Randgold fourth quarter profit jumps
Reuters
Published Feb 06, 2017 09:20
Randgold fourth quarter profit jumps
(Reuters) - Gold miner Randgold Resources Ltd (L:RRS) reported a 76 percent jump in fourth-quarter profit boosted by higher grades and a rise in gold prices, and said it would raise its annual dividend by 52 percent.
Randgold shares rose as much as 4.9 percent in early trading to their highest in nearly 3 months. They were trading at 7,150 pence at 0917 GMT, leading the FTSE 100 gainers' list (FTSE).
Gold sales for the three months ended December 31 rose about 28 percent to 453,051 ounces as uncertainties around U.S. President Donald Trump's policies, the progress of Britain's departure from the European Union, and multiple elections in Europe benefited the safe-haven asset.
Spot gold
The company said total cash cost per ounce fell 13 percent to $549 per ounce from last year, boosted by higher grades and better recovery at its flagship Loulo-Gounkoto in Mali.
Randgold, which has gold mines in Mali, Ivory Coast and the Democratic Republic of Congo, said profit rose to $94.3 million for the quarter from $77.3 million a year earlier. Gold production rose about 16 percent to 378,388 ounces in the same period from a year ago.
The company said it had achieved its net cash target of $500 million without any debt.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.