Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Randgold Resources today reported its results for 3Q 2012. Profit totaled USD 121.3 million, down 15% QoQ but in line with 3Q 2011.
Production totaled 204,475 ounces of gold against 2Q’s 210,534 ounces and 182,362 ounces in 3Q of 2011, while the total cash cost per ounce was USD 737 (2Q: USD 703/3Q 2011: USD 747).
Ounces sold dropped by 10% QoQ, affected by the timing of gold shipments at quarter end being disrupted by the annual stock take at the refinery.
The development of the Kibali gold mine remained on track for first gold production by the end of 2013. All key contracts have now been agreed and the mine’s costing schedule has been finalized.
CEO Mark Bristow said, “Production and costs for the final quarter are forecast to again show significant improvements.”
Source (English): Randgold Resources via BrightWire News.
