trending Market Intelligence /marketintelligence/en/news-insights/trending/pL_QE6ipDhQttmxvSu80sA2 content esgSubNav
Log in to other products


Looking for more?

Contact Us
In This List

Randgold's profit surges in Q2 on higher gold sales, lower costs


Essential Energy Insights - March 2021


Essential Metals & Mining Insights - March 2021


Nickel CBS March 2021 — Tsingshan's battery nickel announcement hits sentiment


Asia Pacific Markets Monthly Newsletter March 2021

Randgold's profit surges in Q2 on higher gold sales, lower costs

Randgold Resources Ltd.'s profit attributable to shareholders surged to US$84.0 million, or 88 U.S. cents per share, in the second quarter, from a profit of US$49.0 million, or 52 cents apiece, a year ago on the back of higher gold sales.

The company's gold sales swelled to US$422.1 million in the three months, from US$354.4 million, on sales of 336,516 ounces, from 280,519 ounces in the year ago period, according to the Aug. 3 earnings release.

Average gold price received for the quarter slid slightly to US$1,254 per ounce, from US$1,264 per ounce in the second quarter of 2016.

Revenues rose to US$336.8 million during the quarter, from US$276.8 million in the year ago period.

Randgold cut its total cash costs to US$192.4 million, from US$203.8 million in the year-ago quarter, as per ounce cash costs dropped 21% year over year.

Gold production in the three months surged to 341,316 ounces, from 281,494 ounces produced in the prior-year quarter.

Exploration and corporate expenditure was in line with the year-ago quarter at US$12.8 million.

In the first half of the year, Randgold's profit attributable to shareholders jumped to US$153.8 million, from US$105.0 million a year ago.

Gold sales in the six months swelled to US$831.7 million, from US$700.2 million in the prior-year quarter.

The company sold 672,119 ounces at US$1,237 per ounce in the half, up from 571,904 ounces sold at US$1,224 per ounce a year ago.

"At this stage the outlook is positive, and Randgold is trending towards the top end of its 2017 production guidance range at a total cash cost below $600 per ounce," CEO Mark Bristow said.