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Randgold Resources (RRS)

  Print      Mail a friend       Annual reports

Wednesday 02 May, 2001

Randgold Resources

Results Announcements

Randgold Resources Ld
2 May 2001


For further details please contact:
CEO - Mark Bristow +94 (0) 779-775-2288(mobile)
Chairman - Roger Kebble +27-83-444-3030 (mobile)


RANDGOLD RESOURCES STEPS UP EXPLORATION AS MORILA CASH FLOWS IN


London, 2 May 2001  -  Randgold Resources has started aggressive drilling
programmes at four gold projects in three West African countries as its stake
in the Morila mine continues to generate a strong cash flow.

The company posted an operating profit of US$10.6 million for the March
quarter, all delivered by Morila which again performed to expectations.  The
mine produced 159 428 ounces of gold during the quarter at a cash operating cost
of US$72/oz and a total cash cost of US$90/oz.  Tonnage throughput increased
during the quarter following the successful commissioning of the SAG mill, which
has enabled the operation to shift processing from weathered oxide ore to the
more competent sulfide ore.  Gold production is expected to be sustained at this
level in the June quarter.

Meanwhile Randgold Resources has secured an additional authorisation permit in
Mali and now holds eight properties covering more than 2 000 km2 in the Morila
region.  Multiphased exploration programmes are in progress on all these
properties.  Elsewhere in Mali, it has concluded an agreement in terms of
which it will increase its interest in the Loulo project to 80%.  Drilling
programmes are currently being undertaken there in a drive to expand the
existing resource base of 
3.65 million ounces.

In the Cote d'Ivoire, a 10 000 metre drilling programme is under way at the
1.8 million ounce Tongon project in the Nielle permit area.  The programme
will assess the continuity and test the upside potential of mineralisation
along two zones covering more than four kilometres of strike length.  In
Burkina Faso, Randgold Resources has entered into a joint venture with Delta
Gold on three contiguous permit areas.  Encouraging results have been received
from a first-phase drilling programme.

Mining at the company's Syama mine ceased at the end of February following a
decision to place it on care and maintenance.  The operation continues to
process economic stockpiles and produced 41 675 ounces of gold for the
quarter.  Measures have been put in place to contain costs at Syama during the
rehabilitation and care and maintenance process.

Randgold Resources' total attributable reserves and resources stood at 3.4
million ounces and 10.6 million ounces respectively at the end of 2000, with
an average reserve grade of 4.9g/t.

Chief executive Dr Mark Bristow said the quality of these reserves was
demonstrated by the fact that the company's production target for 2001 was 300
000 attributable ounces at an estimated cash cost of US$135/oz, which would
make it one of the lowest-cost gold producers in the world.

'With Morila running smoothly and Syama being settled, our focus is now on our
exploration, new business and resource development programmes.  Our aim is to
find more Morilas and, given the potential of our portfolio and our experience
in this field, we believe we are well placed to do so,' Bristow said.



Issued on behalf of Randgold Resources Limited by du Plessis Associates. dPA
contact Kathy du Plessis on 
Tel +27 (11) 728 4701, mobile (0) 83-266-5847 
or e-mail randgoldresources@dpapr.com

 RANDGOLD RESOURCES 
Incorporated in Jersey, Channel Islands
Reg. no. 62686

REPORT FOR THE QUARTER ENDED 31 MARCH 2001


HIGHLIGHTS OF THE QUARTER

- Morila continues to deliver on plan
- Company increases equity position in Loulo
  and signs JV in Burkina Faso
- Drilling programmes commence on four
  projects in three countries
- Reserve base increases in quality
- Syama care and maintenance programme on
  track

Randgold Resources Limited has 33 million shares issued as at 31 March 2001.

CONSOLIDATED INCOME STATEMENT
                          Quarter         Quarter
                            Ended           ended
                         31 March     31 December
US$000                       2001            2000
Revenues
Gold sales                 28 454          29 158
Interest received             853           1 770
Exploration expenditure 
  recovered                    13               8
Other income                  203           2 124
                           29 523          33 060
Cost and expenses
Production costs           16 289          19 554
Transfer to deferred
  stripping costs            (253)           (367)
Cash operating costs       16 036          19 187
Royalties                   1 822           1 701
Total cash costs           17 858          20 888
Profit before other 
  charges                  11 665          12 172
Interest expense            1 724           1 537
Depreciation and 
  amortisation              1 455           1 558
Write down due to
  impairment of long-term
  assets                        -          34 606
Exploration and corporate 
  expenditure               2 126           3 405
Rehabilitation provision       75              91
Other expenses              2 685             416
Total costs                25 923          62 500
Profit/(loss) on ordinary
  activities before taxes
  and minority interests    3 600         (29 440)
Income tax                    (89)           (105)
Profit/(loss) on ordinary
  activities before
  minority interest         3 511         (29 545)
Minority shareholders' 
  interest                    469             738
Net profit/(loss)           3 980         (28 807)


