The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Wednesday, 11th February 2009 (1572 views)

Randgold Resources has revealed that its pre-tax profit for the full year 2008 rose to $75.9 million (£52.6 million), up from $63 million in 2007.

The mining and exploration company stated that its gold sales rose over the year from $289.8 million to $338.5 million, while total cash costs for the fourth quarter were down by 11 per cent to $459 per ounce.

Over the fourth quarter to December 2008, Randgold Resources witnessed a six per cent increase in attributable gold production to 107,321 ounces compared with the previous three months.

Mark Bristow, Randgold Resources chief executive, commented: "The reduction in the oil price and other consumables, if sustained, should have a positive effect on our cost profile."

Focused on converting gold deposits into profitable mines, Randgold Resources' portfolio in Africa includes the 7.5 million ounce Morila deposit in southern Mali, the seven million ounce Yalea deposit in western Mali and the four million ounce Tongon deposit in the Cote d'Ivoire.

 

« Back to Gold News stories