African miner Randgold Resources (RRS.L) has reported falls in third quarter production and profit as results for Q3 were lower than those for Q2.
Established in 1995, Randgold Resources is a gold mining business operating mainly in Mali, headquartered in Jersey, Channel Islands, and listed on the London and the NASDAQ stock exchanges.
Production was lower quarter on quarter due to the Gounkoto super pit pushback and a planned decrease in grade at the flagship Loulo-Gounkoto complex. Another factor was a mill upgrade project in the first part of the quarter which impacted on throughput at Tongon.
Consequently, production of 310 618 ounces was 9% down on Q2 while total cash cost per ounce rose by 17% to $667. Profit of $60.2 million was down 41%. Comparing the first nine months of this year to the same period in 2016, production was up 11%, total cash cost per ounce was down 9% and profit was up 22% while the group cash position grew as planned.
The company’s activities are concentrated on Morila Gold Mine, Mali, Loulo-Gounkoto mine complex, Mali, Tongon Mine, Côte d’Ivoire and Kibali Gold Mine, Democratic Republic of Congo (DRC). Additional projects are Massawa in Senegal but exploration operations are predominantly undertaken in Mali and the Democratic Republic of Congo.
However, the company said output for the year remained on track to meet or exceed expectations as it remains well positioned to achieve the top end of its production guidance for the year.