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Randgold's Q2 profit slips YOY to US$52M on lower sales, higher costs

Randgold Resources Ltd.'s second-quarter profit attributable to shareholders dropped to US$52 million, from US$84 million a year ago. EPS for the quarter came in at 54 cents, down from 88 cents a year ago.

Gold sales in the quarter slipped to US$411.5 million, from US$422.1 million a year ago, due to lower sales volumes, partially offset by higher sales prices.

The company sold 316,804 ounces at an average price of US$1,299 per ounce, compared to prior-year sales of 336,516 ounces at an average US$1,254/oz.

Gold production declined to 313,302 ounces at total cash costs of US$697/oz, from 341,316 ounces produced a year ago at total cash costs of US$572/oz.

The company said Aug. 9 that costs were higher at the Kibali mine in the Democratic Republic of the Congo, at the Tongon mine in Cote D'Ivoire and at the Loulo-Gounkoto complex in Mali due to higher throughput.

The quarter's profit from operations dropped to US$190.6 million from US$229.7 million a year ago due to a drop in production and increased costs.