JERSEY, CHANNEL ISLANDS--(Marketwire - Nov 2, 2011) -
RANDGOLD RESOURCES LIMITED Incorporated in Jersey, Channel Islands Reg. No. 62686 LSE Trading Symbol: RRS Nasdaq Trading Symbol: GOLD RANDGOLD OVERCOMES OBSTACLES TO POST PROFIT INCREASE London, 2 November 2011 - Despite torrential rains which flooded its flagship Loulo/Gounkoto complex in Mali during August, Randgold Resources ('Randgold') maintained gold production and on an adjusted basis significantly increased profit in Q3. Comparisons with Q2 are skewed by the sale during that quarter of 31646ounces on hand at Tongon from the first quarter, when conditions in Coted'Ivoire prevented their disposal. Excluding the sale of those ounces, profit for Q3 was up 29% at US$122.9million. Production of 182362ounces was in line with Q2's 184711 ounces, as was total cash costs of US$135.1million. The Loulo/Gounkoto complex had to contend with a downpour of a once in a hundred years severity, which flooded the pits and made the haulage road between Gounkoto and the Loulo plant impassable. It nevertheless increased production by 9.3% to 87070 ounces, thanks to an increased contribution from Gounkoto as it ramped up its output. The growing proportion of Gounkoto's higher grade and lower cost ore in the plant feed mix also reduced total cash costs per ounce by US$21 to US$818. The complex's profit from mining jumped by more than 50% to US$77.9million. The development rate of Loulo's Yalea underground mine continued to improve. Development of the high-grade 'purple patch' has reached the limit line of the transverse zone and the advance to the next level is on schedule. There has been an extensive review of stoping methods and layout, and the revised design concepts, capital schedules and mining rates are currently being evaluated and optimised along with a series of trade-off studies. The Gara underground development remains on schedule and the orebody has already been exposed in preparation for the imminent start of the stoping production build-up. Click on, or paste the following link into your web browser, to view the full announcement. http://www.rns-pdf.londonstockexchange.com/rns/2873R_1-2011-11-1.pdf This information is provided by RNS The company news service from the London Stock Exchange END
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