in Senegal was completed, delivering a reserve of 1.5 million ounces at a grade of 4.6g/t and pointing to more upside. The board approved the study which demonstrated that even without the underground resources it meets the company's investment hurdle rates. It has now moved into the feasibility phase, while the prefeasibility study on the Gounkoto project near Loulo in Mali is on track for completion in the first quarter of 2010. The initial scoping study on Gounkoto defined a robust resource at a significant grade.

To view the full text of this press release, paste the following link into your web browser:

http://www.rns-pdf.londonstockexchange.com/rns/7930G_1-2010-2-5.pdf

Contact Information

  • RANDGOLD RESOURCES ENQUIRIES:

    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

    Website: www.randgoldresources.com