Randgold Gains as Mali Gold Production Rises

Bloomberg reports that African gold producer Randgold Resources Ltd. (LSE:RRS) rose the most in more than a month after record production at its Mali mine propelled earnings beyond analyst expectations.

As quoted in the market news:

Randgold climbed as much as 8.9 percent, the steepest intraday gain since Sept. 19, and traded at 5,005 pence by 10:42 a.m. Two-thirds of the three-month daily average volume of shares had been traded. Randgold reported earnings per share of 88 cents for the third quarter, compared with the 67 cent average estimate of eight analysts surveyed by Bloomberg.

Gold production rose 14 percent from a year earlier to 233,677 ounces as volumes at the Loulo-Gounkoto gold mine in Mali increased 27 percent, countering a 3.2 percent drop at Tongon in Ivory Coast. Net income fell 21 percent to $81.2 million as the price of bullion declined.

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