Annual profit up 16 per cent at Randgold Resources

Profit rose 16 per cent to 511m dollars at gold exploration and development company Randgold Resources, according to the group's full year and fourth quarter results published on Monday morning.

Profit rose 16 per cent to 511m dollars at gold exploration and development company Randgold Resources, according to the group's full year and fourth quarter results published on Monday morning.

Production levels for the year also rose 14% to 794,844 ounces of gold while quarter-on-quarter, profit was up 18% and production up 5%.

The company, which is involved in mining projects in the Democratic Republic of Congo, Mali and Cote d'Ivoire, reported that the board had proposed a 25% increase in the annual dividend to $0.50 for shareholder approval at the annual general meeting.

Underpinning the results was production at the Loulo-Gounkoto complex in Mali, where the group reported that production had exceeded its yearly target, delivering 503,224 ounces.

Mark Bristow, Chief Executive Officer of Randgold Resources, commented: "It has been a particularly eventful year but the team once again rose to the challenges. Not only duid we achieve very creditable results in 2012 but we start 2103 in good shape and with a renewed focus on growing our production and managing our costs."

"Our chief objectives for this year are to pour first gold on schedule at Kibali, get Tongon back on target, maintain the strong performance at Loulo-Gounkoto and Morila, and continue to deliver profitable growth. Beyond that, our sights are still set on reaching our annual production target of plus 1.2 million ounces of gold by 2015," he added.

MF

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