Randgold (GOLD,RRS in London) profits more than double
Mon 06 Feb 2006
RRS - Randgold Resources (GOLD on NASDAQ exchange)
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Randgold Resources 1,063.00p +4.32%
LONDON (SHARECAST) - Randgold Resources has reported a net profit of $41m for the year to December, more than double its 2004 earnings of $18.8m, on the back of a 54% increase in production and a buoyant gold price.
Its Morila joint venture produced 651,110 ounces of gold during the year, outstripping its 2004 output by some 140,000 ounces.
The new Loulo mine in Mali, which came into production in the last quarter of the year and shipped its first bullion in November, contributed 67,984 ounces.
It is scheduled to produce 250,000 ounces in 2006 from open-pit operations, but a complementary underground operation, which will substantially extend the size, value and life of the mine is currently being developed.
In the meantime continued exploration has increased the Loulo resource from 8.04m ounces at the end of 2004 to 9m ounces despite depletion by mining.
