Third-quarter profits dip for gold mining business

JERSEY-based gold mining business Randgold Resources posted profits of over US$120 million in the third quarter of 2012, a fall of 15 per cent on record profits three months earlier.

Randgold’s Tongon mine
Randgold’s Tongon mine

JERSEY-based gold mining business Randgold Resources posted profits of over US$120 million in the third quarter of 2012, a fall of 15 per cent on record profits three months earlier.

Randgold’s chief executive, Island resident Mark Bristow, said that the company had made substantial progress at the Kibali gold mine development project in the Democratic Republic of Congo and Randgold’s flagship Loulo complex in Mali.

However, he said these gains were somewhat offset by grid power supply problems at the Tongon mine in Ivory Coast, and lower grades processed at Gounkoto in Mali.

As a result the third-quarter results did not match the record second-quarter performance. Mr Bristow described them as a ‘mixed bag’, but with the ‘good far outweighing the bad’.

Full story in Thursday's JEP