One of the biggest mine operators working across Africa, has recorded an exceptional gold production record for the seventh consecutive year.
Randgold Resources, through its five operating gold mines across three African countries, has increased its global production in 2017, recording an output increase of 5%.
This takes the total production output for 2017 to 1.315 million ounces.
The success doesn’t stop there, running alongside this increased production is a 14% profit increase at $335 million and an 39% net cash increase up to $720 million, all with zero debt.
Chief executive Mark Bristow said the strong performance was led by Randgold’s flagship, the Loulo-Gounkoto complex in Mali, and supported by an across-the-board delivery from its other operations, Morila in Mali, Tongon in Côte d’Ivoire and Kibali in the Democratic Republic of Congo.
As attentions now turn to 2018, the company has set a guidance forecast. Randgold is targeting a forecasted production between 1.30 and 1.35 million ounces of gold at a total cash cost per ounce of around $590 to $640.
“Beyond that, our 10-year business plan is designed to increase net cash flows to support dividend and value growth and maintain Randgold’s position as a global industry leader in sustainable profitability,” Bristow said.