Randgold Resources Ltd. is closing in on its millionth-produced ounce of consolidated gold this year, while maintaining its near-term goal of 1.2 million oz by 2015, the Africa-focused miner has announced in its 2013 annual report.
Last year, Randgold increased output 15% to 910,374 oz while production targets were increased between 24% and 30% for 2014, according to company officials. Management teams, according to CEO Mark Bristow, closely scrutinized plans to ensure operational optimization despite possibilities of lower prices.
Moreover, “in the current market, our focus needs to be on profitability, not maximizing reserves,” noted Bristow. “The priority is to replenish profitable ounces because we are increasing production as we access higher-grade ores;” Randgold, he added, would also invest $60 million in 2014 toward exploration and development.
Expansion to date is expected from rising grades at the U.K.-headquartered company’s flagship Loulo-Gounkoto complex in Mali, along with improved throughput at Tongon in Côte d’Ivoire. The first full-year contribution from the recently commissioned Kibali in the Democratic Republic of Congo (DRC) — on time and within budget in remote central Africa — will also be a growth driver.