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Randgold Resources profit up 16%

Africa-focused miner Randgold Resources increased its dividend by 25 percent to 50 cents.

MINE
Business

MALI - Africa-focused miner Randgold Resources posted a 16 percent rise in profit for the year to 31 December and increased its dividend by 25 percent to 50 cents.

The company said on Monday that its profit for the full-year rose to $511 million from $442 million in the previous year, with gold production jumping 15 percent year on year to 794,844 ounces.

It said that its flagship Loulo-Gounkoto mine in Mali, where French and Malian forces are battling against al Qaeda-linked Islamists in the north of the country, exceeded its production target for the year, delivering 503,224 ounces.

Production at its Tongon mine on the Ivory Coast fell from 250,390 ounces in 2011 to 210,615 ounces after a fire at the milling part of its plant on 24 December. Randgold said the plant was restored to full production by the end of January.

The company also said its Kibali project in the Democratic Republic of Congo was on track to deliver its first gold in the fourth quarter of 2013.

"It has been a particularly eventful year, but the team once again rose to the challenges," Chief Executive Mark Bristow said.

"Our sights are still set on reaching our annual production target of plus 1.2 million ounces of gold by 2015."

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