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Monday, 9th February 2004 (4951 views)

Randgold Resources Ltd has reported a net profit of $47.5 million (£25.5 million) for 2003.<BR/><BR/>The gold miner revealed that the company's pretax losses fell 28 per cent for the year to December 2003 in line with expectations, as lower grades partially offset higher average gold prices. <BR/><BR/>Earnings were down on those of 2002, when revenues were inflated by high grade finds at the company's Morila joint venture. <BR/> <BR/>Randgold Resources reported basic earnings per share of $0.01 for the quarter ended December 31st 2003 compared with $0.48 for the September quarter and $0.96 for the quarter ended December 31st 2002. <BR/> <BR/>The London and Nasdaq listed company also announced that it plans to proceed of its Loulo open-pit development in Mali, at a cost of $80 million (£43 million). The operation is scheduled to start production in July 2005 and is expected to average 200,000 ounces per year over a six year period. <BR/> <BR/>Randgold Resources invested $13 million, excluding merger transaction costs, in exploration and new business activity during 2003, including the definition of new targets in Senegal and the Morila region, and expansion in southern Mali and Tanzania.

 

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