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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
