Randgold Resources' production slipped in the third quarter, but the company said it remains well positioned to achieve the top end of its production guidance for the year.
Production of 310,618 ounces was 9% down on Q2 due to the Gounkoto super pit pushback and a planned decrease in grade at the flagship Loulo-Gounkoto complex. A mill upgrade project in the first part of the quarter also impacted on throughput at Tongon.
Comparing the first nine months of this year to the same period in 2016, production was up 11%, total cash cost per ounce was down 9% and profit was up 22%.
Chief executive Mark Bristow said the commissioning and automation of Kibali's underground ore handling systems and their integration with the shaft was currently being completed and was the key for Kibali to meet its 610,000 oz guidance for the year.
Otherwise, all the group operations were on target to meet or exceed their annual production plans.
"With a long term plan that is profitable at a gold price of $1,000 per ounce, a growing dividend stream flowing from past investments and a commitment to ongoing investment, I believe Randgold will continue to be a leader in the gold mining industry in terms of value creation for all stakeholders," Bristow added.
At 8:12am: (LON:RRS) Randgold Resources Ltd share price was -200p at 7270p