3rd May 2018 17:56
LONDON (Alliance News) - Randgold Resources Ltd on Thursday said it has made a good start at the Loulo-Gounkoto mine complex in 2018 and expects to achieve full-year production guidance from the Malian operation.
The FTSE 100-listed gold mining company did say, however, anticipates a lower performance in the first quarter of 2018 compared to the same period the prior year due to forecasted lower grades at both the Loulo and Gounkoto mines.
Nevertheless, Randgold said it made a good start to the current year following the previous record performance in 2017.
Mining of the Baboto satellite pit is now well on track, after a slight delay, to support the complex with softer oxide ore feed, Randgold said.
"We expect grades to pick up and production to increase through the rest of the year to deliver our production guidance of 690,000 ounces for 2018," said Tahirou Ballo, the general manager of Loulo-Gounkoto gold mining complex.
The company also highlighted the Loulo-Gounkoto complex represents the largest foreign investment to date in the Malian economy as Randgold is still investing in new mining projects in the area. These include the Gounkoto pushback and the new Baboto satellite pit.
Looking ahead, the company said it continues to search for extensions to the known orebodies and discoveries in its Malian landholdings.
Shares in Randgold closed up 2.0% at 6,087.32 pence each on Thursday.
Related Shares:
Randgold Resources