3rd Quarter Results

RANDGOLD RESOURCES LIMITEDIncorporated in Jersey, Channel Islands Reg. No. 62686LSE Trading Symbol: RRSNASDAQ Trading Symbol: GOLD

RANDGOLD SHINES IN GOLD PRICE GLOOM

London, 7 November 2013 - A strong performance by its flagship Loulo-Gounkoto complex in Mali powered Randgold to an 80% quarter on quarter profit increase for the three months ended September despite a 3% drop in the average gold price received over that period.

In a quarter that also saw the early commissioning at its giant Kibali project in the Democratic Republic of Congo, Randgold increased group production by 19% to 233 676 ounces and reduced its total cash cost per ounce by 17% to US$662/oz on the back of the production rise. Despite its capital expenditure, mainly on Kibali, peaking during the quarter, the company remained net cash positive.

Kibali poured its first gold in September, well ahead of the original target date, and has since started commercial production from its open pit mine. It is expected to exceed its 30 000 ounce production forecast for the fourth quarter of this year and is on track to meet its target of 550 000 ounces for 2014. It is currently ramping up to full capacity on the plant's oxide circuit with the completion of the remaining plant and hydropower stations, and the commissioning of the sulphide circuit, scheduled for next year. The development of the underground mine is progressing well.

Chief executive Mark Bristow said the successful start-up of Kibali represented a considerable feat of geology, metallurgy, engineering and logistics, as well as negotiation and diplomacy.

"The Randgold team only moved on site in January 2010 and in less than four years it has built a world-class gold mine in one of Africa's remotest regions, in the process more than doubling its reserves to 11.6 million ounces and increasing its resources to 21 million ounces. And while doing this, we have also completed or progressed major performance-enhancing capital projects at Loulo-Gounkoto and Tongon," he said.

At Loulo-Gounkoto, an increase in the grade coupled with a substantial improvement in recoveries delivered a 36% increase in production to a record 165 146 ounces over the previous quarter, while total cash cost per ounce dropped by 23% to US$616/oz. The improvement in the recovery rate was achieved through the commissioning of a milling circuit recycle crusher and a new oxygen plant. Other projects completed during the quarter included the conversion of the mine's generators to heavy fuel oil and the expansion of the CIL tank.

At Tongon in Côte d'Ivoire, mining performance improved in line with plan, with mill throughput rising significantly as a result of the commissioning of a number of throughput-related capital projects. A further mill tonnage ramp-up is scheduled for the fourth quarter with the commissioning of new crushers and a cyclone pump upgrade. The increase in throughput was offset in the third quarter by a drop in the recovery rate, but this will be brought in line with plan through the installation of recovery enhancing unit processes and ongoing focus on operational efficiencies. Total cash cost per ounce was reduced by 6% quarter on quarter through tighter cost control and improved efficiencies.

"Our focus now is on securing steady-state production at Kibali while completing the rest of the development, and on achieving the full benefit of the performance-enhancing projects at Loulo-Gounkoto and Tongon. But we're also still maintaining a strong emphasis on exploration, which has traditionally been the driver of Randgold's growth. At Kibali, where an upgrade of the underground mine plan has already delivered an interim increase in reserves, continued exploration points to a further upside, and in West Africa, our geologists are moving back into the field after the rainy season to follow up identified targets," he said.

RANDGOLD ENQUIRIES:

Website: www.randgoldresources.com

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REPORT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2013

Change in accounting policy impacting results in this report

As previously reported, following the introduction and adoption of IFRS 11 Joint Arrangements, the group changed its accounting policy on joint ventures from 1 January 2013, with comparative IFRS results restated accordingly. As such, the group's share of joint ventures (primarily Morila and Kibali) have been accounted for using the equity method, rather than proportionately consolidated, from 1 January 2011 as required by IFRS 11. The group's share of its joint ventures are now disclosed as a single line item as 'total investments in joint ventures' on the consolidated statement of financial position, as 'share of profits of equity accounted joint ventures' in the statement of comprehensive income and the group's cash flows from the joint ventures have been disclosed separately in the consolidated cash flow statement. Previously, our share of assets, liabilities, income, costs and cash flows were proportionately consolidated on a line by line basis. A full reconciliation of the effect of the changes resulting from the adoption of IFRS 11 is provided under 'Change in accounting policy - Accounting for investments in equity accounted joint ventures', including results under the previous accounting policy, which reflects how Randgold reports internally.

^ Cash and cash equivalents excludes US$11.6 million at 30 September 2013 (US$26.9 million at 30 June 2013 and US$33.9 million at 30 September 2012) that relates to the group's attributable cash held in Morila, Kibali and the group's asset leasing companies which are now equity accounted, following the introduction and adoption of IFRS 11 Joint Arrangements.

* Refer to explanation of non-GAAP measures provided. Historically, Randgold consolidated 100% of Loulo, Gounkoto and Tongon and 40% of Morila and non-GAAP measures remain on this basis and are not affected by the change in accounting policy detailed above.

# Gold on hand represents gold in doré at the mines multiplied by the prevailing spot gold price at the end of the period.

+ The group changed its treatment of consolidated non-GAAP measures in Q4 2012, which has resulted in changes to the group level non-GAAP measures for the third quarter ended 30 September 2013 as explained in the 2012 annual report.

~ Results impacted by change in accounting policy as detailed above.

The results in this report have been neither reviewed nor audited.

Gold sales increased by 38% from the previous quarter largely due to a 42% increase in ounces sold during the quarter following increased production from the Loulo-Gounkoto complex during the quarter, which was driven by increased grades and recoveries, as well as the sale of ounces produced but not sold during the second quarter. The average gold price received during the quarter of US$1 327/oz dropped by 3% from the previous quarter (Q2 2013: US$1 363/oz).

Gold sales increased by 10% compared to the corresponding quarter in 2012, principally due to a 35% increase in ounces sold quarter on quarter, partially offset by a 19% drop in the average gold price received from US$1 633/oz in the September 2012 quarter.

Total cash costs for the group were 18% higher than the previous quarter and 24% higher than the corresponding quarter in 2012. The increases are mainly the result of inventory movements during the quarter associated with the gold on hand at the end of June 2013 which were sold during the current quarter. Notwithstanding the increase in total cash costs, total cash cost per ounce was down 17% from the prior quarter and 8% from the corresponding quarter in 2012, principally due to increased production and sales.

Profit from mining increased by 66% to US$174.7 million in the current quarter from US$105.3 million in the previous quarter, mainly attributable to increased gold sales and lower cost of production per ounce, partially offset by the lower average gold price received. Profit from mining in the current quarter was in line with the corresponding quarter of the prior year.

