Randgold Resources increased its gold production by 6% in 2015, to 1.21 Moz, from 1.15 Moz in 2014. Earnings per share, at US$2.03, were nevertheless down 20% as the company received a gold price of US$1,153/oz, US$112/oz lower than the previous year. The company managed to reduce its average cash costs slightly to US$679/oz.
The increased production came from Tongon (89% owned), which produced 243 koz of gold in 2015, 7% higher than 2014 on the back of higher throughput and increased recovery, and Kibali, which provided Randgold with 336 koz for its 45% interest, against 292 koz in 2014, on higher mill throughput.
In 2016, Randgold is forecasting production of between 1.25 Moz and 1.30 Moz which is a 3% to 7% increase over 2015. Production is expected to be relatively consistent through the year, slightly weighted to H2. The total cash cost target for the year is between US$590/oz and US$630/oz.
Randgold’s board has proposed a final cash dividend of US$0.66 per share, 10% higher than the previous year.
Randgold’s gold production increases by 6% in 2015 to a new record: RRS