SOURCE: Randgold Resources
LONDON, UNITED KINGDOM--(Marketwired - Mar 28, 2014) - 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 Resources aims to exceed one million ounces of consolidated* gold production in 2014 and is closing in on its long term goal of 1.2 million ounces by 2015, chief executive Mark Bristow says in the company's 2013 annual report published today.
In 2013 Randgold increased production by 15% to 910 374 ounces at a reduced total cash cost of US$715/oz and Bristow said it was targeting a production increase of between 24% and 30% for this year, with costs coming down further to between US$650 and US$700 per ounce. The growth in production is expected to come from rising grades at the company's flagship Loulo-Gounkoto complex in Mali, improved throughput at Tongon in Côte d'Ivoire, and the first full-year contribution from the recently commissioned Kibali in the Democratic Republic of Congo.
Bristow said the company's management teams had closely scrutinised all mining plans to ensure that they were both optimal and deliverable, and that all operations would remain profitable at even lower gold prices.
"In the current market, our focus needs to be on profitability and not on maximising reserves. The priority is to replenish profitable ounces because we are increasing production as we access higher-grade ores," he said. "Our objective is also to extend our 5 year rolling business plan to 10 years and l continue to look closely at all our projects against a range of gold price scenarios. In the meantime we have put in place a robust budget for 2014 and kept our five-year forecast intact."
Given Randgold's traditional commitment to growing through discovery and development, it would continue to invest substantially in exploration and had earmarked US$60 million for this purpose in 2014, he said.
Also in the annual report, chairman Philippe Liétard notes that in an industry in crisis, Randgold stood apart in 2013 by again producing profitable growth and continuing to secure its sustainability for years to come, even at lower gold prices.
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