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Randgold Resources (RRS)

  Print      Mail a friend       Annual reports

Wednesday 14 May, 2003

Randgold Resources

Randgold Resources strong Q1

Randgold Resources Ld
14 May 2003

Randgold Resources Limited

Incorporated in Jersey, Channel Islands

Reg. No. 62686

LSE Trading Symbol: RRS

Nasdaq Trading Symbol: GOLD





CONTINUED STRONG PERFORMANCE BOLSTERS ROBUST BALANCE SHEET





London, 14 May 2003 - The London and Nasdaq listed gold company Randgold
Resources today reported a net profit of US$17.1 million for the March quarter -
a fivefold increase on the corresponding quarter in 2002 - and said its
continued strong operational performance was bolstering its growth prospects.



Attributable production of 95 398 ounces at a cash operating cost of US$65/oz
(total cash cost of US$88/oz) from its Morila joint venture was lower than in
the high grade bonanza December quarter but in line with forecast.  A higher
received gold price of US$338/oz impacted positively on revenues and operating
profit margins remained above 70%.  Plant throughput at Morila comfortably
exceeded design parameters, reflecting the benefits of the ongoing mine-to-mill
optimisation exercise.  Work has started on a capital expansion programme
designed to increase production above the 330 000 tons per month level.



Randgold Resources' balance sheet was strengthened further by the latest
results, with cash now standing at US$80 million and virtually no debt other
than the company's attributable share of the non-recourse Morila project
finance.  Shareholders' equity rose to US$140 million from US$119 million at the
end of 2002.



Chief executive Dr Mark Bristow said the company was continuing to accelerate
its pursuit of new high-return growth opportunities.  It had entered into ten
confidentiality agreements during the past quarter and was conducting due
diligences on exploration and feasibility-level prospects in East, Central and
West Africa as well as Europe.



Within its existing project and exploration portfolio, drilling of the
high-grade axis and orebody extensions at Morila was making good progress, and
drill testing of four prioritised Morila-style targets located on Randgold
Resources' properties was scheduled to start in the next quarter.



An updated opencast feasibility study on the 4.3 million ounce Loulo project, in
the Mali West region, was presented to the Malian government and a potential new
resource has been delineated on the Loulo 0 West target.  The next drilling
campaign to add further opencast and underground resources has started.  It was
announced earlier this week that Randgold Resources was leading an investigation
into cooperative options in Mali West with Nevsun, to bring their respective
projects to account.



In Senegal, exploration work on the Tomboronkoto permit is returning good
results and drilling programmes are scheduled for late in the year.  The company
has applied for a further 16 licences in Tanzania, where it is also pursuing
joint venture opportunities.



During the quarter Randgold Resources granted a 12-month option over its
interest in the discontinued Syama mining operation in Mali to Resolute Mining.
Resolute will pay Randgold Resources a monthly option fee of US$75 000 while it
carries out a due diligence on the project.





For further information call:

(CEO) Mark Bristow on +44 779 775 2288

(CFO) Roger Williams on  +44 779 771 9660







Issued on behalf of Randgold Resources Limited by  du Plessis Associates.

dPA contact Kathy du Plessis on Tel: 27(11) 728 4701,

mobile: 27(0)83 266 5847 or e-mail randgoldresources@dpapr.com

website: www.randgoldresources.com





********************

FORMAL  ANNOUNCEMENT

********************



RANDGOLD RESOURCES LIMITED

REPORT FOR THE QUARTER ENDED 31 MARCH 2003





- Net profit of US$17.1 million for the quarter further strengthens balance sheet

- Strong operational performance provides platform for growth

- Attributable production of 95 368 ounces at a cash operating cost* of US$65/oz and
at a total cash cost* of US$88/oz

- Morila drilling of high grade axis and orebody extensions enhances definition

- Loulo updated opencast feasibility study presented to Malian government

- Drill testing of prioritised targets to commence in the Morila region

- Delineation drilling defines potential resource at Loulo 0 west

- Option to purchase Syama granted at US$75 000 per month





CONSOLIDATED INCOME STATEMENT



                       Unaudited   Unaudited   Unaudited

                         quarter     quarter     quarter

                           ended       ended       ended

                          31 Mar      31 Mar      31 Dec

US$000                      2003        2002        2002



Gold sales revenue        31 586      17 423      44 186

Cost of sales

Production costs           6 521       6 259       8 351

Transport and refinery

  costs                      115         108         185

Transfer to deferred

  stripping cost            (373)     (1 361)     (1 642)

