| Randgold Resources Ltd. reported an 8.5 percent drop in second-quarter profit after operational problems at two of its African mines led to a decline in gold output. Net income fell to $49 million from $53.6 million a year earlier, The Jersey, Channel Islands-based company said in a statement on Thursday.
Gold production slid 6.2 percent to 281,494 ounces. Randgold said full-year output will be in the lower half of its 1.25 million to 1.3 million-ounce target range. Production dropped after a milling circuit breakdown at its Tongon mine in Ivory Coast and technical challenges at its Kibali mine in the Democratic Republic of Congo. “We had a difficult quarter,” Chief Executive Officer Mark Bristow discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."..............................................Full Article: Source
|