News Column

Q4 results and updates

Feb 4 2013 12:00AM

Marketwire

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JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 02/04/13 --




RANDGOLD RESOURCES LIMITEDIncorporated in Jersey, Channel IslandsReg. No. 62686LSE Trading Symbol: RRSNASDAQ Trading Symbol: GOLDOVERCOMING EXTRAORDINARY CHALLENGES, RANDGOLD DELIVERS RECORD 2012RESULTSCape Town, 4 February 2013 - Randgold Resources achieved recordproduction and profit levels in 2012 while dealing with a range ofchallenges associated with the expansion of its flagship Loulo-Gounkotocomplex in Mali, the fast-track development of the giant Kibali projectin the Democratic Republic of Congo, operational problems at the Tongonmine in Cote d'Ivoire and the general turmoil in Mali.Results for the fourth quarter and the full year, published today, showprofit for the year up 16% at US$511 million and production up 14% at794 844 ounces of gold. Quarter on quarter, profit increased by 18%and production by 5%. Cash and gold on hand at the year end amountedto US$403 million despite capital expenditure of US$563 million, mainlyon the Kibali project. The board has proposed a 25% increase in theannual dividend to 50 US cents for shareholder approval at the annualgeneral meeting.Loulo exceeded its production target for the year, delivering503 224 ounces on the back of the accelerated development of its Yaleaand Gara underground mines and a ramp-up in plant throughput followingthe successful commissioning of a third mill. The Morila joint venturealso beat its forecast with annual production of 202 513 ounces. A pitpushback project has been approved subject to certain conditions, withmining due to start in Q2 this year. This is expected to extend thelife of the operation.Tongon's production slipped from 250 390 ounces in 2011 to210 615 ounces, mainly as a result of frequent outages in the gridpower supply, which caused disruptive plant stoppages and processupsets as well as lower than planned recoveries. This situation wasexacerbated by a fire in the milling circuits. The plant was restoredto full production by the end of January and the power and recoveryproblems are being addressed.Kibali's two ball mills were installed on their foundations ahead ofschedule in January this year and open pit mining has produced thefirst ore for the feed stockpiles. Development has started on bothunderground declines and the parallel development of the vertical shaftis also underway. The resettlement programme has been accelerated andall the villages in the critical area of the mine site have now beenmoved. With the construction, mining and social programmes allprogressing well, the project remains on track to deliver first gold inthe fourth quarter of this year. In the meantime, Randgold hasexpanded its footprint in the DRC through a joint venture with KiloGoldmines which gives it access to a further 2 000km2 of prospectivegreenstone belt in the Congo Craton."It's been a particularly eventful yearbut the team once again rose to the challenges. Not only did we achievevery creditable results for 2012 but we start 2013 in good shape and with arenewed focus on growing our production and managing our costs," said chiefexecutive Mark Bristow."Our chief objectives for this year are to pourfirst gold on schedule at Kibali, get Tongon back on target, maintain thestrong performance at Loulo-Gounkoto and Morila, and continue to deliverprofitable growth. Beyond that, our sights are still set on reaching ourannual production target of plus 1.2 million ounces of gold by 2015."RANDGOLD RESOURCES ENQUIRIES:Chief Executive Financial Director Investor & Media RelationsMark Bristow Graham Shuttleworth Kathy du Plessis+44 788 071 1386 +44 1534 735 333 +44 20 7557 7738+44 779 775 2288 +44 779 771 1338 Email: randgoldresources@dpapr.comWebsite: www.randgoldresources.com------------------------------------------------------------------------Click on, or paste the following link into your web browser, to viewthe associated PDF document.http://www.rns-pdf.londonstockexchange.com/rns/9871W_1-2013-2-1.pdf This information is provided by RNS The company news service from the London Stock ExchangeEND





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Source: Marketwire


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