As previously reported, following the introduction and adoption of IFRS 11 Joint Arrangements, the group changed its accounting policy on equity accounted joint ventures from 1 January 2013 with comparative periods restated accordingly. Refer to 'Change in accounting policy - Accounting for investments in equity accounted joint ventures' in this report for details of the effect on IFRS measures.

Depreciation and amortisation of US$30.7 million was in line with the previous quarter and decreased by US$6.2 million compared to the corresponding quarter of 2012. The drop from the corresponding quarter in 2012 reflects the change in mill feedwhere no ore from the Yalea South pushback was processed at Loulo during the quarter and therefore no associated depreciation was charged during the quarter.

Exploration and corporate expenditure of US$12.6 million decreased by US$2.8 million compared to the previous quarter's US$15.4 million and increased by US$4.2 million compared to the corresponding quarter of 2012. The decrease compared to the previous quarter was due to decreased exploration fieldwork and drilling activity during the quarter, following the rainy season. The increase from the corresponding quarter in 2012 is due to higher employee costs as well as increased corporate expenditure.

Other income of US$3.6 million compares to other income of US$4.3 million in the previous quarter and US$6.9 million in the 30 September 2012 quarter and the movement is largely a result of the amount of operational exchange gains accounted for in the relevant quarter. This is due to the settling of invoices in currencies other than the US dollar, as well as the translation of balances denominated in currencies such as South African rand, Canadian dollar and euro to the closing US dollar rate, and reflect the movements in these currencies during the quarter. Other income also includes management fees received from Morila and Kibali.

Share of profits of equity accounted joint ventures mainly reflect our share of Morila's profits for the quarter of US$4.3 million (Q2 2013: US$7.5 million), together with profits from the group's asset leasing joint ventures.

Income tax for the quarter of US$29.1 million was up by 342% from the prior quarter and up 183% from the corresponding quarter in 2012. The increase from the prior quarter, as well as the corresponding quarter in 2012, is a result of the cessation of the tax holiday at Gounkoto at the beginning of June 2013, as well as increased sales and profits at the Loulo-Gounkoto complex during the current quarter.

Profit for the quarter of US$97.5 million increased by 80% from US$54.1 million in the previous quarter, following the increased sales described above, and decreased by 20% from the corresponding quarter of 2012 as a result of the drop in the average gold price received. Similarly, basic earnings per share increased to 88 US cents, up 76% from the prior quarter and down 22% on the corresponding quarter of 2012.

LOULO-GOUNKOTO COMPLEX

The combined Loulo-Gounkoto gold production for the current quarter increased by 36% to a record 165 146 ounces (Loulo 76 258 ounces and Gounkoto 88 887 ounces) from the previous quarter, largely as a result of the increase in the average grade of the ore processed to 5.1g/t (Q2 2013: 4.0g/t). Recoveries also increased to 90.8% due to the elimination of scats following the commissioning of the milling circuit recycle crusher in July as well as the installation of a new oxygen plant in Q2. Together with improved operating efficiencies across the complex, this resulted in a 23% drop in the total cash cost per ounce to US$616/oz (Q2 2013: US$799/oz).

By the end of the quarter the Heavy Fuel Oil (HFO) conversion and Carbon In Leach (CIL) tank expansion projects were completed and work on the Gara underground conveyor belt system continued and is scheduled to be completed in mid Q4 2013.

* Refer to explanation of non-GAAP measures provided.

# Gold on hand represents gold in doré at the mines multiplied by the prevailing spot gold price at the end of the period.

LOULO

Loulo had one Lost Time Injury (LTI) during the quarter. The Lost Time Injury Frequency Rate (LTIFR) decreased from 1.32 per million hours worked in Q2 to 0.67 per million hours in the current quarter.

On a standalone basis, Loulo produced 76 258 ounces of gold (Q2 2013: 54 967 ounces) at total cash cost per ounce of US$744/oz (Q2 2013: US$886/oz). The increase in the gold production was due to a 33% increase in head grade milled together with the increase in recovery, in line with plan. Profit from mining of US$48.1 million was up on the previous quarter's US$25.3 million, reflecting the increased production and sales, including ounces produced but not sold earlier in the year.

Randgold owns 80% of Loulo with the State of Mali owning 20%. Randgold has funded the whole investment in Loulo by way of shareholder loans and therefore controls 100% of the cash flows from Loulo until the shareholder loans are repaid.

Randgold consolidates 100% of Loulo and shows the non-controlling interest separately.

* Refer to explanation of non-GAAP measures provided.

# Gold on hand represents gold in doré at the mines multiplied by the prevailing spot gold price at the end of the period.

Loulo underground progress

Production

Loulo underground ore production was 8% down in Q3 compared to Q2, but in line with the mining plan presented at the end of the first quarter which optimises both development (capital expenditure) and ore delivery.

The total tonnes mined from underground increased to 537 747 tonnes in Q3 2013 compared to 423 768 tonnes in Q3 of 2012 (27% increase year on year). Loulo underground continues to sustain its production profile, with the following key developments and projects underway:

§ Material handling optimisation at Yalea by backfilling waste into 108L voids which also reduces the hauling of waste at 113L ore pass and increases the trucking efficiency;

§ Cemented Aggregate Fill (CAF) is progressing well and unlocking mineable ore reserves in the secondary stopes. Two additional AD60 trucks are improving the filling process;

§ The Gara conveyor project is progressing well and the first of two systems will be completed in mid Q4 2013;

§ Upgrading of the ventilation at Gara is ongoing; and

§ Review of the production fleet and restructuring the maintenance programme is in progress to improve the efficiency.

A further optimisation and trade off study of the Gara mining plan is underway, with a focus on maximising the return on capital.

Development

The overall development metres of 5 382 metres for Q3 is slightly down (3%) compared to the 5 558 metres of Q2, but in line with the mining plan.

Yalea underground mine

During the quarter, a total of 3 047 metres of development was completed and 338 483 tonnes of ore at 5.86g/t was hauled to surface. The Yalea underground project has completed 44 094 metres of development to date and the declines have advanced to 3 485 metres from surface at a vertical depth of 429 metres. The overall development profile of Yalea increased from 2 914 metres in Q2 to 3 047 metres in Q3.

Ore production in Q3 of 338 483 tonnes decreased by 8% from 368 220 tonnes in Q2, in line with the March 2013 reforecast plan.

A ventilation upgrade was carried out with the commissioning of two new fans on surface to establish the second exhaust circuit from surface to 258 level.

Gara underground mine

During the quarter, a total of 2 335 metres of development was completed and 199 264 tonnes at 4.31g/t were hauled to surface. The project has completed 25 256 metres of development to date and the declines have advanced to 2 603 metres from surface at a vertical depth of 344 metres.

