Randgold Resources Ld
20 November 2002
For immediate release
For further information call:
(CEO) Mark Bristow +44 779 775 2288
(CFO) Roger Williams +44 779 771 9660
INCREASING CASH RESERVES
WILL FUND FUTURE COMPANY GROWTH
London 20 November 2002 - The proceeds of its Nasdaq listing plus record third
quarter profits added up to some US$60 million dollars in cash on the Randgold
Resources balance sheet at end-September. The company has said its growing cash
reserves will not only be used to fund aggressive exploration programmes but to
take advantage of attractive acquisition or partnership opportunities.
Randgold Resources has paid off the remains of its US$35 million corporate loan
and is poised to build on its cash pile with the strong revenue flow from
Morila. A new as yet undrawn US$20 million revolving credit facility from a
Rothschild-led bank consortium will add to the company's financial muscle.
The results for the September quarter also show shareholders' equity of US$94
million. It was only a year ago that the company returned US$81 million to
investors through a share buyback. That value has since been more than replaced
with the profits from Morila and the proceeds of the Nasdaq listing.
The Nasdaq listing is also achieving its primary objectives, which were to
enhance liquidity, create an effective US trading platform and expand the
shareholder base. Five million shares were issued as part of the listing
exercise, drawing in a wide range of new institutional and retail investors.
Volumes have improved significantly and the share price has risen steadily from
US$6.50 at the time of listing to more than US$8.50 at present.
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 firstname.lastname@example.org
Statements made in this release with respect to Randgold Resources' current
plans, estimates, strategies and beliefs and other statements that are not
historical facts are forward-looking statements about the future performance of
Randgold Resources. These statements are based on management's assumptions and
beliefs in light of the information currently available to it. Randgold
Resources cautions you that a number of important risks and uncertainties could
cause actual results to differ materially from those discussed in the
forward-looking statements, and therefore you should not place undue reliance on
them. The potential risks and uncertainties include, among others, risks
associated with: fluctuations in the market price of gold, gold production at
Morila, estimates of reserves and mine life and liabilities arising from the
closure of Syama. Randgold Resources assumes no obligation to update
information in this release.
This information is provided by RNS
The company news service from the London Stock Exchange IFIF