Modern Mining

For the seventh consecutive year, Randgold Resources has increased its gold production, boosting output in 2017 by 5 % to 1,31 million ounces, ahead of its guidance, while shrinking total cash cost per ounce by 3 % to US$620.

Results for the year show profit up 14 % at US$335 million and net cash increasing by 39 % to US$720 million, with no debt. The board has proposed a dividend of US$2,00 per share, double that of 2016, for shareholders’ approval.

 

The gold plant at the Loulo mine in Mali (photo: Randgold).

 

Chief Executive Mark Bristow said the strong performance was led by Randgold’s flagship, the Loulo-Gounkoto complex in Mali, and supported by an across-the-board delivery from its other operations, Morila in Mali, Tongon in Côte d’Ivoire and Kibali in the DRC.

The highlight of the year was the successful commissioning of Kibali’s underground mine. Aside from its third hydropower station, scheduled to come on stream mid-year, this completes the development of Kibali into one of the world’s largest gold mines.

For 2018, Randgold is forecasting production of between 1,30 and 1,35 million ounces at a total cash cost per ounce in the range of US$590 to US$640, taking into account the effect of the current increases in the oil price and the euro/dollar exchange rate.

“Beyond that, our 10-year business plan is designed to increase net cash flows to support dividend and value growth and maintain Randgold’s position as a global industry leader in sustainable profitability,” Bristow said.

Randgold is also well placed to achieve its goal of developing three new projects in the next five years, with a production decision on the Massawa project due later this year, he said. Brownfields exploration around its existing mines continues to show potential to replenish depleted reserves while the greenfields programmes are identifying new high-potential targets across its extensive holdings in West and Central Africa.

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Title: Editor
Name: Arthur Tassell
Email: mining@crown.co.za
Phone: +27 11 622-4770
Fax: +27 11 615-6108

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Name: Bennie Venter
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