CONSOLIDATED BALANCE SHEET

                               At              At
                         31 March     31 December
US$000                       2001            2000
Assets
Cash and equivalents       68 007          63 505
Receivables                23 687          26 769
Inventories                12 936          10 534
Total current assets      104 630         100 808
Property, plant and
  equipment 
Cost                      162 856         153 537
Accumulated depreciation  (77 697)        (76 242)
Net property, plant and
  Equipment                85 159          77 295
Other long-term assets        114             368
Total assets              189 903         178 471
Bank overdraft              2 500           1 867
Accounts payable and
  accrued liabilities      28 218          28 292
Total current liabilities  30 718          30 159
Provision for environmental
  Rehabilitation            3 739           3 616
Deferred liabilities on
  financial instruments     8 069           4 368
Long-term loans            46 749          44 071
Loans from outside
  shareholders in
  subsidiaries             23 042          22 258
Total long-term
  Liabilities              81 599          74 313
Total liabilities         112 317         104 472
Interest of outside
  shareholders in
  subsidiaries' losses    (20 411)        (19 942)
Shareholders' equity       97 997          93 941
Total liabilities and 
  shareholders' equity    189 903         178 471


RESULTS FOR THE QUARTER
Profit from operations for the quarter amounted to US$10.6 million. This
comprises Randgold Resources' 40% share of Morila's profits amounting to
US$11.1 million and a US$0.5 million operating loss at Syama.  A further
US$3.0 million was expensed at Syama mainly on rehabilitation and
retrenchments as part of the care and maintenance programme.  Exploration and
corporate costs net of interest receivable and other income amounted to US$2
million.  After interest expense of US$1.7 million and amortisation of US$1.4
million, profit before tax and minority interests amounted to US$3.6 million.

At current gold prices and even after the suspended operation Syama's results,
the Company's operating margin for the quarter was approximately 37%, at the
cash profit level.

REVIEW OF OPERATIONS

MORILA

                                 Quarter       Quarter
                                   ended         ended
                                31 March   31 December
                                    2001          2000
Mining
Tons mined (000)                   4 142         4 205
Ore tons mined (000)                 962           541
Milling
Tons processed (000)                 590           500
Ore grade milled (g/t)              8.89          9.41
Recovery (%)                        93.3          96.3
Ounces produced                  159 428       141 615
Average price received (US$/ounce)   265           268
Cash operating cost (US$/ounce)       72            71
Cash profit US$000                27 900        25 495

Attributable (40%)
Ounces produced                   63 771        56 646
Cash profit (US$000)              11 160        10 198

Quarterly production was 159 428 ounces at a cash operating cost of US$72/oz
(total cash cost of US$90/oz).  Tonnage throughput climbed to 590 000 tons at
8.89g/t as the operation changed from processing the weathered oxide ore to
the more competent sulfide ore.   The changeover marked the successful
commissioning of the SAG mill with throughput levels of 450 t/hr (9 000
tons/day) being achieved. 

Cash profit for the quarter was US$27.9 million and net profit was US$21.0
million.  Gold production is expected to be maintained next quarter as
throughput levels rise.  Fringe drilling has indicated that the orebody is
still open to the north-east.

SUSPENDED OPERATIONS

SYAMA
                               Quarter       Quarter
                                 Ended         ended
                              31 March   31 December
                                  2001          2000
Mining
Tons mined (000)                 1 418         1 703
Ore tons mined (000)               732           432

Milling
Tons processed (000)               416           530
Ore grade milled (g/t)            3.68          3.47
Recovery (%)                      83.3          82.7
Ounces produced                 41 675        49 456
Average price received 
  (US$/ounce)                      277           283
Cash operating cost 
  (US$/ounce)                      269           306
Cash (loss) US$000                (494)       (1 928)

In line with the decision to put Syama on care and maintenance, mining
operations ceased at the end of February 2001. The operation continues to
process economic stockpiles.  The quarter's production was
41 675 ounces at a cash operating cost of US$269/oz (total cash cost 
US$285/oz).  Throughput was 416 000 tons at a grade of 3.68 g/t.  This resulted
in an operating loss of US$494 000. 

After extraordinary costs relating to the care and maintenance plan (mainly
retrenchment costs and rehabilitation work) the loss for the quarter was
US$3.4 million. Cost containment plans are in place to safeguard expenditure
on the operation as it carries out its rehabilitation and care and maintenance
programme.


ANNUAL RESERVE & RESOURCE DECLARATION

The table below summarises the reserves and resources available as at 31
December 2000:

                                   Tons   Mozs  Attrib
RESERVES                Mt   g/t   gold   gold     Moz
Proven and Probable
Morila                27.6   5.5  151.8    4.9     2.0
Loulo                 14.2   3.8   54.5    1.8     1.4
Total Reserves        41.8   4.9  206.3    6.7     3.4

RESOURCES
Measured and Indicated
Morila                36.8   4.8  175.9    5.6     2.3
Loulo                 22.0   4.1   90.9    2.9     2.3
Syama                 51.6   3.2  162.6    5.2     4.0
Sub total            110.3   3.9  429.4   13.7     8.6
Inferred              35.6   2.5   89.4    2.9     2.0
Total Resources      145.9   3.6  518.8   16.6    10.6

Notes :
1. Following the guidelines of the Australian Institute of Mining and
Metallurgy, dilution has been incorporated into the estimates of reserves.
2. Reserves are economically viable at an average gold price of US$300 per
ounce over the life of the mine or project.
3. All measured and indicated resources are quoted at a cut-off grade.
4. This statement has been prepared by the Randgold Resources competent
persons team, and in consultation with our joint venture partners in the case
of Morila.

