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.
JERSEY, CHANNEL ISLANDS–(Marketwire – Aug 9, 2012) –
RANDGOLD RESOURCES LIMITED Incorporated in Jersey, Channel Islands Reg. No. 62686 LSE Trading Symbol: RRS Nasdaq Trading Symbol: GOLD RANDGOLD FIRES ON ALL CYLINDERS TO DELIVER ANOTHER ROBUST PERFORMANCE London, 9 August 2012- Driven by strong contributions from all its operations, Randgold Resources posted a 41% increase in profit to USD245.9 million for the six months to June, boosting basic earnings per share for the half-year by 32% to USD2.25. Profit for the second quarter of USD141.9 million was up 36% on the previous quarter. With a record performance from Randgold's flagship Loulo-Gounkoto complex, production for the quarter increased by 27% to 210 534 ounces against the previous quarter's 165 443 ounces. Production for the half-year was also up 16% at 375 977 ounces (six months to June 2011: 324 114 ounces). While total cash cost per ounce of USD723 for the six months was up 6% year on year, reflecting the higher cost of production at Tongon in the first six months, total cash costs for the quarter were USD703/oz, down 6% from the previous quarter, supporting a trend to lower cash costs on the back of higher grades and increased production. Chief executive Mark Bristow said in a solid operational quarter Randgold had also continued to advance the development of the giant Kibali gold project in the Democratic Republic of Congo. Construction of the processing plant and the first hydropower station as well as open pit mining and underground development were now underway and on track for first production towards the end of next year. In another significant development, the Gounkoto mine repaid all its capital in its first year of production and declared a maiden dividend of USD65.1 million. To view the full text of this press release, paste the following link into your web browser: http://www.rns-pdf.londonstockexchange.com/rns/6226J_1-2012-8-8.pdf RANDGOLD RESOURCES ENQUIRIES: Chief Executive Financial Director Investor & Media Relations Mark Bristow Graham Shuttleworth Kathy du Plessis +44 788 071 1386 +44 1534 735 333 +44 20 7557 7738 +44 779 775 2288 +44 779 771 1338 Email: [email protected] Website: www.randgoldresources.com This information is provided by RNS The company news service from the London Stock Exchange END
Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com