SOURCE: Randgold Resources

March 28, 2017 04:45 ET

Randgold Resources: Strong performance, sustainable profitability

JERSEY, CHANNEL ISLANDS--(Marketwired - Mar 28, 2017) - Randgold Resources (NASDAQ: GOLD) (LSE: RRS)

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


Jersey, Channel Islands, 28 March 2017 - After its record-breaking performance last year, Randgold Resources is strongly positioned to sustain profitable production, and continue delivering value to all stakeholders, well into the future, says chief executive Mark Bristow in the company's 2016 annual report published today.

Bristow notes that after a slow start to the year, Randgold increased production to a new high of 1.25 million ounces to achieve its annual guidance. All the operations contributed to this effort, with its flagship Loulo-Gounkoto complex in Mali posting particularly good results.

"We achieved, and exceeded our net cash target of $500 million and remained debt-free. We drove down our total cash cost per ounce of production and our profit rose by 38%. We completed or advanced our capital projects. We reduced our lost time injury frequency rate to its lowest level ever. We continued to replenish our attributable group reserves and made significant progress towards our goal of identifying three new potential projects that fit our investment criteria in the next five years," he says.

Bristow says the immediate future is already taking shape with Kibali in the Democratic Republic of Congo on track for completion of the underground shaft facility this year, the development of a super pit at the Gounkoto mine in Mali going ahead, and the Massawa project in Senegal looking increasingly viable as the next Randgold mine.

The company's 10-year business plan, shared with the market last year, shows a business which will remain profitable at a long term gold price of $1 000/oz while producing at an average annual rate of approximately 1.2 million ounces and generating cash that will support continued investment in the future as well as dividends.

"It is worth noting that with our big capital projects nearing completion and a cost profile trending down, Randgold is a truly profitable business capable of delivering value to all stakeholders," he says.

Foremost among these stakeholders are the governments and people of Randgold's host countries.

Please click on the following link to view the full announcement.

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