By Thomas Biesheuvel
Feb. 8 (Bloomberg) -- Randgold Resources Ltd., a developer of mines in west and central Africa, rose the most in four months in London trading after fourth-quarter profit tripled and the company accelerated mine development.
The Jersey, Channel Islands-based company gained as much as 7.4 percent, the biggest intraday jump since Oct. 6. It posted net profit of $32.08 million, up from $9.12 million a year earlier after gold rose to a record in the quarter, and said it would speed up development of its Kibali mine. Randgold raised its annual dividend by 30 percent to 17 cents.
“It’s by far the best quarterly we’ve ever had,” Chief Executive Officer Mark Bristow said in an interview today. “Last year is going to change the face of our company in the future because of the Kibali deal.”
The company, which last year bought the Kibali mine in the Democratic Republic of Congo with South Africa’s AngloGold Ashanti Ltd., will start output January 2014. Randgold, which produced 488,255 so-called attributable ounces in 2009, is predicting annual output of 1.2 million ounces by 2014. It is also developing mines in Senegal, Mali and Ivory Coast.
Attributable production in the three months to Dec. 31 reached 137,332 ounces. Earnings also gained after gold for immediate delivery in London averaged $1,101 an ounce in the fourth quarter, 38 percent higher than a year earlier. The metal reached a record $1,226.56 an ounce on Dec. 3.
Randgold’s sales advanced 78 percent to $138.6 million.
The company climbed 306 pence, or 7.3 percent, to 4,515 pence by 9:25 a.m. in London, valuing the business at 4.07 billion pounds ($6.3 billion).
source: businessweek.com--Editor: Tony Barrett, Alastair Reed
To contact the reporter on this story: Thomas Biesheuvel in London +44-20-7073-3259 or tbiesheuvel@bloomberg.net.
To contact the editor responsible for this story: Simon Casey at +44-20-7673-2631 or scasey4@bloomberg.net.
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