SOURCE: Randgold Resources

February 08, 2016 02:00 ET

Randgold Bucks Industry Trend to Deliver Record Production for 2015

JERSEY, CHANNEL ISLANDS--(Marketwired - Feb 8, 2016) - Randgold Resources (LSE: RRS) (NASDAQ: GOLD)

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

RANDGOLD BUCKS INDUSTRY TREND TO DELIVER RECORD PRODUCTION FOR 2015

Cape Town, Monday 8 February 2016 - Randgold Resources chief executive Mark Bristow today described 2015 as one of the best years in the company's history as it faced down the challenges surrounding the embattled gold mining industry to post performance improvements and advances on every front

Production and costs were in line with the company's annual guidance, with production setting a new record of more than 1.2 million ounces, up 6% on the previous year, and group total cash cost per ounce down by 3% at $679/oz. Strong cash flows from the operations boosted cash on hand by 158% to $213.4 million but profit for the year was $212.8 million against the previous year's $271.2 million, reflecting the decline in the gold price. The board has proposed a 10% increase in the annual dividend, reflecting the strong cash flows generated by the business.

"It's easy to achieve when the stars are all aligned but it's a lot more difficult in a market as challenged as this one, which makes these results even more pleasing," Bristow said. He attributed the company's robust showing to improved plant throughput, ore feed and grade management; reduced underground mining costs at Loulo following its transition from contract mining to owner mining; lower input costs; and improved efficiencies across all operations.

Bristow said Randgold had reviewed all its mine plans in the light of current conditions and with a focus on true returns and break-even cash flows. As a result of this, Loulo-Gounkoto and Kibali now both forecast annual production of +600 000 ounces at a total cash cost of around $600 per ounce or below, Loulo-Gounkoto for 10 years and Kibali for 12, while Tongon was forecasting to produce an average of more than 300 000 ounces for five years.

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Contact Information

  • RANDGOLD ENQUIRIES:
    Chief Executive
    Mark Bristow
    +44 788 071 1386
    +44 779 775 2288

    Financial Director
    Graham Shuttleworth
    +44 1534 735 333
    +44 779 771 1338

    Investor & Media Relations
    Kathy du Plessis
    +44 20 7557 7738
    Email: randgold@dpapr.com

    Website: www.randgoldresources.com