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Randgold's profits climb despite Tongon strike

In what could very well be its final quarter in its current form, Randgold Resources’ (LSE:RRS) saw its profit for the September quarter climb year-on-year, despite extended industrial action at the Tongon mine in Cote D’Ivoire, lower gold sales and falling gold prices.

Randgold's profits climb despite Tongon strike Randgold's profits climb despite Tongon strike Randgold's profits climb despite Tongon strike Randgold's profits climb despite Tongon strike Randgold's profits climb despite Tongon strike

Mark Bristow is positive about reaching a favourable resolution in the DRC

Profit for the quarter was US$73.1 million, rising 22% year-on-year, with profit attributable to shareholders up 26% to $61.4 million.

The company attributed the gains to increased profit from mining and an increase in the share of profits of equity accounted joint ventures, as well as lower depreciation and other cost reductions during the quarter.

Basic earnings per share was up to 65c/share, up from 52c/share a year ago.<...