Randgold Resources Ltd RRS

PRESS RELEASE: Randgold Resources Announces 1st Quarter Results

Randgold Resources Announces 1st Quarter Results 
 

JERSEY, CHANNEL ISLANDS -- (MARKETWIRE) -- 05/03/12 --

RANDGOLD RESOURCES LIMITED 
Incorporated in Jersey, Channel Islands 
Reg. No. 62686 
LSE Trading Symbol: RRS 
Nasdaq Trading Symbol: GOLD 
 
RANDGOLD RESOURCES MAKES STRONG START TO YEAR 
 
Randgold Resources has posted a robust 
performance for the first quarter of 2012 despite the challenges 
presented by a coup in Mali, the expansion of its Loulo complex and the 
stabilising of its new Tongon mine in Cote d'Ivoire. 
 
Profit of USD104 million was up 126% on the corresponding quarter in 
2011 while production of 165 443 ounces increased by 19% year on year. 
However, in line with guidance, both figures were down by 28% and 13% 
respectively on the previous quarter's record results. Group operating 
costs of USD667/oz were in line with those of the previous year, and 
the cash on the balance sheet of USD457 million remained substantial 
despite significant capital expenditure during the quarter. 
 
Flagship operation Loulo, where a third mill was successfully 
commissioned, showed the benefit of its plant expansion programme in 
improved throughput and recoveries. Throughput was ramped up steadily 
to 330000 tonnes per month, in line with plan, and a phased expansion 
to 450000 tonnes per month is being considered. Gounkoto, which 
operationally is part of the same complex, has been established as a 
separate corporate entity in terms of a new convention granted by the 
state of Mali during the quarter. The one-year-old Gounkoto has now 
recouped its capital. 
 
Tongon had to contend with moving through transitional ore, stabilising 
the link to the Ivorian national power grid and dealing with industrial 
relations issues, but was trending positively at the end of the 
quarter. The Morila joint venture again produced a solid set of 
results. 
 
In the Democratic Republic of Congo, construction started on schedule 
at the Kibali project which, when completed, will be one of the largest 
gold mines in Africa. Randgold owns 45% of the project, which it is 
developing. Randgold will also operate the mine which is scheduled to 
produce its first gold at the end of next year. 
 
The company recently reported attributable reserves of 16.28 million 
ounces of gold compared to 16.39 million a year ago, despite a 58% 
increase in production last year. The overall reserve grade increased 
from 3.78g/t to 3.84g/t in line with Randgold's emphasis on quality 
over quantity. 
 
Chief executive Mark Bristow says despite the company's full 
operational and developmental load, it is still maintaining its 
aggressive exploration programmes."There is a significant potential for 
finding additional ounces at the 
Loulo-Gounkoto complex, Tongon and Kibali, as well as for converting 
their substantial resources to reserves. In addition, our greenfields 
teams are evaluating the promising Boundiali and Dioala permits in Cote 
d'Ivoire and developing a new footprint around the Kampti permit in 
Burkina Faso. They are also looking beyond the known deposits on the 
enormous Kibali lease area as well as further afield in the DRC," he 
said. 
 
To view the full text of this press release, paste the following link 
into your web browser: 
 
http://www.rns-pdf.londonstockexchange.com/rns/6264C_1-2012-5-2.pdf 
 
                    This information is provided by RNS 
          The company news service from the London Stock Exchange 
 
END 

RANDGOLD RESOURCES ENQUIRIES: Chief Executive Mark Bristow +44 788 071 1386 +44 779 775 2288 Financial Director Graham Shuttleworth +44 1534 735 333 +44 779 771 1338 Investor & Media Relations Kathy du Plessis +44 20 7557 7738 Email: randgoldresources@dpapr.com Website: www.randgoldresources.co

(END) Dow Jones Newswires

May 03, 2012 02:16 ET (06:16 GMT)