Falling Gold price hits Randgold Resources
Duncan Richardson, News Editor
3 Feb 2014, 11:40 a.m.
Despite mining a record amount of gold in 2013 Randgold’s earning have been affected by the lower gold price. The company produced 910,373 ounces in 2013 up 15% from the previous year and expects production to top over a million ounces in 2014. Randgold made $325.7 million dollars profit on revenue of $1.27 Billion which is slightly below market forecasts.
According to Chief Executive Mark Bristow, Randgold plans to spend up to $60 million on exploration at a time when other producers are focusing on costs.