During the quarter Gara underground ore production decreased by 8% to 199 264 tonnes from 217 544 tonnes in Q2 2013, slightly below plan due to decreased availabilities of the loading and trucking fleet. The Gara conveyor which is expected to come on line in November 2013, is expected to resolve the material handling constraint.

GOUNKOTO

No LTI was recorded during the quarter and the mine achieved 3 million LTI free hours.

On a standalone basis, Gounkoto produced 88 888 ounces of gold (Q2 2013: 66 195 ounces) at a total cash cost per ounce of US$506/oz (Q2 2013: US$722/oz). The 34% increase in ounces produced reflects a 26% increase in the head grade milled and a 7% increase in the recovery which resulted in the 30% drop in total cash cost per ounce.

Profit from mining for the quarter of US$79.6 million was higher than Q2's US$38.5 million, as a result of the increase of ounces produced and sold despite the slightly lower average gold price received.

A third dividend for the year of US$25 million was declared and paid to shareholders in August 2013.

Randgold owns 80% of Gounkoto with the State of Mali owning 20%. Randgold consolidates 100% of Gounkoto and shows the non-controlling interest separately.

* Refer to explanation of non-GAAP measures provided.

# Gold on hand represents gold in doré at the mines multiplied by the prevailing spot gold price at the end of the period.

MORILA

At Morila, one LTI was recorded during this quarter compared to zero LTIs during the previous quarter and the LTIFR was 1.90 per million hours worked.

During the quarter, 30 794 ounces of gold was produced, 27% lower than the previous quarter (Q2 2013: 42 473 ounces), following the decrease in tonnes treated from 1 068kt to 707kt, in line with plan. The circuit changes to a crushing and ball milling system were implemented at the start of Q3 with the stoppage of the Semi-Autogenous Grinding (SAG) mill, and the plant is now milling solely with the ball mill, with a consequent reduction in power consumption and costs. Unit cost efficiencies should be realised in the subsequent quarters as the new circuit is optimised.

Profit from mining of US$18.3 million was 35% lower than the previous quarter's US$28.3 million as a result of a 2% lower average gold price received of US$1 346/oz (Q2 2013: US$1 368/oz), as well as a reduction in ounces sold.

Notwithstanding the drop in tonnes treated and drop in gold production, total cash cost of US$745/oz were well contained and were only 4% higher than the previous quarter's US$719/oz, as result of the increased head grade milled, increased recoveries and lower power costs.

The Pit4S pushback project continued during the quarter with 2 105kt of waste material mined. Dewatering has been identified as critical to mining performance and a dewatering strategy has been put in place to dry the pit before mining the benches currently holding water.

During the quarter, the Tailing Storage Facility (TSF) resource model was updated to reflect a selective mining approach with a 0.3g/t cut-off grade as reflected in the table below. This includes 14Mt at 0.19g/t of very low grade material to be stripped and directly disposed of to the pit and 19Mt at 0.47g/t of higher grade material to be processed through the plant.

Work continues with Fraser Alexander Tailings (our hydraulic reclamation specialist) to determine the optimal selective mining schedule using a US$1 000/oz gold price and higher cut-off grades from 0.4g/t to 0.5g/t. This work is expected to be completed in the fourth quarter.

In respect of the ongoing agribusiness feasibility project, work continued across the portfolio in an effort to advance selected projects to commercial scale production.

* Refer to explanation of non-GAAP measures provided.

** The stockpile adjustment per ounce reflects the charge expensed in respect of stockpile movements during the period divided by the number of ounces sold. Total cash cost per ounce includes non-cash stockpile adjustments.

# Gold on hand represents gold in doré at the mines multiplied by the prevailing spot gold price at the end of the period.

TONGON

Tongon mine continued with its good safety performance in Q3 resulting in zero LTIs, compared to one in Q2, and the achievement of 1 836 438 LTI free hours since the last incident. The number of safety incidents has decreased quarter on quarter. Phase 2 of the OHSAS 18001 certification audit and final accreditation is scheduled to occur in November 2013.

Quarter on quarter, total tonnes mined and ore tonnes mined decreased by 15% and 6% respectively, in line with the rainy season plan.

Mill availability and mill throughput increased significantly quarter on quarter by 6% and 8% respectively, on the back of a reduction in unplanned stoppages, improved maintenance and the installation and commissioning of throughput related capital projects.

More reliance was put on grid power usage in the quarter as opposed to self-generated power, with generated power usage decreasing from 3% to 1% at the end of the quarter as the number of grid power outages decreased from 55 in Q2 to 23 in Q3.

Tongon produced 56 213 ounces gold in Q3, 3% lower than the previous quarter. Production gains were made by higher tonnage throughput but offset by lower recoveries. Process plant stability has significantly improved quarter on quarter due to the reduction in plant stoppages and improved performance of the milling, concentrate fine grind and treatment sections. Gold ounce production is expected to improve with the planned increase in mill throughput and the optimisation of the gravity and the flotation processes in Q4 2013.

A further mill tonnage ramp-up is planned in Q4 with the completion of the Vibrocone crushers and mill cyclone pump upgrade installation. The first two Vibrocone crushers are now operational with the remaining two scheduled to be installed during Q4. The new crushing circuit upgrade will produce a finer crushed product and enable the milling throughput to increase. The first phase of the mill discharge pumping circuit and cyclone clusters upgrade has been completed as per plan with the remaining installation to be completed in Q4.

Gold recovery decreased by 5% to 74.4% compared to the previous quarter. Plans to improve recovery entailed installing gravity recovery in the form of two Knelson Concentrators (complete) and an Intensive Leach Reactor (ILR) circuit (completed in October 2013 as per plan) as well as improving the mass pull of the flotation cells, by increasing dilution of the feed. Troubleshooting and optimisation of these circuits are underway.

Total cash cost per ounce decreased 6% quarter on quarter from US$863/oz to US$807/oz following improved cost control and efficiencies.

Gold sold for the quarter was 68 856 ounces, 36% above the previous quarter of 50 593 ounces, while the profit from mining activity quarter on quarter increased by 22%, reflecting the increased ounces sold and lower cost of production.

Tongon mine maintains its ISO 14001 environmental accreditation after a surveillance audit was successfully conducted in September 2013. No significant non-conformities were found.

Randgold owns 89% of Tongon with the State of Côte d'Ivoire and outside shareholders owning 10% and 1% respectively. Randgold has funded the whole investment in Tongon by way of shareholder loans and therefore controls 100% of the cash flows from Tongon until the shareholder loans are repaid. Randgold consolidates 100% of Tongon and shows the non-controlling interest separately.

* Refer to explanation of non-GAAP measures provided.

