Q2 Results and Updates

Jersey, Channel Islands (FSCwire) - Another robust performance by Kibali highlighted a quarter in which Randgold Resources posted across-the-board advances.

Results for the quarter to June show gold production up 9% quarter on quarter at 313 302 ounces, total cash cost per ounce down 3% at $697 and gold sales of $411.5 million up 5% despite a lower gold price.  Profit from mining was up 6% at $190.6 million and net cash generated by the operations rose by 49% to $95.5 million.

Kibali ramped up underground mining as planned and continued improvements in throughput and recovery helped to boost production to a record 201 742 ounces, up 17% on the previous quarter.  Total cash cost per ounce decreased by 11% to $651, reflecting the higher grade as well as lower power costs from increased hydropower.  The mine’s third and last hydropower station is currently being commissioned.

At the end of the quarter, Kibali’s underground operation successfully transitioned from contractor mining to owner mining, following the example of the Loulo mines.  As at Loulo, the move is expected to deliver cost reductions and efficiency improvements.  Kibali remains on track to beat its 2018 production forecast.

The Loulo-Gounkoto complex performed in line with plan, increasing production by 4% to 150 117 ounces while progressing the Gounkoto super pit project.  Since the quarter, Randgold and the Malian government have agreed on a revised investment convention for Gounkoto to support the development of the super pit.

Tongon recovered well from a series of work stoppages in the first quarter which carried over to the start of the second quarter to increase production by 12% to 65 259 ounces.  Since the end of the quarter, however, a new work stoppage halted operations and the mine is working on a recovery plan to get back to full production with expected annual production revised to around 250koz.

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