04 Aug Increased output across Western Africa helps Randgold shine in Q2 results
Africa-focused gold miner Randgold Resources reported strong second quarter results, with revenue up 22% to US$336.8 million from $276.8 million a year earlier and gold production up 6% to 341,316 ounces.
The encouraging results were driven by robust performances from its flagship mines, including the Loulo-Gounkoto complex in Western Mali and the Tongon Gold Mine in Ivory Coast.
Meanwhile, preparations have been finalised for an underground ore production ramp-up at the Kigali mine in the Democratic Republic of Congo and a permitting process for mining at the Domba satellite deposit was completed.
“At this stage the outlook is positive, and Randgold is trending towards the top end of its 2017 production guidance range at a total cash cost below $600 per ounce,” said chief executive Mark Bristow.
Shares in Randgold were up 3.4% in the wake of Randgold’s strong Q2 performance.