# Gold on hand represents gold in doré at the mines multiplied by the prevailing spot gold price at the end of the period.

KIBALI MINE DEVELOPMENT

First gold was produced from the full oxide circuit on 24 September, well within the originally forecast date of Q4 2013 and the mine moved into commercial production on one mill stream during October 2013.

Kibali continued the positive trend in their safety management during the quarter. On 19 July 2013, Kibali achieved 1 million LTI free hours and by 28 September 2013 Kibali had reached 6 million LTI free hours. Regrettably, these achievements followed the fatality on 1 July 2013 which was reported last quarter.

Metallurgical facility and infrastructure

Critical circuits, to get the oxide stream online ahead of schedule, were prioritised during the year resulting in the earlier than forecast first gold in October 2013. Work continues on completing the outstanding metallurgical plant and infrastructure packages in line with a target of Q1 2014 for the second mill stream.

The first phase of the cyanide tailings storage facility was completed for use and the balance of the facility remains on schedule for end 2013 completion. The flotation tailings storage facility is on track for end 2013 completion. Similarly, the first of four hydropower stations (Nzoro 2) was advanced and is on track for completion by the end of Q1 2014.

Key focus areas for Q4:

§ Completion and commissioning of the second mill stream to ramp-up to full capacity on oxides;

§ Completion of remaining plant and sulphide circuit construction;

§ Installation of four turbines and generators at Nzoro 2 hydropower plant;

§ Completion and commission of the last 12 diesel generators; and

§ Completion of Phase 1 of the mine senior village.

Mining

Open pit

The open pit mining contractor performed well and in line with the mine plan. High rainfall and ground water created some challenges during the quarter. However, the team successfully managed to work around these issues to ensure the quarterly target was achieved.

The total stockpile content at the end of Q3 was 3.3Mt tonnes at an average grade of 2.32g/t, including 1.7Mt of ore at 3.17g/t on medium and high grade stockpiles and 1.5Mt of low grade ore at 1.03g/t and 97kt of Durba tailings material at 2.13g/t.

Declines

During the first half of the year, the decline advance rate ramped up from around 100 metres per month to more than 400 metres per month, with the addition of a second Jumbo rig, and was sustained in the third quarter. At the end of September, the east declines reached 1 023 metres and the west decline 1 100 metres.

Total metres for the quarter was 1 222 metres, which was ahead of plan bringing the total year to date development to 2 580 metres.

Vertical shaft

At the end of September 2013, the presink was at -102.4 metres. The Kibble winder mechanical and electrical was 98% complete and the headgear erection was 95% complete.  Preparation for the main sink is in full progress and continues on schedule with an expected start date in November 2013.

Mine plan optimisation

With the update of mineral resources completed during last quarter work focused on mine design and scheduling to update the Life of Mine plan and reserve. This has resulted in a 670k ounce increase in the total reserve as at September 2013.

* Open pit mineral reserves were reported at a gold price of US$1 000/oz and an average cut-off of 0.9g/t and include dilution and ore loss factors. Open pit mineral reserves were calculated by Mr Nicholas Coomson, an officer of the company and a competent person. Underground mineral reserves were reported at a gold price of US$1 000/oz and a cut-off of 2.4g/t and include dilution and ore loss factors. Underground mineral reserves were calculated by Mr Tim Peters, an independent consultant and a competent person. Numbers reported as per JORC 2012 guideline recommendations of rounding to the second significant figure.

Following the start of open pit mining and underground development, we continue to update our geological, geotechnical and geohydrological models allowing us to forecast production and advance rates more realistically. Our grade and tonnage models are proving to be robust enabling us to define the boundaries of the stopes with greater confidence. Geotechnical and hydrological models continue to be updated to optimise the ground support and pumping requirements.

The current underground mine schedule seeks to optimise the previous production profile presented in the feasibility study, with the following areas of focus:

§ Redesigning the 9105 area to transverse stoping, due to an increase in ore width;

§ Standardising the sub-level interval of all stopes in the 5102, 5013 and 9105 lodes to 35 metres;

§ Redesigning the 9101/9102 area to a hybrid longitudinal stope arrangement with 40 metre sub-levels or full height of stope on the back of improved geotechnical modelling of the area. This is advantageous in that it allows stoping to advance in a top down approach for this lode;

§ The above items have in turn reduced the length of the main haulage drive; and

§ Siting the southern vent shaft outside of the KCD pit, due to the open pit expanding westwards with the further delineation of ore in the Durba Hill.

Kibali is currently busy with:

§ The final stress modelling of the stoping sequence;

§ Optimisation simulations of the materials handling system and shaft hoisting;

§ Comprehensive review of the ventilation model for the updated 9000 design; and

§ Integration of the new underground schedules with the open pits to optimise capital and production profiles.

The resulting optimisation of the mine schedule is expected to lead to a more optimal ounce profile, achievable through the increased number of large production stopes available and the shaft being able to hoist unconstrained from 2018.

Resettlement Action Plan (RAP)

RAP continued to maintain construction of the remaining houses at between 60 to 80 houses per week for the quarter and construction of all 4 213 houses had been completed by the end of September.  With the completion of the houses, relocation of the last households will take place during Q4.

The Catholic Church is advancing well with construction of the roof expected in Q4. To date all of the schools and places of prayer have been completed and handed over to the community.

Sustainable Development

We are investigating potential large scale commercial agricultural projects such as palm oil to provide longer term sustainable economic development in the region.

Capital expenditure

Project expenditure (100%) ramped up in line with construction activities with a total spend of US$219.7 million during the quarter, which includes capital associated with the mill stream 1 commissioning. Capital spent for the year to date amounts to US$600.7 million, excluding stockpiles. The capital for Phases 1 and 2 of the project was updated during the quarter and is now forecast at US$1 725 million, excluding pre-production expenses.

Operational readiness

As previously highlighted, the local residents that were trained at Randgold's West African operations returned to Kibali in early September to begin the start-up. They have integrated well into the metallurgical plant's operational team that is currently running the processing facility.

The heads of department are all in place along with all key operational managers.

MASSAWA GOLD PROJECT

Work on the Massawa feasibility study continued and the results of the Northern Zone grade control orientation study demonstrated that 15 metres spaced drilling would be optimal for grade control drilling.  The close spaced orientation drilling has confirmed the resource estimate at a 1.5g/t cut-off.  Plans are in place to verify the geological model in the Central Zone with a drill programme of 25 metres spacing over selected sections.

Geochemical assaying of the metallurgical sample has been initiated and results received for the Northern Zone. These will be used to further update the geological model and the estimates generated for gold, arsenic, antimony, sulphide sulphur and graphitic carbon. Based on these models, samples will be composited for the pilot testwork.