Cash operating costs*      6 263       5 006       6 894

Royalties                  2 207       1 210       3 133

Total cash costs*          8 470       6 216      10 027

Profit from mining

  activity*               23 116      11 207      34 159

Depreciation and

  amortisation             2 313       1 948       2 333

Exploration and corporate

  expenditure              2 810       2 101       5 336

Profit from operations*   17 993       7 158      26 490

Interest received             71          35         101

Interest expense            (542)       (968)       (744)

Profit/(loss) on financial

  instruments               (276)     (1 131)        347

Other income and (expenses) (219)     (1 606)        126

Profit on ordinary

  activities before taxes

  and minority interests  17 027       3 488      26 320

Income tax                     -           -           -

Minority shareholders'

  interest                    79          21         122

Net profit                17 106       3 509      26 442

Basic earnings per

  share (US$)               0.61        0.16        0.96

Fully diluted earnings

  per share (US$)           0.61        0.15        0.95

Average shares in

  issue               27 821 049  22 507 028  27 643 073



* Refer to pro forma information provided below





CONSOLIDATED BALANCE SHEET



                       Unaudited   Unaudited     Audited

                              at          at          at

                          31 Mar      31 Mar      31 Dec

US$000                      2003        2002        2002



Assets

Cash and equivalents      80 803      10 620      59 631

Restricted cash**          4 533       4 474       4 526

Receivables               10 079      13 775      14 262

Inventories               11 809      10 460      11 601

Total current assets     107 224      39 329      90 020

Property, plant and equipment

  Cost                   169 818     165 092     168 540

  Accumulated

   depreciation          (94 417)    (85 287)    (92 104)

Net property, plant and

  equipment               75 401      79 805      76 436

Other long-term assets     7 775       3 721       7 402

Total assets             190 400     122 855     173 858

Bank overdraft             1 337       1 954       1 170

Accounts payable and

  accrued liabilities     18 239      18 982      20 564

Total current liabilities 19 576      20 936      21 734

Provision for environmental

  rehabilitation           5 044       4 412       4 972

Liabilities on financial

  instruments              5 777       7 498       7 530

Long-term loans           18 890      58 009      19 307

Loans from outside

  shareholders in

  subsidiaries             1 251       1 522       1 330

Total long-term

  liabilities             30 962      71 441      33 139

Total liabilities         50 538      92 377      54 873

Shareholders' equity     139 862      30 478     118 985

Total liabilities and

  shareholders' equity   190 400     122 855     173 858



**  Note: This is the amount relating to the N.M. Rothschild & Sons Limited debt
service reserve account.  The amount is held in escrow for the partial repayment
of the Morila project loan.





CONSOLIDATED CASH FLOW STATEMENT



                                   Unaudited     Audited

                                     quarter     quarter

                                       ended       ended

                                      31 Mar      31 Dec

US$000                                  2003        2002



Net cash generated from operations    21 134       4 480

Net cash utilised in investing

  activities                          (1 285)     (2 016)

Net cash generated by/(utilised in)

  financing activities

  Ordinary shares issued               1 712         365

  (Decrease)/increase in long-term

  borrowings                            (556)        862

  Increase in bank overdraft             167         246

Net increase in cash and cash

  equivalents                         21 172       3 937

Cash and cash equivalents at beginning

  of period                           59 631       6 683

Cash and cash equivalents at end

  of period                           80 803      10 620





CONSOLIDATED STATEMENT ON CHANGES IN EQUITY



    Number                               Accumu-

        of    Share    Share    Other     lated    Total

  ordinary  capital  premium reserves    losses   equity

    shares   US$000   US$000   US$000    US$000   US$000



Balance - 31 Dec 2001

22 461 630    2 246  161 830   (1 745) (131 834)  30 497

Net profit - Mar 2002

         -        -        -        -     3 509    3 509

Movement on cash flow hedges

         -        -        -   (3 893)        -   (3 893)

Share options exercised

   136 194       12      353        -         -      365

Balance - 31 Mar 2002

22 597 824    2 258  162 183   (5 638) (128 325)  30 478

Balance - 31 Dec 2002

27 663 740    2 766  190 618   (8 293)  (66 106) 118 985

Net profit - Mar 2003

         -        -        -        -    17 106   17 106

Movement on cash flow hedges

         -        -        -    2 059         -    2 059

Share options exercised

   471 926       47    1 665        -         -    1 712

Balance - 31 Mar 2003

28 135 666    2 813  192 283   (6 234)  (49 000) 139 862





PRO FORMA INFORMATION



The Company uses the following pro forma disclosures as it believes that this
information is relevant to the mining industry.



