Featured Company News - Randgold Announces Sustainable Performance Improvement as it Seeks to Extend the Life of the Tongon Gold Mine
LONDON, UK / ACCESSWIRE / July 25, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for the leading gold mining and exploration firm, Randgold Resources Ltd (NASDAQ: GOLD), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=GOLD. The Company announced on July 22, 2017, that its Tongon gold mine in Cote d'lvoire continues to ramp up production as it tracks its 2017 target of achieving 285,000 ounces of gold production. The Company has now refocused its strategy to find additional reserves and resources to replace depleted ounces and extend the mine's life beyond the four-year horizon. Tongon, in Q1 FY17, declared its second dividend of which the government's share, including taxes, was $20 million. The Tongon mine, since 2010 (when its production started) has contributed about $1 billion to the Ivorian economy in the form of royalties, taxes, dividends, salaries, payments to local suppliers, and community investments. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The Announcement
Under its exploration programs, Randgold has targeted a large property at Boundiali in the Fonondara corridor, which the Company described as potentially the most exciting gold prospect in West Africa. Initially, according to the Company, the single biggest challenge faced by the Company and the industry was the increasing and unhindered illegal mining as it was happening in Boundiali. However, post the new mining cadastre system recently put in place by the Ministry in charge of mines, the Company expects that these issues would be resolved soon.
Initially, according to an announcement made on February 03, 2017, Randgold reported that the Tongon gold mine is sustaining its significant performance improvement and is set to achieve its revised production guidance for 2016. According to the Company, the Tongon team had delivered on all the critical issues, including stabilizing the optimized crushing circuit, minimizing the impact of grid power supply disruptions, and implementation of an effective preventative maintenance plan. Tongon was initially expected to hit the 260,000-ounce target for 2016. The Company also forecasted its product to hit 285,000 ounces in 2017 and about 290,000 ounces per year for the next three years, thereafter.
Extending Tongon's Life
According to the Company, the Rangold's engagement with Cote d'lvoire dated back to its acquisition of the Nieller permit in 1996. The pre-feasibility study on Tongon was completed in 2001, but plans to develop the mine had to be put on hold, with the outbreak of civil war in 2002. Randgold retained its confidence in the particular asset, and resumed work on the project in 2007, where the mine was commissioned in 2010 amidst a political upturn.
On April 13, 2017, Rangold announced that after a continuing review of the Nielle permit, which hosts the Tongon gold mine, it has been confirmed that multiple opportunities exist for extending the life of the operation beyond the current 4-year horizon. Tongon was born in the midst of a political crisis in Cote d'lvoire and had since had overcome different challenges of both external and operational nature. Also, the Boundiali region was identified on the basis of near-mine targets with high resource potential, where the prime focus of the exploration program was to build a solid permit portfolio, towards the next big discovery, probably, in-line with the belief that, the country is one of the West Africa's most plausible gold regions.
Last Close Stock Review
On Monday, July 24, 2017, the stock closed the trading session at $89.20, declining 1.47% from its previous closing price of $90.53. A total volume of 525.64 thousand shares has exchanged hands. Randgold Resources' stock price advanced 0.65% in the last three months and 3.90% in the past six months. Furthermore, since the start of the year, shares of the Company have rallied 16.85%. The stock is trading at a PE ratio of 32.27 and has a dividend yield of 1.12%. The stock currently has a market cap of $8.42 billion.
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