The third quarter was dominated by the annual pause in exploration field programmes due to the onset of the wet season in West Africa. However, it is a period when the validation and interpretation of the data collected during the field season is completed, targets are prioritised and field programmes are designed for the forthcoming season.

Randgold continues to invest in exploration and budgets for 2014 will be in line with previous year's expenditure. The medium term focus remains on four key areas:

§ The Mako Volcanic Belt of Eastern Senegal (host to Massawa);

§ The Senegal - Malian Shear Zone (host to the Loulo-Gounkoto deposits);

§ Côte d'Ivoire (host to Tongon and underexplored highly prospective geology); and

§ Northeast DRC (host to Kibali and underexplored highly prospective geology).

MALI

Loulo-Gounkoto district

In the Loulo district, work has continued throughout the quarter on the assessment of the Gara South and Yalea Ridge targets but field work has not been possible for much of the period. Models have been generated and will be further tested in Q4. Most of the manpower at Gounkoto has been focused on the verification and update of the MZ1 geological model including the addition of newly identified footwall mineralisation. The discovery of the MZ4 zone of mineralisation in the footwall of MZ3 is an exciting development, with the potential to add further high grade ounces to the operation. Based on these developments, the feasibility work will now also include a trade-off study between a larger open pit and the underground project.

Gounkoto

At Gounkoto, the MZ4 mineralised zone was discovered in the footwall of MZ3, in the Jog Zone area of the deposit. The discovery intersection returned 24.7 metres at 9g/t including 8 metres at 20.96g/t from 65 metres associated with strong carbonate-silica-albite alteration, intense shearing and disseminated pyrite in a brecciated pink quartzite host rock. At surface, the zone lies 80 metres to the west of MZ3 and locates at the point where the geology changes dip from east dipping to west dipping.

During the quarter four RC holes for 576 metres were drilled at MZ4 to confirm this mineralisation as well as obtain a better understanding of the continuity, geometry and potential upside of this mineralised zone. Positive results were returned:

The current model for MZ4 is of a NNW striking, west dipping lens of high grade mineralisation located within the Gounkoto Mine Corridor sequence of deformed and altered sediments. It lies to the immediate east of the unaltered greywacke ridge which hosts the P64 eastern zone mineralisation, separated by a major ductile shear. Further work is required to understand the geometry and orientation of this structure.

Diamond drilling is planned for Q4 to further evaluate this zone of high grade mineralisation.

MZ1

Recent advanced grade control drilling has intersected significant mineralisation in the footwall of MZ1 which dips to the west as opposed to the easterly dipping main zone of mineralisation and extends outside of the limits of the current pit design. Results include: GKAGCRC771 - 48 metres at 7.96g/t; GKAGCRC811 - 35 metres at 5.60g/t; GKAGCRC817 - 17 metres at 4.19g/t and 30 metres at 1.76g/t; GKAGCRC825 - 55 metres at 3.96g/t; and GKAGCRC831 - 41 metres at 8.55g/t. This new data has been incorporated into a new geological model which will result in an updated resource estimate and pit design.

Hangingwall

There is an opportunity for high grade mineralisation in the hangingwall of Gounkoto, which extends over a 270 metre strike, from approximately 80 metres vertical depth below the surface. Results from this area include: GKDH043 - 9.4 metres at 5.6g/t from 147.6 metres; GKDH052 - 22.6 metres at 8.23g/t from 112.4 metres; GKDH219 - 12.3 metres at 4.92g/t from 153 metres; GKDH333 - 11 metres at 6.9g/t from 190.6 metres; GKDH393 - 14.2 metres at 1.54g/t from 212.8 metres; and GTDH17E - 53.4 metres at 4.97g/t from 114 metres. A new resource model is being completed together with pit optimisation before further work is completed on this mineralisation.

Loulo

Underground exploration

Yalea underground

At Yalea, a total of 15 holes for 1 637 metres were drilled to infill the northern margins of the Purple Patch, and to help define and wireframe an E-W dextral fault which causes a slight offset to mineralisation. Of the nine holes drilled to close the gaps at the northern margin of the Purple Patch, six were received from the laboratory. The weighted average intersection of the six holes was 27.8 metres at 8.27g/t compared with 28.1 metres at 7.18g/t from the block model, showing a very good correlation. The results of the other three are still pending and will be reported in Q4. Further opportunities exist to extend the high grades of the Purple Patch to the south of the fault below the Yalea South pit, where drilling is currently wide spaced. The lower boundary of the Purple Patch also requires further definition drilling where extensions of high grades are open.

Gara underground

At Gara, a total of 32 diamond holes for 4 044 metres were drilled to close the gaps within the resource model in the north and south of the deposit.

The northern holes confirmed the steeply dipping geometry of the ore but intersections revealed it to be narrower and higher grade. The weighted average grade was 8.4 metres at 6.26g/t compared to the 12.7 metres at 4.94g/t of the resource model. Four holes (GUDH 273 to 276) drilled in the north identified a low grade zone within a high grade area.

Of the holes drilled in the south of the deposit, five returned low grades, but the rest compared well with the resource model.

Greenfields exploration

Gara South

The Gara South target locates immediately along strike and to the south of the Gara deposit. It is a structurally complex target composed of tightly folded limestones and clastic sediments, intruded by a number of felsic igneous rocks. The target area is covered by transported paleo-alluvial material from the Falémé River. Mineralisation is interpreted to occur as a series of en-echelon lenses where NE striking fold axial planes intersect a more permeable, competent, greywacke unit. A programme of trenches designed to test this model is in progress.

Yalea Ridge South

The Yalea Ridge South target is another structurally complex zone. Trench YRST04A (reported in Q2) which ended in high grade mineralisation, was extended 48 metres to the south and increased the intersection to 36 metres at 3.07g/t, including 22 metres at 4.66g/t. This trench exposed a recumbent fold with plunging axes to the south west. The folds are interpreted to be associated with an east-west striking, south dipping reverse fault.

Further trenching is planned in Q4 prior to drill testing.

Bakolobi (Taurus JV)

The Bakolobi project located in western Mali (south of Gounkoto) is a recent joint venture project between Randgold and Taurus Gold Mali SA. A reconnaissance programme was completed during which some key geological features were identified that control gold mineralisation in the district.

In summary, the area of interest at Bakolobi is an alternance of coarse and fine grained sediments which lies between large albite altered diorites to the west and a large granodiorite to the east. This area of interest, in common with the environs of the Falémé River to the north and south, is covered by paleo-alluvial deposits which can be up to 30 metres thick.

The permit is highly prospective with regional trends from Gounkoto to the north passing through it. A gradient array IP survey will be carried out in Q4 to assist with mapping beneath the transported gravels and a drilling programme will start in 2014.

