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Randgold Resources FY Profit Rises; Gold Sales Up 7% - Quick Facts

Randgold Resources Ld (GOLD,RRS.L) reported profit for the year ended 31 December 2017 of $335.0 million, an increase of 14% from previous year, resulting from increased production and revenue and lower cash costs per ounce of production, partially offset by a 4% increase in depreciation and the 35% increase in corporate tax expenses for the year. Profit to shareholders increased to $278 million from $247.5 million. Earnings per share was $2.92 compared to $2.61.

For the year ended 31 December 2017, Gold sales were $1.65 billion, up 7% from the previous year principally as a result of the 6% increase in the number of ounces of gold sold across the group, as well as a slight increase in the average gold price. Group sales were $1.31 billion compared to $1.24 billion. Total revenue was $1.28 billion compared to $1.20 billion, last year.

For 2017, gold production rose 5% to 1.315 million ounces, ahead of its guidance, while shrinking total cash cost per ounce by 3% to $620. For 2018, Randgold expects production of between 1.30 and 1.35 million ounces at a total cash cost per ounce in the range of $590 to $640, taking into account the effect of the current increases in the oil price and the euro:dollar exchange rate.

The board has proposed a dividend of $2.00 per share, double that of 2016, for shareholders' approval. The company anticipates, subject to shareholder approval, paying the final cash dividend on 18 May 2018. The ex-dividend date is 22 March 2018 and the record date for the dividend is 23 March 2018.

by RTT Staff Writer

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