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Randgold delivers record 2012 results

6 Feb 2013

CAPE TOWN: Randgold Resources achieved record production and profit levels in 2012 while dealing with a range of challenges associated with the expansion of its flagship Loulo-Gounkoto complex in Mali, the fast-track development of the giant Kibali project in the Democratic Republic of Congo (DRC), operational problems at the Tongon mine in Côte d'Ivoire and the general turmoil in Mali.

Results for the fourth quarter and the full year, published on Tuesday, 5 February 2013, show profit for the year up 16% at US$511 million and production up 14% at 794,844 ounces of gold. Quarter on quarter, profit increased by 18% and production by 5%. Cash and gold on hand at the year- end amounted to US$403 million despite capital expenditure of US$563 million, mainly on the Kibali project.

The board has proposed a 25% increase in the annual dividend to 50 US cents for shareholder approval at the annual general meeting.

Read the full article on www.miningreview.com.