Randgold Resources, a leading gold mine business in Africa and listed on NASDAQ stock exchanges, has announced a 38 per cent profit increase on its 2015’s 294.2 million USD while exceeding its production target in 2016 by 37,000 oz for their maiden gold mine in Mali – Loulo-Gounkoto Gold Mine. Randgold’s presence in Mali has aided to redefine gold mine in the country and has been a boost to economic development. The company paid over 2 billion USD in taxes to the government and an estimated 2.9 billion USD in strengthening the local economy through local investments, salaries, and payments to local suppliers. The company also declared that their operations in Mali alone contributes to about 10% of the country’s total GDP.
More to this progress, Randgold Resources also reduced their total total cash cost per ounce to the very minimal in the company history. The total cash cost of 679 USD per oz was reduced to 639 USD per oz – thus, staging reduction to about 6 per cent from the the previous year. Cumulatively, the company produced about 1.2 million ounces of gold which marks the sixth consecutive year of increased annual production. The CEO of Randgold Resources also highlighted that it has also attained its net cash target of 500 million USD without any debts and a proposal by the company board to its shareholders to increase its dividend to 1 USD a share as the previous year held 0.66 USD a share. It is expected that, the board will submit their proposal to shareholders during the company’s annual meeting on May 2nd 2017.