JERSEY, CHANNEL ISLANDS--(Marketwired - Nov 3, 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 SETS SIGHTS ON THREE NEW PROJECTS IN NEXT FIVE YEARS
London, 3 November 2016 - A strong third quarter performance kept Randgold Resources on track to meet its 2016 guidance. Forecast cash flows generated from operations are expected to support funding for the three new projects the company has set as a goal to establish over the next five years as well as increasing dividends.
Results for the quarter, published today, show profit of $77.3 million, up 32% on the previous quarter and 58% on Q3 2015, while earnings per share increased by 35% quarter on quarter and 17% on 2015. Production of 301 163 ounces was up 7% quarter on quarter and in line with the previous year, and total cash cost per ounce of $663 was 9% lower quarter on quarter and 5% down on the prior year's corresponding quarter. With net cash generated by the operations increasing by 18% quarter on quarter, cash grew to $361.1 million.
Chief executive Mark Bristow said Kibali and Tongon had bounced back well from the technical issues that had plagued them in the first half of the year while the flagship Loulo-Gounkoto complex continued on its steady course. He said it was worth noting that despite the high level of activity, there had been zero lost-time injuries across the group during the quarter.
"Tongon got its mills back up at the end of June and Kibali ramped up production, boosting group throughput by 13%. Unit costs were also better, with decreased processing costs supported by lower strip ratios at Tongon and Kibali. The higher gold price also contributed to the significant increase in profit," Bristow said.
"If the gold price stays above $1 250 per ounce, and we deliver on our forecasts, we should get close to a $500 million net cash position at the year end."
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