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Randgold Resources may miss output target at strike-hit Tongon mine

Published 04/03/2018, 11:15 AM
© Reuters.  Randgold Resources may miss output target at strike-hit Tongon mine
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  • Randgold Resources (LON:RRS) (GOLD -2.1%) warns it may miss its 2018 production target at the Tongon mine in Ivory Coast due to an ongoing strike by a subcontractor's workforce.
  • CEO Mark Bristow says Randgold is not sure the operation will achieve its 290K oz. production forecast for the year, although the company's group outlook for 2018 remains within earlier guidance of 1.3M-1.35M oz.
  • Tongon gold production rose 11% Y/Y to 288.6K oz. and total cash costs fell 12% to $676/oz. in 2017.
  • Randgold also faces challenges in Mali due to a long-running dispute with the government over a claim of as much as $200M in back-taxes and in the Democratic Republic of Congo, where the company has been the most outspoken opponent of a new mining code.
  • Now read: Randgold Resources: Still A Quality Gold Miner


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