Randgold finance director raises £470,000

published 24 August 2010

Randgold Resources finance director Graham Shuttleworth has raised £470,000 from a share sale.

He sold 8,000 shares in the gold miner at 5879.74p each. This follows the release of the first tranche of restricted shares after the performance criteria were met. The 12,000 shares were issued at $22.19 each, which was the Nasdaq price at the time Shuttleworth joined as finance director at the beginning of July 2007. Those shares cost around £170,000.

Shuttleworth owns 28,000 shares in the company and he has a further 24,000 restricted shares to come if he meets performance criteria. Shuttleworth was with the company when it floated in 1997 and then he went off to work for HSBC in New York. He advised on Randgold's listing on Nasdaq.

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Randgold Resources reported a sharp rise in profits in the three months to June 2010, despite lower production. Higher gold prices were behind the improvement.

Profit for the quarter rose by 52% from the previous three month period to $36.4m, even as production fell by 17%.

Randgold has commissioned the plant at its new Tongon mine in Cte d'Ivoire ahead of schedule. Production guidance for Tongon this year has been upgraded by 10%. That helps to make up for a shortfall in expected production at the Loulo gold mine in Mali.

Randgold's overall attributable production should be within 5% of the 477,000 ounces given as guidance at the beginning of the year.

Top Director Sells

Randgold Resources (RRS) Director name: Mr Graham ShuttleworthAmount sold: 8,000 @ 5,879.74p Value: £470,379