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Randgold's Q1 net profit slips YOY on lower gold production, sales

Randgold Resources Ltd.'s first-quarter profit attributable to shareholders shrunk to US$57.5 million, from US$69.8 million a year ago, pushed down by lower gold sales in the period, the company said May 10.

Gold sales in the quarter declined to US$391.8 million, down 4% on a yearly basis, due to lower gold sales volumes, partially offset by higher selling prices.

The company sold 294,428 ounces at an average price of US$1,331/oz in the quarter, compared to the year-ago 335,603 ounces at US$1,220/oz.

Production in the quarter was hit by intermittent industrial action by its mining subcontractor's workforce at its Tongon gold operation in Cote D'Ivoire, lower output at the Loulo-Gounkoto complex in Mali due to planned lower ore feed grade, and lower recovery at the Morila mine. The Tongon mine returned to full capacity operations in late April.

The company produced 286,890 ounces of gold, down from 322,470 ounces a year ago. Total cash costs increased to US$720/oz, compared to US$619/oz a year ago.

Randgold said it is still confident it will meet its annual production guidance of 1.30 million to 1.35 million ounces.

Exploration and corporate expenditure grew 45% year over year to US$15.8 million, mainly due to increased greenfields exploration expenditure during the quarter.