Randgold Resources Now Free of Debt Once Again

Randgold Resources Ltd. (LSE:RRS) announced its third-quarter results, commenting that it recorded show production of 299,320 ounces, an 8-percent rise from the previous quarter. Its output for the first nine months of 2014 is up 37 percent from the year-ago period.

The company is also now free of debt once again, and Mining Weekly said that means the company will continue to grow its dividend profile.

As quoted in the press release:

Total cash cost per ounce of $692/oz was well contained, down 1% on the previous quarter.

Earnings per share increased by 11% to $0.63 quarter on quarter but profit was affected by foreign exchange adjustments and at $66.0 million was just marginally ahead of the previous quarter. Profit from mining of $172.6 million was up 6% quarter on quarter. By the end of the quarter, Randgold had returned to its debt-free status, having repaid its revolving credit facility.

CEO Mark Bristow commented:

With production standing at 860 366 ounces at the end of September, we’re well on our way to passing the million-ounce landmark before the end of this year. It’s been another challenging quarter but our operations have done well and it’s particularly gratifying to note that despite the growth of the scale and complexity of our operations, our safety record continues to improve.

It’s also a good feeling to be back in the black after repaying our revolving credit facility. We’re still growing our existing businesses and our recently restructured and reinforced exploration team is out in the field hunting for additional ounces and new opportunities

Click here to read the full Randgold Resources Ltd. (LSE:RRS) press release.