Randgold Resources

Q2 Results and Updates

JERSEY, CHANNEL ISLANDS--(Marketwired - Aug 6, 2015) - Randgold Resources (LSE: RRS) (NASDAQ: GOLD)

NASDAQ: GOLD

RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD

PROFIT AND PRODUCTION UP, COST DOWN IN ANOTHER RECORD QUARTER FOR RANDGOLD

London, Thursday 6 August 2015  -  A solid all-round performance from its operations, with improvements in grade, throughput and recovery, powered Randgold Resources to a new gold production record in the quarter ended June, and lifted profit in the face of a declining gold price.

Group production rose 7% on the previous quarter to top the 300 000 ounce mark for the first time, while overall total cash costs of $684/oz showed a 3% improvement. Gold sales revenue of $354.8 million (Q1: $344.6 million) would have been higher by $11.7 million if gold doré on hand at the quarter end had been sold. Profit of $59.2 million was up 15% on the prior quarter.

Chief executive Mark Bristow said the results showed a business that stood strong in a sector that was buckling under the pressure of the gold price downturn. It was particularly significant, he said, that in an environment of radical cost-cutting, Randgold was able to continue investing in its capital projects while also strengthening its balance sheet. At the end of the quarter, the company had cash of $109.2 million and no debt on its books.

Reviewing the operations, Bristow noted that the Loulo-Gounkoto complex in Mali had delivered a 21% increase in gold production, with the Yalea and Gara underground mines maintaining steady production. Randgold continues to move steadily to full owner-miner status at both these mines. Tongon in Côte d'Ivoire was still hampered by season-related grid power interruptions but produced a significantly improved performance, while Kibali in the Democratic Republic of Congo had another good quarter, beating its production target. Since the end of the quarter, development of the vertical shaft at Kibali has reached its final depth, well ahead of schedule. Production from Morila in Mali was on plan as the operation prepares for its transition to tailings processing. Arrangements to mine the satellite Domba deposit, which will extend the life of Morila's milling circuit, are being finalised.