Mixed bag from Randgold Resources

Production by gold miner Randgold Resources in the third quarter fell back from the preceding quarter's record levels as the company suffered grid power supply problems at its Tongon mine and processed lower grades at Gounkoto.

Production of 204,475 ounces of gold was down from the second quarter's 210,534 ounces but up from 182,362 ounces in the corresponding period of 2011. The total cash cost per ounce was $737, up from $703 in the preceding quarter but down from $747 the year before.

Ounces sold dropped by 10% quarter on quarter, affected by the timing of gold shipments at quarter-end being disrupted by the annual stock take at the refinery. Lower sales fed through to a 15% quarter-on-quarter decline in profit of $121.3m, in line with the third quarter of last year.

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Chief Executive Mark Bristow described the third-quarter results as a mixed bag, but with the good far outweighing the bad.

"Production and costs for the final quarter are forecast to again show significant improvements," he said.