6th Feb 2017 07:15
LONDON (Alliance News) - Randgold Resources Ltd on Monday said it met the bottom of its production target for 2016, posting large rises in revenue and profit as a result of higher gold prices and lower costs.
The African miner achieved gold production of 1.25 million, the very bottom of its 1.25 million to 1.30 million ounce target range, rising from 1.21 million ounces in 2015.
Total revenue for the year rose to USD1.20 billion from USD1.00 billion a year earlier, with overall costs dropping year-on-year to USD819.8 million from USD829.3 million.
Total cash costs fell to USD639 per ounce from USD679 per ounce, twinned with a higher gold price of USD1,244 per ounce compared to USD1,152 per ounce in 2015.
Pretax profit in the year increased to USD402.6 million from just USD260.8 million the year before. Profit attributable to shareholders increased to USD247.5 million from USD188.7 million.
Randgold increased its total dividend for 2016 by 52% on the back of the results, paying USD1 per share compared to the 66 cent dividend payout in 2015.
The gold miner said it has now given the Gountoko Super Pit project in Mali the go-ahead, and said the technical and financial study on the Massawa-Sofia project in Senegal has demonstrated the development can meet its investment criteria.
By Joshua Warner; [email protected]; @JoshAlliance
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