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Epic RRS
Time: 10:17:42
Mid Price: 4912.00
Change Today: -72.00 Descending
Change % Today: -1.44 Descending
Fifty Two Week High: 5345.00
Fifty Two Week Low: 2823.00
Market Capital: 4423.77
Period & price data
Period Price
Now: 4912.00
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: LSE, NASDAQ
Sector: General Mining - Gold
Epic: RRS
News: Latest news
Web Site: Randgold Resources
Other Articles: 10-11-200903-11-200902-11-2009

Randgold Resources

Randgold Resources is a gold focused mining and exploration focused on discovering world-class gold deposits and converting them into profitable mines.
 
Major discoveries to date include the 7.5 million ounce Morila deposit in southern Mali, the 7 million plus ounce Yalea deposit at Loulo in western Mali and the 4 million plus ounce Tongon deposit in the Côte d'Ivoire.
 
The company recently decided to proceed with the development of a mine at its Tongon project. First gold production is scheduled for the fourth quarter of 2010.
 
Randgold Resources has an extensive portfolio of organic growth prospects, constantly replenished by its wide-ranging exploration programmes in the major gold regions of Mali, Senegal, Burkina Faso, Côte d'Ivoire, Ghana and Tanzania.
Tuesday, November 10, 2009

Randgold has a busy few years ahead with four new mines in the development pipeline

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In this morning’s Q3 interim results, gold miner Randgold Resources (LSE: RRS, NYSE: GOLD) reported in-line gold sales, and reiterated that it has four development projects where mining “is on the horizon”.


The company reported gold sales in line with Q2 of $103.5 million, which represents a 32% increase versus the same period during 2008. Similarly group profits from mining decreased 22% quarter-on-quarter, however compared with last year mining profit is 36% higher than Q3 2008. This is reflected in overall group profit during the period which was $13.6 million, compared with last years loss of $0.7m.


During the period the company expanded its flagship Loulo complex and has converted the Morila joint venture into a stockpile treatment operation. According to Randgold Chief Executive Mark Bristow, 2009 was proving to be a tough year for the Company; however the company produced some ‘significant rewards’ on the exploration and development side of the business.


In addition to the interim results Randgold announced that it has “four new mines on the horizon”. Randgold said it will fast-track its Gounkoto project in Mali. According to Randgold a scoping study and first resource declaration confirmed the projects robust economics, stating that the economics were “well in excess of the company's hurdle rates”. The project is situated 25km south of the company's flagship Loulo complex. A prefeasibility study has been scheduled for completion by the end of the first quarter of 2010.


The project’s scoping study estimated an inferred mineral resource of 2.65 million ounces at a grade of 6.3 grams per tonne. Pit optimisations were based on gold prices of $650 per ounce and $850 per ounce, the company said that both scenarios show internal rates of return in excess of 60%.


The collective project line-up also includes the Tongon mine in Côte d'Ivoire which is due for first production in the fourth quarter of 2010. At  the Massawa project in Senegal a prefeasibility study will be completed before the end of 2009. The newly acquired Kibali property (formerly known as Moto) in the Democratic Republic of Congo is also being actively developed.

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