Thursday, 2nd August 2007 (2031 views)

Gold mining corporation Randgold has revealed that its profits in the second quarter of 2007 were boosted by production at its Loulo mine.

According to Randgold its continuing increase in gold production at its Loulo mine in Mali helped to boost the company's gold sales revenue for the period to $66.2 million (£33.1 million).

This is an increase on the March quarter, which saw profits of $63 million and the second quarter in 2006 ($63.4 million).

"Loulo is doing exceptionally well and production at Morila is scheduled to get back on track in the latter half of the year. The Yalea underground development is making rapid progress and Tongon is increasingly shaping up as our third new mine," commented chief executive Mark Bristow.

During the second quarter, Loulo achieved record production of 70,660 ounces compared to 67,908 ounces in quarter one.

This is also an increase on the production levels of 51,233 ounces for the same period in 2006.

 

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