London, England — 02 April 2012 – Despite the political challenges in Côte d’Ivoire and the operational challenges at Loulo, the past year’s record profits and production “’ coupled with the rapid development of new projects “’ should provide a solid base for next growth stage of Randgold Resources in West and Central Africa.
Revealing this in the company’s newly-published 2011 annual report, Randgold chief executive Mark Bristow said the medium-term aim remained to reach a production level of 1.2Moz by 2015.
“This year has also started with some real challenges around the Mali political situation, and the company still has some way to go to start benefiting from the expansions at Loulo,” he added. “We also have to settle the operations at Tongon which includes ramping up the plant and stabilising the industrial relations situation,” said Bristow.
“However, just as Randgold gained in 2011 from the achievements in previous years, so it should reap the benefits of 2011’s achievements in years to come. The underlying challenge, as ever, is to build on past successes so that the company can continue delivering value to shareholders,” Bristow declared.
“Key objectives for the new year are the effective execution of the Kibali development plan in the Democratic Republic of Congo (DRC), and delivery on our underground operations. There is also an intensified focus on our financial systems and cost control, along with the management of our cash, given the additional risk that comes with the large capital expenditure schedules we have planned for the next two years, and our intention to fund these internally,” he added.
Source: Randgold resources. For more information click here.