Randgold Resources sees 7 pct profit growth in Q1 2014

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Randgold Resources Ltd, a West African gold producer, on Thursday posted a 7-percent earnings growth last quarter as increased gold output offsetting subdued sale price.

The gold producer registered a net profit of 74.3 million U.S. dollars for the three months ending March 31, 2014, up from 69.6 million dollars of the same quarter a year earlier, it said in a statement.

The company produced a record 283,763 ounces of gold, boosted by an increased contribution from Kibali gold mine, Democratic Republic of the Congo, said Randgold.

The company is targeting 550,000 ounces gold production of Kibali in 2014.

Gold sales of the company in the first quarter this year were 363 million dollars, with a 3-percent increase in the average gold price received quarter on quarter, but 21 percent drop compared to the previous year.

Total cash cost per ounce of 685 dollar was 9 percent higher on quarter, but down 19 percent lower on the corresponding prior year. Profit from mining dwindled by 4 percent quarter on quarter to 171 million dollars, due to the increase in costs.

The company also said it has declared a final dividend of 0.5 dollar per share for the year ended Dec. 31 2013, which is the same level that paid to shareholders last year.

Randgold Resources, headquartered in Jersey, Channel Islands, is listed on the London Stock Exchange and the NASDAQ stock exchange. The major discoveries of the company to date are mainly in Mali, Senegal, COTE D'LVOIRE, and Democratic Republic of the Congo. Endi

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