The total attributable reserves and resources have reduced to 3.4 million
ounces and 10.6 million ounces respectively (7 million and 11.1 million in
1999), while the average grade of the reserves has shown a pleasing increase
by over 1 g/t from 3.6 g/t to 4.9 g/t.  The reduction in ounces is mainly as a
result of the sale of 40% of the Morila project, and the decision to exclude
all Syama reserve ounces until we have completed our studies on the different
options available to that operation.  The exclusion of Syama is also in line
with the Company's focus on quality low cost ounces and resulted in the
overall increase in grade of the reserves.  The quality of these reserves is
borne out by the fact that the Company is targeting the production of 300 000
attributable ounces of gold for 2001, at an estimated cash cost of
US$135/ounce which will place it as one of the lowest cost per ounce producers
in the world.

Based on current plans the Morila reserves can be mined over the life of the
project at a total cash cost of US$127/ounce.  Randgold Resources continues to
maintain a high ratio of measured and indicated resources with over 8 million
ounces in these categories.

EXPLORATION ACTIVITIES

Aggressive exploration activities are currently in progress on the Company's
portfolio of holdings and include drilling programmes on four projects within
Mali, Cote d'Ivoire and Burkina Faso.

In Mali, the Company has secured an additional authorisation permit, referred
to as Niamou (250 km2) and now holds eight properties totalling 2 048 km2
within the Morila region.  Multiphased exploration programmes involving RAB
drilling, airborne geophysics and surface geochemistry are currently in
progress on all these properties.  On the Morila mining lease, along the Donba
to Fingola anomalous corridor, a 35 000 metre RAB drilling programme is
currently in progress to locate additional Morila style orebodies.  Regional
exploration has identified three new anomalies on the western border of the
mining lease.

An agreement has been reached in terms of which the Company will acquire the
29% interest in the Loulo project held by Normandy La Source SAS which will
take Randgold Resources' equity position to 80%.  The Company has embarked on
a plus 10 000 metre drilling programme, which based on a revised geological
model, will focus on known extensions to the existing deposits of Yalea and
Loulo O.  In addition to this work, six conceptual targets locating beneath
lateritised cover will be tested.

In the Cote d'Ivoire on the Nielle permit a 10 000 metre programme involving
diamond, RC and RAB drilling is currently in progress on the 1.8 million ounce
Tongon project.  This programme is designed to assess the continuity and test
the upside potential of mineralisation along two zones covering more than four
kilometres of strike length.

In Burkina Faso the Company has signed a joint venture agreement with Delta
Gold covering three contiguous permit areas.  Delta can acquire a 50%
participating interest by expending US$4.25 million over five years.  A phase
one programme is currently in progress involving RAB and RC drilling and a
ground magnetic survey.  Encouraging results have recently been received from
the widely spaced RAB drilling lines defining multiple intercepts of  between
4 and 32 metres grading 1.0 g/t to 8.1 g/t gold.

HEDGING

Details of hedging financial instruments at 31 March 2001 are:
SYAMA
During the quarter Syama's hedge position was closed out in line with the care
and maintenance strategy.  The close out realised a surplus of US$3.7 million
which will be accounted for in the June 2001 quarter.
MORILA
The Company's share of gold which has been sold forward at a fixed price of
US$275/oz over the period April 2001 to December 2004 amounts to 256 000 oz. 
Randgold Resources' share of purchased call options for the same period
amounts to 95 000 oz at prices between US$330/oz and US$360/oz and sold call
options of 148 500 oz at US$353/oz.

GENERAL
The board is cognisant that the current Randgold group structure is
unsatisfactory and continues to negatively influence the Company's share
price.  The board and management are united in their desire to achieve the
market's recognition of Randgold Resources' value.  A number of options which
could deal with these issues have been defined and are being vigorously
pursued in consultation with our advisors and the relevant regulatory
authorities.

On behalf of Randgold Resources Limited


RAR Kebble                    DM Bristow
Chairman                      Chief Executive Officer

2 May 2001


Registered office:
La Motte Chambers, La Motte Street, St Helier,
Jersey JE1 1BJ, Channel Islands

Web-site:
www.RandgoldResources.com

Registrars:
Computershare Services (Jersey) Limited,
c/o R & H Fund Services, Jersey Limited,
PO Box 83 Ordnance House, 34 Pier Road, St Helier,
Jersey JE4 8PW, Channel Islands

Transfer agents:
Computershare Services plc,
7th floor, Jupiter House, Triton Court, 14 Finsbury Square,
London EC2A 1BR

Investor and media relations:
Further information contact Kathy du Plessis at
Telephone +27(11) 728-4701, Telefax +27(11) 7282547,
e-mail : randgoldresources@dpapr.com