[miningmx.com] — RANDGOLD Resources stayed on track during the June quarter to hit its ambitious growth targets for 2011, as gold sales jumped 72% to $321.7m (March quarter: $186.5m).
The increase was due to higher production from all the group’s operations as well as the sale of gold on hand at the Tongon mine in Cote d’Ivoire, held over from the March quarter.
Gold sales from Tongon were affected during the March quarter by the civil war situation in the country, which has since returned to political normality.
Randgold CEO Mark Bristow said cash operating costs had dropped to $579/oz ($677/oz) which was also lower than the corresponding June quarter for 2010.
He said the decrease resulted from the change in the group’s production mix with production ramping up from Tongon and new output coming on stream from the Gounkoto mine, where processing of ore started in June.
Profit from mining more than doubled to $184,2m ($85.1m) – which is 350% up on the 2010 June quarter – mainly because of the rising scale of operations at Tongon and the higher gold price received.
Bristow said: “The company has performed well in respect of both its operating assets and its development projects. Consquently, the key performance indicators set at the beginning of the year remain intact and the company is anticipating significantly higher production in the second half of the year.’
