Randgold shows profits (August 06, 2001)

Continued production success at the Morila mine in Mali turned a US$4.7-million second-quarter profit for Randgold Resources, made on revenues of US$17.9 million.

Morila, in which Randgold Resources owns 40%, Anglogold (AU-N) owns 40%, and the government of Mali the rest, produced 163,702 oz. gold in the quarter. Cash production costs at Morila, about 150 km southeast of Bamako, were a slim US$80 per oz.

The company is winding up a care and maintenance program at its Syama mine, also in Mali, which it took out of production in January. A feasibility study is under way at the Loulo project in the extreme west of Mali, which has reserves of 14.2 million tonnes at a grade of 3.8 grams gold per tonne.

Parent Randgold and Exploration (RANGY-Q) scraped out profits of US$1 million from revenues of US$383 million in the first half of the year. Randgold and Exploration will benefit from a buyback of 34% of Randgold Resources stock, which is being funded out of dividend payments from Morila.

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