Randgold Resources, the west Africa-focused gold miner, saw sales in the final three months of last year rise 1.3% over the the previous quarter.
Total sales for the three months to the end of December were $314m compared to $310m between July and September.
Compared to the same period of 2010 gold sales rose 117%. This was mainly because production was ramped up, resulting in a 73% increase in ounces sold. A 25% rise in the average gold price also made a significant contribution.
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Despite the gains in sales, profits for the the final quarter of 2011 fell to $173m from $174m in the third quarter, reflecting increased costs, particularly at Randgold's Loulu mine in Mali.
Over the whole year Randgold's profits have risen 259% to $617m, net cash has increased 33% to $488m and production has gained 58% to 696,023 ounces.
The stock price has reflected these gains, with shares up 49% since the beginning of January 2011. Earnings per share over 2011 were up 262% to $4.13 for the year, which has allowed the firm to double its annual dividend to 40 cents per share, to be paid at the end of May.
Reflecting on 2011, Randgold's Chief Executive, Mark Bristow, emphasised the company's development work, including expansion programmes at Loulo and Tongon (in Cote d'Ivoire), and what the firm describes as the "giant" Kibali project in the Democratic Republic of Congo.
He said: "In 2011 we benefited from our investment in growth in previous years, just as the development work we are doing now will reward our stakeholders in years to come."
BS
