Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Shares of Randgold Resources, a pure-play gold mining company focused on west and central Africa, soared 7.4% Wednesday after announcing third quarter production increased 80% and sales jumped to $309.6 million from only $116.3 a year ago.
Despite a once-off drop in gold sales from the previous quarter following instability at its Tongon mine in the Ivory Coast where it has been producing for one year and what it described as once in a century rainfall at its Loulo/Gounkoto operations in Mali, third-quarter income increased more than four-fold to $106.8 million.
Shortly before the close in London, Randgold (LON:RRS, NASDAQ:GOLD) was trading up 7.42%. The company is worth 6.57 billion pounds. Randgold also owns a stake in the Massawa project in Senegal and another mine in Mali called Morilo in addition to exploration permits and licenses, covering areas in Burkina Faso, Cote d’Ivoire, Democratic Republic of the Congo, Mali and Senegal.
As of December 31, 2010, it had proven and probable reserves of 16.39 million ounces attributable to its percentage ownership interests in Loulo, Morila, Tongon, Gounkoto, Massawa and Kibali.
Gold on Wednesday was trading up 1.5% at $1,737/oz, consolidating October’s gains. Bullion hit a low just above the $1,600 level late in September.
Image by Hector Conesa / Shutterstock.com
Comments
Crushers，Mills
Gold in the mineral is extremely low, In order to extract the gold, ore crushing and grinding is needed and using dressing method to separate gold from the gold ore. Gravity separation and flotation separation is mainly methods in gold ore beneficiation plant. Gravity separation occupies an important position in gold production. Shanghai Zenith has Gold crushing plant in Ghana. you can visit our website http://www.millsforsale.net/gold-crushing-plant-in-ghana/