africatodayonline.blogspot.com -
Randgold Resources is targeting gold production in excess of 1m ounces in 2014 and is on track to reach its long-term goal of 1.2m ounces by 2015, the company revealed on Friday.
The miner achieved a 15% increase in production to 910,364 in 2013 at a reduced cash cost of $715 per change.
Chief Executive Mark Bristow said in the company's annual report that it was aiming for an increase in production of between 24% and 30% this year and for costs to fall to between $650 and $700 per ounce.
Production growth is expected to come from rising grades at the company's flagship Loulo-Gounkoto complex in Mali, improved throughput at Tongon in Côte d'Ivoire, and the first full-year contribution from the recently commissioned Kibali in the Democratic Republic of Congo.
"In the current market, our focus needs to be on profitability and not on maximising reserves. The priority is to replenish profitable ounces because we are increasing production as we access higher-grade ores," he said.
"Our objective is also to extend our five-year rolling business plan to 10 years and l continue to look closely at all our projects against a range of gold price scenarios. In the meantime we have put in place a robust budget for 2014 and kept our five-year forecast intact."
In a separate release, Randgold's Resource Executive Rod Quick warned that a ramp-up in mining production and grade had affected its reserve inventory in 2013.
The group increased its total attributable mineral resources in 2013 despite depletion from mining.
Shares rose 1.29% to 4,544p at 10:45 on Friday.
RD
