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Randgold to lower performance due to Ivory Coast situation

Publishing Date
24 Dec 2010 10:14am GMT
Author
Mining Journal
The political standoff in the Ivory Coast will have a negative impact on Randgold Resources Ltd’s fourth quarter performance and year-end results.

Mark Bristow, Randgold chief executive, said the Tongon mine, which is located in the north of country, continued to operate, albeit on a curtailed basis.

He said: “Following the commissioning of the first stream in October, the second mill was commissioned on time at the end of November.

“However, the completion of the second stream has been delayed by the non-delivery of a number of key components which have been held up in the Abidjan port and by shipping delays caused by the political crisis in the south of the country.”

Owing to the political situation and the possibility of further delays the mine will continue to operate on one stream, Mr Bristow added.

Randgold’s fourth quarter and year-end performance will also be negatively impacted by a below-target contribution from the Loulo mine complex in Mali, the company said.

Mr Bristow said throughput at the complex has been impacted by some overruns on mill relining and extended downtime for the upgrade of the switchgear following power interruptions earlier in the year.

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