SENEGAL

Massawa

At Massawa, the RC grade control orientation study was completed over a selected 150 metre segment of the North 2 deposit to test the model, particularly to investigate the contact at near surface between the low grade mineralisation and the high grade plunging lode.

Key points raised from this study include:

§ The main ore zone hosting the high grade mineralisation in the NZ2 was confirmed but moved to the west (5 to 10 metres) compared to the previous model. The ore returned very consistent grade with no high nugget values and a weighted average intersection of 9.78 metres at 7.94g/t;

§ The high grade lode was extended further southwards than previously modelled;

§ A second (eastern) zone of mineralisation was confirmed and represents a gain compared to the old model. This zone returned a weighted intersection of 2.5 metres at 3.5g/t;

§ The main zone comprises two grade domains (high grade and low/medium grade); and

§ The lithological model was confirmed with the hangingwall and footwall graphitic schist bounding the mineralisation, as well as the presence of a footwall gabbro in the sedimentary package.

In the Central Zone, results from the PQ twin drilling were received, validated and integrated. This drilling was conducted over selected RC grade control holes. The purpose of this study was to confirm the volume variance effect of sample size (RC vs diamond) and any contamination issue caused by the coarse gold. In general, the drilling results confirmed the modelled structures but did not confirm the very high intersections recorded from the RC grade control holes. This was particularity noticed in MWDDH510 which missed the very high gold grade intersected in MWRC340. This study confirms the high variability of the grade in the Central Zone which is related to quartz-stibnite veins and very coarse gold component. A programme of trenching is planned to further investigate the orientation of the veins prior to further drilling.

With respect to greenfield exploration over the Mako belt, an updated target generation exercise was completed during the quarter whereby data layers were integrated and new layers added (geology maps and soil geochemistry data - As, Mo, Ag, Sb and W) drill, trench and pit data and the new geophysical layers (Mako belt airborne magnetics and ground IP surveys). A total of 10 additional targets have been added to the resource triangle for the next field season.

Sangola (Goldstone Resources JV)

The Sangola permit, which is a joint venture with Goldstone Resources Limited, locates adjacent to the Kounemba permit (host to Massawa) on the Mako volcanic belt of Eastern Senegal. Results from Thiabedji and Thiobo RC drilling in Q2 were globally weak and did not indicate a substantial mineralised system and will not be investigated further in this programme. The conclusion of a review of surface gold geochemistry, lithology and structural setting and geophysical data of the permit has resulted in four new targets being added to the resource triangle in addition to the two identified targets of Baraboye and Ibel. The remaining metres of the drill programme testing Baraboye and Ibel will be completed in Q4.

CÔTE D'IVOIRE

Nielle

A full target review, involving 19 targets, was conducted across the Nielle permit to determine whether further opportunities still existed in the permit to make additional economic discoveries within and outside the mine radius. The latest interpretation and modelling has identified high prospectivity at the intersection of east-northeast trending transfer faults and north-northwest striking faults which are considered to be import structures in controlling the location of the Tongon deposits. Some targets located within this favourable setting remain untested or have received very little work in the past.

The southern part of the permit remains underexplored (except for the Koulivogo area), despite the high gold in soil anomalies. Priority areas in this part are Oleo North, Oleo South, Koulivogo East, Sougo and Nafoun East. Towards the northern end of the permit, Soloni East and Soloni South will be investigated as well as the southern extension of the Natogo corridor in the Diaouala permit.

Diaouala

Work at Diaouala has focused on the seven kilometre Soundou-Natogo prospective corridor, emphasised by strong hydrothermally altered and brecciated rocks hosted by two shear zones. A total of 225 rock samples were taken, 100 of which returned values ranging from 0.10 to 5.40g/t fromhydrothermally altered and brecciated rocks. Of these, 65 samples return a weighted average grade of 1.56g/t. This has delineated a 050 to 060 degree corridor of 400 metres long and up to 50 metres wide open towards the north and south.

Boundiali

Work completed on the Boundiali permit consisted of integrating results from aircore drilling.

At Katiali, the results confirm a low grade hydrothermal system: 6 metres at 0.13g/t; 9 metres at 0.15g/t; 6 metres at 0.15g/t; 3 metres at 3.32g/t; 12 metres at 0.34g/t; 27 metres at 0.42g/t; 9 metres at 0.37g/t; and 3 metres at 5.21g/t. Integration of all drill results combined with geological and structural interpretation has rejected the target from the resource triangle.

At the Fonondara target, higher grade intersections including 14 metres at 1.01g/t, 24 metres at 1.74g/t, 12 metres at 2.6g/t, 6 metres at 3.54g/t, 8 metres at 2.05g/t and 9 metres at 1.51g/t will be followed-up by trenching to understand the controls and continuity of this mineralisation. The relationship between these mineralised structures and the anomalous structures encountered in the Yama pits towards the north will be further investigated.

The focus for the next campaign will be the Baya-Kassere corridor, Sani and the priority targets remaining untested on the volcanic belt/sedimentary basin contact.

Fapoha and Mankono

Regional soil sampling programmes completed over the Fapoha and Mankono projects are generating early stage targets for follow-up work.

Regional geological work and future permitting

Côte d'Ivoire is a mineral rich country of over 322 000km2 that is almost entirely underlain by the same prospective gold-rich Archaean and Lower Proterozoic (Birimian) formations that extend into Ghana, Mali, Burkina Faso and Liberia. It is only in recent years that gold reserves have started to grow and mines been developed. In 2012 there were three mines in operation producing approximately 11 tonnes of gold.

The country's economy has been driven by agriculture: it is the world's largest cocoa producer. However, there is an abundance of natural resources which include gold, diamonds, manganese, iron ore, cobalt, bauxite, copper, nickel and tantalum. There has been little recent exploration due to the protracted political unrest. With little focus on the mining sector, there is a paucity of geological data and it is down to the mining companies themselves to collect the basic geological information.

With the development of the Tongon mine, a key strategic initiative was to consolidate an exploration footprint in northern Côte d'Ivoire adjacent to the mine. This has been achieved and we are currently testing a portfolio of targets. We have embarked on a project to evaluate the rest of the country in terms of geological prospectivity to prioritise areas for future permitting.

DEMOCRATIC REPUBLIC OF CONGO

Kibali

KCD

The down plunge potential of the 3000 and 5000 lodes of the main KCD deposit were further tested this quarter by hole DDD587 which confirmed the continuation of these lodes and returned the following intersections: 3000 lode - 9.2 metres at 1.09g/t from 419.4 metres; 5000 lode upper - 5.4 metres at 1.29g/t from 564.6 metres and 13 metres at 2.34g/t from 580 metres; 5000 lode middle - 24 metres at 3.24g/t from 626 metres; and 5000 lode lower - 12.4 metres at 4.54g/t from 666 metres. A mafic dyke intruded between 650 and 666 metres within the projected mineralisation separating the 5000 lode to a middle and lower zone.

