SOURCE: Randgold Resources
July 23, 2016 12:30 ET
JERSEY, CHANNEL ISLANDS--(Marketwired - Jul 23, 2016) - Randgold Resources Limited (LSE: RRS) (NASDAQ: GOLD)
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
RANDGOLD IDENTIFIES EXCITING NEW PROSPECTS IN CÔTE D'IVOIRE AS TONGON MINE PAYS MAIDEN DIVIDEND
Abidjan, Côte d'Ivoire, 23 July 2016 - Randgold Resources' Tongon mine has completed the final phase of its extensive crusher expansion and mill circuit upgrade project and, having also dealt with an extended down time on one mill as a result of poor repairs to the journal and slipper pads following on from last quarter, is set for an improved performance in the second half of this year, chief executive Mark Bristow said here today.
Speaking to local media at a regular briefing, Bristow said the mill had been down for 46 days during the past quarter, which impacted heavily on production. The mine has also had to contend with an erratic power supply from the national grid but a constructive engagement with the power utility was significantly improving this situation. Bristow thanked the government for the positive way in which it had facilitated this engagement. Randgold was committed to continue working with the utility and the energy ministry to permanently secure power supply stability, he added.
"Tongon is now settling down well but the difficulties it faced over the past two quarters will have a negative effect on its production for the year. The management team has revised the 2016 business plan and is now targeting to exceed 260koz for the year. It is worth noting, however, that it remains a profitable operation and, having paid back its capital in 2015, it has just declared a maiden dividend of $22 million," he said.
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