SOURCE: Randgold Resources

August 04, 2016 02:00 ET

Randgold Digs Deep After Tough Q2 to Sustain 2016 Performance Forecast

JERSEY, CHANNEL ISLAND--(Marketwired - Aug 4, 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 DIGS DEEP AFTER TOUGH Q2 TO SUSTAIN 2016 PERFORMANCE FORECAST

London, United Kingdom, 4 August 2016 -  Randgold Resources' production and costs were hit in the quarter to June by a long mill downtime at Tongon and the Kibali plant's continuing transition to a mixed-ore feed, but the company says the improvement expected in the second half of the year should boost its 2016 results to within its market guidance.

The flagship Loulo-Gounkoto complex ended the quarter ahead of target but with one of Tongon's two milling circuits losing 46 days after a breakdown and Kibali still dealing with throughput, recovery and dilution challenges presented by multiple ore feeds, group production was down 4% quarter on quarter at 281 494oz while total cash cost per ounce rose 12% to $727/oz. With the higher gold price only partly buffering the impact on the bottom line, profit was down 8% at $58.7 million.

Compared to 2015's record interim results, however, profit for the six months to June was up 11%, production was steady and total cash cost was 1% lower. Also on the positive side, net cash generated increased by 6% quarter on quarter and cash holdings rose by 7% to $272.7 million.

Chief executive Mark Bristow described the quarter as one of the toughest in years but said in June and July both Tongon and Kibali had made significant progress, with Tongon fixing the mill and completing the commissioning of its new quaternary circuit, and the new Kombokolo satellite pit at Kibali expected to improve its feed flexibility and grades. The development of Kibali as a complete project remains ahead of schedule.

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

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The company news service from the London Stock Exchange

Contact Information

  • Randgold Resources Enquiries:

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

    Financial Director
    Graham Shuttleworth
    +44 1534 735 333
    +44 779 7711338

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