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GOLD
28
MODERN MINING
November 2015
G
old production for the quarter
ended 30 September was 305 288
ounces, up more than 5 000
ounces on Q2, with Kibali in the
north-eastern DRC and Morila in
Mali doing exceptionally well. Heavy rains
in Mali resulted in a pump system failure at
Loulo, which temporarily cut off access to the
high grade ore sections underground at Yalea.
This resulted in lower than forecast grades and
production, impacting on total cash cost per
ounce, which rose to US$699/oz (Q2: US$684/
oz). A further drop in the gold price also de-
pressed profits, which were US$48,8 million
against the previous quarter’s US$59,2 million.
Chief Executive Mark Bristow said consid-
ering that the gold price had declined by 6 %
over this period to its lowest point since the
first quarter of 2010, Randgold’s profit perfor-
mance continued to be creditable. He noted
that the company remained debt-free, with net
cash increasing significantly from US$109 mil-
lion to US$168 million, further strengthening
its balance sheet.
During the quarter, Tongon in Côte d’Ivoire
paid back the last of its shareholders’ loans of
US$448 million (see also page 16), and can now
start paying dividends, Kibali repaid another
tranche of its shareholders’ loans and Gounkoto
declared a dividend of US$11 million, bringing
its total for the year to date to US$51,7 million.
Kibali remains on track to exceed its full-year
production guidance of 600 000 ounces and the
group as a whole is expected to be within its
guidance range.
Bristow said the group’s intensified
Record-breaking
quarterly
Underground mining at
Loulo in Mali. The Loulo
underground mines are
Yalea and Gara.
Randgold Resources boosted production to a new record
level in the third quarter of the year on the back of a steady
all-round operational performance while stepping up ex-
ploration programmes designed to find its next world-class
discovery as well as to expand its existing reserves.