Randgold profit hit by lower gold price

LONDON, Feb 3 (Reuters) - Africa-focused miner Randgold Resources said on Monday it produced record amounts of gold last year, but a lower gold price meant earnings were below analyst expectations.

Randgold posted profit of $325.7 million on revenue of $1.27 billion for 2013, below a Thomson Reuters I/B/E/S poll of analysts which estimated profit of $365 million from revenue of $1.2 billion.

The miner said a 17 percent fall in the average gold price had hit profits, but that a 3 percent reduction in cash costs for the year had gone some way to offsetting the lower price.

Production in 2014 is expected to increase by between 25 percent and 30 percent, on the back of increasing grades at the Loulo-Gounkoto complex and output from its new mine in the Democratic Republic of Congo, the company said.