Total cash costs per ounce are calculated by dividing total cash costs, as
determined using the Gold Institute Industry Standard, by gold ounces produced
for all periods presented.



Total cash costs as defined in the Gold Institute Industry Standard, includes
mine production, transport and refinery costs, general and administrative costs,
movement in production inventories and ore stockpile, transfers to and from
deferred stripping and royalties.



Cash operating costs are defined as total cash costs excluding royalties.



Total cash operating costs per ounce are calculated by dividing cash operating
costs by gold ounces produced for all periods presented.



Profit from mining activity is calculated by subtracting total cash costs from
gold sales revenue for all periods presented.



Profit from operations is calculated by subtracting depreciation and
amortisation charges and exploration and corporate expenditure from profit from
mining activity.





RECONCILIATION TO US GAAP



The interim condensed financial statements presented above have been prepared in
accordance with International Financial Reporting Standards (IFRS), which differ
in certain significant respects from Generally Accepted Accounting Principles in
the United States (US GAAP).  The effect of applying US GAAP to net income and
shareholders' equity is set out below.



                         Quarter     Quarter     Quarter

                           ended       ended       ended

Reconciliation of Net     31 Mar      31 Mar      31 Dec

  Income (U$000)            2003        2002        2002



Net income under IAS      17 106       3 509      26 442

Share option compensation

  adjustment                 195        (588)     (5 991)

Provision for

  rehabilitation               -         (40)        (76)

Net income under US GAAP

  before cumulative effect

  of change in accounting

  principle               17 301       2 881      20 375

Cumulative effect of

  change in accounting

  principle                  214           -           -

Net income under US GAAP  17 515       2 881      20 375

Movement in cash flow

  hedges during the

  period                   2 059      (3 893)     (1 703)

Comprehensive income/

  (loss) Under US GAAP    19 574      (1 012)     18 672

Basic earnings per share

  under US GAAP (US$)       0.62        0.13        0.74

Fully diluted earnings

  per share under US GAAP

  (US$)                     0.62        0.12        0.73



Reconciliation of          As at       As at       As at

  Shareholders' Equity    31 Mar      31 Mar      31 Dec

  (U$000)                   2003        2002        2002



Shareholders' equity

  under IAS              139 862      30 478     118 985

Provision for

  rehabilitation               -        (178)       (214)

Shareholders' equity

  under US GAAP          139 862      30 300     118 771



Roll forward of shareholders'

  equity under US GAAP

Balance as at

  1 Jan 2003             118 771      30 359

Net income under

  US GAAP                 17 515       2 881

Movement on cash flow

  hedges                   2 059      (3 893)

Share options exercised    1 712         365

Share option compensation

  adjustment               (915)        588

Shareholders' equity

  under US GAAP at

  31 Mar 2003           139 862      30 300







ACCOUNTING POLICIES



The interim condensed financial statements in this report have been prepared in
accordance with the Group's accounting policies, which are in terms of
International Financial Reporting Standards and are consistent with the prior
period.



The consolidated financial information includes the interim financial statements
of the Company, its subsidiaries and the Morila joint venture, which comply with
IAS 34.



Joint ventures are those investments in which the Group has joint control and
are accounted for under the proportional consolidation method and under this
method, the proportion of assets, liabilities, income and expenses and cashflows
of each joint venture attributable to the Group are incorporated in the
consolidated financial statements under appropriate headings.  Inter-company
accounts and transactions are eliminated on consolidation.



No segmental information has been provided as the source and nature of the
enterprises risks and returns are not governed by more than one segment due to
the closing down of Syama.





FINANCIAL INSTRUMENTS



The remaining financial instruments at 31 March 2003 are held by the Morila
company and relate to derivatives taken out as part of the project finance
arrangements.  Randgold Resources' attributable share is as follows:

* 97 376 ounces sold forward at a fixed price of US$275/oz over the period April
2003 to December 2004;

* 34 469 ounces of purchased call options for the same period at prices between
US$350/oz and US$360/oz.



At present prices, the percentage of production which is hedged is approximately
19% for the next two calendar years.  If the gold price is above US$350/oz the
percentage of hedged production falls to 13%.  With a gold price of US$360/oz,
this reduces further to 12%.  After 2004 all sales will be fully exposed to the
spot gold price.  The facility is margin free.





COMMENTS



Net profit for the quarter was US$17.1 million resulting in earnings per share
of US$0.61.  This was almost five times higher than the net profit achieved for
the corresponding period in 2002.  Net profit for the December 2002 quarter was
US$26 million largely as a result of exceptionally high grades at Morila of 17 g
/t.  Grades for the quarter were down from these exceptionally high levels, but
remained in line with management's expectations. Revenues were impacted
positively by a higher received gold price of US$338/oz and operating profit
margins remained above 70%.  Profit from mining activity was US$23.1 million
compared to US$11.2 million for the corresponding quarter in 2002 and US$34.1
million in the previous quarter.