Mineralisation has now been confirmed to extend 450 metres beyond the limits of the current orebody model and still at vertical depths above the depth of the shaft. An additional hole 588 is in progress. The aim of the current drilling programme is to provide the framework to determine the potential of this zone and the economic impact followed by a strategy to drill out, either from surface or at a later date from underground.

Mengu Hill

Drilling was completed during Q3 with a total of 21 holes for 2 620.79 metres. In the centre of the deposit, three historic holes (MDD011, MDD012 and MDD013) had poor core recovery and were classified as inferred resource material. Two new holes: MDD050 - 52.2 metres at 5.10g/t; and MDD051 - 49 metres at 7.25g/t, returned good recovery and enabled the resource model to be upgraded to indicated level.

Five holes were cored down plunge beyond the US$1 000/oz reserve pit where a historic hole MDD043A returned 8 metres at 2.8g/t and 35.2 metres at 3.72g/t. The five holes were cored around MDD043A to ascertain the continuation of high grade mineralisation. Strong gold assay results have been returned from these five holes, confirming the continuity of mineralisation including: MDD061 - 29 metres at 5.74g/t from 246 metres; MDD064 - 12.2 metres at 11.64g/t from 223 metres; and MDD070 - 4.4 metres at 4.07g/t from 256.6 metres. The results indicate the high grade mineralised lode is ovoid in shape with a diameter of 25 metres and is open down plunge to the NE.

Mofu target

Mofu, which is three kilometres NNW of Mengu Hill, is a newly defined target. A programme of trenching over the target has returned high grade gold mineralisation at surface over a 300 metre strike length. Trench results include: MOTR0005 - 26 metres at 13.5g/t; MOTR0012 - 10 metres at 7.94g/t; and MOTR0014 - 13.5 metres at 4.43g/t. The weighted average intersect of the trench results is 12.25 metres at 7.81g/t.

The mineralisation is associated with an ironstone unit with interlaminated saccharoidal textured siliciclastic. It is interpreted to plunge shallowly (25 to 30 degrees) to the north-northeast. Further trenching and mapping is in progress to guide Phase 1 drilling in Q4.

Rhino - Agbarabo

At Rhino, a resource estimate produced a global resource of approximately 155 000 ounces at 1.4g/t. Pit optimisation at US$800 returned the best economic parameters with 20 715 ounces at 3.15g/t.

Mapping and sampling has identified the potential for further small but high grade rods of mineralisation. A ground IP geophysical survey is planned for Q4 to aid the mapping of the sub-surface geology in an area which has sparse outcrop prior to further drill testing.

Kilo

Soil sampling over the Ngayu belt was completed during this quarter. Assay results have been received from the first of four blocks.

The gold in soil results have so far revealed two early stage targets. Fragments of ironstone, mafic rock and granite were mapped in the area, along the slopes of a laterite plateau indicating the soil is insitu.

Sampling will now move to the Isiro belt while results and targets are prioritised for the Ngayu belt.

+ As previously reported, following the introduction and adoption of IFRS 11 Joint Arrangements, the group changed its accounting policy on joint ventures from 1 January 2013 with prior periods restated accordingly. Refer to 'Consolidated statement of comprehensive income (impact of accounting policy change)' for details.

+ As previously reported, following the introduction and adoption of IFRS 11 Joint Arrangements, the group changed its accounting policy on joint ventures from 1 January 2013 with prior periods restated accordingly.

Refer to 'Consolidated statement of financial position (impact of accounting policy change)' for details.

These results are presented as the third quarter report of 2013. They have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS) on a basis that is consistent with the accounting policies applied by the group in its audited consolidated financial statements for the year ended 31 December 2012 except for the change in accounting policy on joint venture accounting, and which will form the basis of the 2013 annual report. No other new or amended accounting standards effective for 2013 have had a significant impact on the group. This announcement has been prepared in compliance with IAS 34 - Interim Financial Reporting. These results do not include all the notes of the type normally included in an annual financial report. Accordingly, this condensed report is to be read in conjunction with the annual report for the year ended 31 December 2012, and any public announcements made by the group during the reporting period. While the information included in this announcement has been prepared in accordance with the recognition and measurement criteria of IFRS, this announcement does not itself contain sufficient information to comply with IFRS. The auditors' report for the year ended 31 December 2012 was unqualified and did not include references to any matters which the auditor drew attention to by way of emphasis without qualifying their report.

Following the introduction of IFRS 11 Joint Arrangements, the group was required to change its accounting policy on joint ventures from 1 January 2013, with prior periods restated accordingly. Refer to 'Change in accounting policy - Accounting for investments in equity accounted joint ventures' in this report for details including a reconciliation to the results presented under the previous accounting policy.

The group's share of its joint ventures have been disclosed as a single line item as 'total investments in joint ventures' measured at the aggregate of the carrying amounts of the assets and liabilities that had previously been proportionately consolidated (previously shown on each line of the statement of financial position) at 1 January 2011, excluding minorities, together with the group's subsequent share of profits and losses of the joint ventures, its share of other comprehensive income and expense, additional investment funding less joint venture dividends.

Property, plant and equipment at cost increased by US$189.9 million for the year ended 30 September 2013. This can be mainly attributed to capital expenditure at Loulo on decline developments at the Yalea and Gara underground mines. The group's capital commitments for the next year (including its share of its equity accounted joint ventures) at 30 September 2013 amounted to US$92.3 million with the majority relating to Kibali (US$52.8 million) and Loulo-Gounkoto (US$37.1 million).

Investments in equity accounted joint ventures reflect the group's share of its equity accounted investments, mainly at Kibali as well as its asset leasing joint ventures. Other investments in joint ventures reflect the group's loans advanced to RAL 1 Limited, one of the group's asset leasing joint ventures. The total investment in joint ventures primarily represents the original cost of acquiring Kibali, subsequent funding of the Kibali capital expenditure and the group's interest in leasing assets. There is no cost attributed to Morila as Morila has repaid its capital and is paying regular dividends. The increase of US$361.3 million in total investments in joint ventures mainly reflects funds advanced to Kibali during the year for the construction of the Kibali project which is substantially included within the joint venture's underlying balance sheet as property, plant and equipment, cash, working capital and stockpiles.

