Falling gold price tarnishes Randgold profits
In 2013, gold miner Randgold Resources hiked gold production to record levels and cut the total cash cost per ounce.
It also lined up its operations to exceed the million-ounce mark for the first time this year, according to the company's for the quarter and year to December.
In the wake of increased production, gold sales reached $1.27bn (£770m) for the year close – roughly where sales were the previous year. However, the dive in the average price of gold by 17 per cent reduced profit to $325.7m from $510.8m in 2012.
Chief executive, Mark Bristow, said:
The highlight of the year was the early start-up of Kibali which, like all our mines, has posted a profit in its first quarter of operation.
Perhaps most significantly, we anticipated the shift in the gold market and were able to align our operations to the changing environment in good time, securing our sustained profitability at the lower gold price.
Last week, it was announced that Randgold Resources chairman Philippe Liétard will be stepping down after 10 years in the position. He will be succeeded by an independent non-executive director of Randgold, Christopher Coleman.