logo
Share SHARE
FONT-SIZE Plus   Neg

Randgold Resources Welcomes Mali Settlement; 2012 Production Outlook Unchanged

Randgold Resources Limited (GOLD, RRS.L) welcomed the announcement of a political settlement brokered in Mali by its West African neighbours and said the disruptions which followed last month's military coup had not materially affected its gold production in that country. Over the weekend the military junta said it had agreed to reinstate the constitution, in terms of which the president of the national assembly would act as head of state and oversee the appointment of an interim prime minister to manage the country's return to democratic rule.

Pursuant to the settlement deal, President Amadou Toumani Toure has formally resigned as head of state. The appointment of the interim prime minister would be by consensus and involve civil society and political parties. In return, Mali's ECOWAS neighbours have lifted the sanctions they had imposed and committed to actively support the restoration of stability in Mali.

Chief Executive of Randgold, Mark Bristow, said the announced resolution of the political crisis had strengthened the company's confidence in the political maturity of the West African region and its ability to settle conflict situations without external involvement. Randgold owns and operates the Loulo/Gounkoto mine complex in Mali and also operates Morila, a joint venture with AngloGold Ashanti.

Bristow also added, "Our production guidance for 2012 remains unchanged, although we have not completed our assessment of the impact this situation has had on costs. We will monitor the implementation of the political settlement by the relevant parties, and give the market a full update when we report our first quarter results on 3 May."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Major League Baseball is talking expansion for the first time in a few decades. Owners stand to make a pretty penny from expansion fees and subsequent television rights. The possibility of a more balanced schedule is also enticing. Strong expansion candidates in the U.S. and Canada are ready... The New York Times is teaming up with Google again to give away Google Cardboard, the virtual reality headsets, but this time only to its "most loyal" digital subscribers. The company said that the digital-only subscribers selected for this distribution were chosen based on the duration of their subscriptions. Oil company Exxon Mobil Corp. on Friday reported a 63 percent fall in profit for the first quarter from last year, while Chevron Corp. reported a loss for the quarter, both on lower revenues. The results were impacted by the fall in crude oil prices and weaker refining margins. However, Exxon Mobil's earnings beat analysts' estimates, while Chevron's loss was wider than their expectations.
comments powered by Disqus
Follow RTT