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Monday, 9th February 2009 (1417 views)

Randgold Resources has reported that its performance during the fourth quarter of 2008 was "strong", as it boosted production and cut costs over the last three months of the year.

According to the company, adjusted net profit of $57.4 million (£38.4 million) - 26 per cent higher than the previous year - brought a "tough year" to an end.

Randgold Resources claimed that it had witnessed "solid performance" over 2008 and had come within two per cent of meeting its production target.

Attributable gold production for the fourth quarter of 2008 rose by six per cent on the previous three months to 107,321 ounces bringing total production for the year to 428,426 ounces and total cash costs were in line with expectations.

The firm’s chief executive, Mark Bristow, stated that Randgold had maintained a strong balance sheet and drilling results for the Masawa property had confirmed a significant gold discovery, with a scoping study now underway.

Incorporated in the Channel Islands in 1995, Randgold Resources trades on both the London and Nasdaq stock exchanges and is a mining and exploration business with operations in Mali and the Cote d'Ivoire.

 

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