The increase of US$68.4 million in inventories and current ore stockpiles is primarily as a result of increases in stockpiles at Tongon (US$18.7 million) and Gounkoto (US$17.4 million) in line with the mine plans. Supplies and insurance spares also increased at Loulo (US$36.8 million) due to increased demand. This was partially offset by decreases in supplies and insurance spares at Tongon (US$10.7 million) and Morila (US$5.6 million).

The increase in trade and other receivables of US$119.2 million since 31 December 2012 is substantially due to an increase in recoverable VAT balances at Loulo (US$20.4 million increase). Receivable balances also increased at Loulo (US$23 million), Gounkoto (US$20 million) and at Tongon (US$5 million) during the nine months ending 30 September 2013, mainly as a result of increases in advances to contractors on site. Other receivables relating to the Gounkoto dividend increased by US$20 million due to increased production at Gounkoto.

The group had received claims for various taxes from the State of Mali totalling US$86.2 million, in respect of the Loulo, Gounkoto and Morila mines. Having taken professional advice, the group considers the claims to be wholly without merit or foundation and is strongly defending its position, including following the appropriate legal process for disputes within Mali. The companies have legally binding mining conventions which guarantee fiscal stability, govern the taxes applicable to the companies and allow for international arbitration in the event a dispute cannot be resolved in the country. Management continues to engage with the Malian authorities at the highest level to resolve this issue. During the prior quarter, Loulo submitted a request for arbitration at the International Court of the Settlement of Investment Disputes against the State of Mali in relation to certain of the disputed tax claims. It is expected the appointment of arbitrators will be finalised before the end of the year and while a date for the formal hearing is still to be announced it is likely to occur during 2014. No provision is made in respect of the claim amounts.

The decrease in cash of US$357.1 million since 31 December 2012 largely reflects the group's continued investment in capital expenditure in its subsidiaries (US$189.9 million), additional investments in joint ventures to fund capital expenditure (US$354.6 million), especially at Kibali (US$346.9 million), dividends paid to shareholders (US$46.1 million), as well as the State of Mali's portion of the Gounkoto dividends (US$22.0 million) which were paid during the year. This was partially offset by strong operational cash flows.

As previously reported, the company has entered into a US$200 million unsecured revolving credit facility with HSBC and three other banks which matures in May 2016 and is at present undrawn. Based on the company's current cash resources and facilities, projected operating cash flows and capital expenditure, the company is confident it will be able to meet its obligations at the prevailing gold price.

The decrease in deferred taxation of US$5.7 million year on year mainly relates to a deferred tax release on the Yalea capitalised stripping cost at Loulo due to mining which occurred during the first quarter.

Trade and other payables increased by US$55.4 million, mainly reflect the effect of additional contractors and accruals at the Loulo-Gounkoto complex, effective management of creditor balances and the increase in the liability in relation to the dividend payable to the Malian State as explained above.

Current tax payable of US$43.2 million increased by US$30.6 million and includes a corporate tax charge of US$26.7 million related to Gounkoto, following the cessation of the tax holiday on 1 June 2013. Tongon benefits from a five year tax holiday from the start of production in December 2010.

+ As previously reported, following the introduction and adoption of IFRS 11 Joint Arrangements, the group changed its accounting policy on joint ventures from 1 January 2013 with prior periods restated accordingly. Refer to 'Consolidated statement of cash flow (impact of accounting policy change)' for details.

* Other reserves includes the cumulative charge recognised under IFRS 2 in respect of share option schemes (net of amounts transferred to share capital and share premium) as well as the foreign currency translation reserve and the movements in current available-for-sale financial assets.

# Restricted shares were issued as remuneration to executive directors, non-executive directors and senior management. Shares were also issued to executive directors following approval of their 2012 and 2011 annual bonuses. The transfer between 'other reserves' and 'share premium' in respect of the shares vested represents the cost calculated in accordance with IFRS 2.

+ As previously reported, following the introduction and adoption of IFRS 11 Joint Arrangements, the group changed its accounting policy on joint ventures from 1 January 2013 with prior periods restated accordingly. Refer to 'Change in accounting policy - Accounting for investments in equity accounted joint ventures' for details.

Randgold has identified certain measures that it believes will assist understanding of the performance of the business. As the measures are not defined under IFRS they may not be directly comparable with other companies' adjusted measures. The non-GAAP measures are not intended to be a substitute for, or superior to, any IFRS measures of performance but management has included them as these are considered to be important comparables and key measures used within the business for assessing performance.

Previously, total cash costs and cash operating costs only included costs associated with activities at each operating mine. The group changed the treatment of total cash costs and cash operating costs in Q4 2012, by including all costs and activities across the group, after elimination of intra group transactions. This does not impact the individual mines as the adjustment reflects consolidation level adjustments. The Q3 2012 and nine months ended 30 September 2012 comparative periods have been restated accordingly with the other periods restated in Q4 2012.

These measures are explained further below:

Total cash costs and cash cost per ounce are non-GAAP measures. Total cash costs and total cash cost per ounce are calculated using guidance issued by the Gold Institute. The Gold Institute was a non-profit industry association comprising leading gold producers, refiners, bullion suppliers and manufacturers. This institute has now been incorporated into the National Mining Association. The guidance was first issued in 1996 and revised in November 1999. Total cash costs, as defined in the Gold Institute's guidance, include mine production, transport and refinery costs, general and administrative costs, movement in production inventories and ore stockpiles, transfers to and from deferred stripping where relevant and royalties. Total cash costs and cash cost per ounce also include our share of our equity accounted joint ventures' total cash costs and cash cost per ounce.

Total cash cost per ounce is calculated by dividing total cash costs, as determined using the Gold Institute guidance, by gold ounces sold for the periods presented. Total cash costs and total cash cost per ounce are calculated on a consistent basis for the periods presented. As discussed above, the treatment of total cash costs and cash operating costs were amended in Q4 2012 and all comparative periods have been adjusted accordingly. Total cash costs and total cash cost per ounce should not be considered by investors as an alternative to operating profit or net profit attributable to shareholders, as an alternative to other IFRS measures or an indicator of our performance. The data does not have a meaning prescribed by IFRS and therefore amounts presented may not be comparable to data presented by gold producers who do not follow the guidance provided by the Gold Institute. In particular depreciation and amortisation would be included in a measure of total costs of producing gold under IFRS, but are not included in total cash costs under the guidance provided by the Gold Institute. Furthermore, while the Gold Institute has provided a definition for the calculation of total cash costs and total cash cost per ounce, the calculation of these numbers may vary from company to company and may not be comparable to other similarly titled measures of other companies. However, Randgold believes that total cash cost per ounce is a useful indicator to investors and management of a mining company's performance as it provides an indication of a company's profitability and efficiency, the trends in cash costs as the company's operations mature, and a benchmark of performance to allow for comparison against other companies.