SOURCE: Randgold Resources

November 09, 2010 02:22 ET

Update: Growth Platform Consolidation Continues With First Production From New Tongon Mine

JERSEY, CHANNEL ISLANDS--(Marketwire - November 9, 2010) -  A materially improving operational performance from its Loulo complex in Mali lifted Randgold Resources' (NASDAQ: GOLD) (LSE: RRS) third quarter results and the company said this, together with the start of production by its new mine at Tongon in the Côte d'Ivoire, is expected to spur a significant rise in its fourth-quarter gold production.

Q3 results posted today show profit of US$28.2 million, more than doubling that of the corresponding 2009 quarter but down on the previous quarter, which benefited from a US$13 million write-back of auction rate securities. Excluding this write-back, the third quarter profit would have been 20% higher than that for Q2. Profit from mining of US$42.7 million was up 21% on the corresponding 2009 quarter and 4% on the previous quarter.

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