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Randgold doubles dividend as full-year production continues steady climb

  • Randgold Resources (NYSE:GOLD) says it will double its dividend to $2/share, as it reports an increase in production for the seventh year in a row and a 15% Y/Y rise in full-year profit to $335M.
  • GOLD says FY 2017 production totaled 1.32M oz. of gold, up 5% Y/Y and beating guidance, with cash costs falling 3% to $620/oz. while cash reserves rose 39% to $720M; the company says it has no debt.
  • For 2018, GOLD forecasts production of 1.3M-1.35M oz. at a cash cost $590-$640/oz.
  • The miner also says it is working with the government of the Democratic Republic of Congo to stop a new mining code recently passed by the country’s legislature that raises royalties on metals including gold; the law has not yet been signed by DRC Pres. Kabila.
  • Last year, the company finished eight years of  construction of an underground mine at its Kibali project in the country.

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