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Randgold Resources set a new record by pulling 283,763 ounces out of gold mines in the first quarter. This is partly due to the production from the newest Kibali mine in the Democratic Republic of Congo. Mining profit fell 4% to $171 million due to rising costs and Kibali's lead time.
"We have taken a close look at our mines to ensure profitability at $1,000 per troy ounce. This is an ongoing process where we plot operational costs against different gold price scenarios," said Mark Bristow, CEO of Randgold. Bristow says Randgold continues to search for interesting mines in Africa.
Gold sales in the first quarter totaled $362.9 million, an increase of 2% over the previous quarter. The difference can be explained by a 3% increase in the average gold price, offset by a 1% decrease in sales.
Source: BullionStreet