The strong profits for the quarter further strengthened the balance sheet.  The
main balance sheet movements for the quarter ended 31 March 2003 are an increase
in cash and shareholders' equity reflecting the attributable earnings from
Morila.



The decrease in liabilities on financial instruments is the result of the
movement on the mark-to-market value of the financial instruments.



The Company received its fifth distribution from Morila of US$24 million at the
beginning of February 2003.  A further dividend of US$18.8 million was received
at the beginning of May 2003.





OPERATIONS MORILA



The Morila mine continues to produce satisfactory results.  Production for the
quarter was 238 421 ozs and head grade was in line with forecast for the quarter
but lower than the previous quarter.



Plant throughput comfortably exceeded design parameters and totaled 830 477 tons
for the quarter, showing the positive effects of 'mine to mill' optimisation.
The total cash operating cost* for the quarter was US$65/oz and the total cash
cost* was US$88/oz.



Results have been received from limited drilling in the high grade axis
confirming the previously intersected high grades.  They indicate the amount of
high grade ore particularly in the northern target is more than originally
expected and consequently this could result in a positive impact on production
in the future.  Close spaced reverse circulation drilling will now be undertaken
to drill out the remaining area in the high grade zone, in order to more closely
define mineable grades.



The capital expansion programme has been approved and construction has commenced
on the project which is planned to increase production above the 330 000 tons
per month level.



MORILA RESULTS



                         Quarter     Quarter     Quarter

                           ended       ended       ended

                          31 Mar      31 Mar      31 Dec

                            2003        2002        2002

Mining

Tons mined (000)           5 957       8 096       6 063

Ore tons mined (000)       1 223         975         542



Milling

Tons processed (000)         830         733         669

Head grade milled (g/t)     9.75        6.51        17.1

Recovery (%)                93.7        92.0        88.4

Ounces produced          238 421     148 996     325 273

Average price received

  (US$/ounce)                338         291         316

Cash operating cost*

  (US$/ounce)                 65          80          54

Total cash costs*

  (US$/ounce)                 88         104          78

Cash profit (US$000)      57 790      28 018      85 398



Attributable (40%)

Ounces produced           95 368      59 598     130 109

Cash profit (US$000)      23 116      11 207      34 159



* Refer pro forma information provided above.





DISCONTINUED OPERATION - SYAMA



Randgold Resources has entered into an option agreement with the Australian
mining company, Resolute Mining Limited, over its interest in the Syama mine in
Mali.  In terms of the agreement, Resolute have been given a 12 month period in
which to conduct a full due diligence over Syama.



Resolute will pay Randgold Resources a US$75 000 monthly option fee, the first
of which was received on 25 April 2003, and can terminate the agreement on one
month's notice.  If it exercises the option within the 12 month period it will
pay Randgold Resources US$6 million and take on up to US$7 million in Syama
liabilities.  In addition, subject to the gold price being above US$350/oz, a
royalty will be payable on gold produced from the Syama project of US$10 per
ounce for the first million ounces and US$5 per ounce for the next three million
ounces.



Care and maintenance activities continued in the quarter.



SYAMA INCOME STATEMENT



                       Unaudited   Unaudited   Unaudited

                         quarter     quarter     quarter

                           ended       ended       ended

                          31 Mar      31 Mar      31 Dec

(US$000)                    2003        2002        2002



(Loss) from operations         -           -           -

Interest expense               -           -           -

(Loss) on financial

  instruments                  -      (1 093)          -

Other expenses net of

  other income              (335)       (689)     (1 489)

(Loss) on ordinary

  activities before taxes   (335)     (1 782)     (1 489)

Income tax                     -           -           -

Net (loss)                  (335)     (1 782)     (1 489)





PROJECTS AND EVALUATION



Loulo Project - Updated Feasibility Study



The updated feasibility study based on opencast reserves only was completed in
the quarter and submitted to our partner, the Malian government (20% share).
The major issue highlighted from the recent work was the disparity between the
opencast reserve base and estimated project infrastructure costs, both
operational and regional.  Progress is being made on three fronts in this
regard.  Firstly, we have commenced with a further drilling campaign to convert
more of the large resource base to reserves, both on new targets and at depth
underlying the existing pits.  Secondly, we have reached agreement with Nevsun
whereby our two companies, under the leadership of Randgold Resources, have
agreed to jointly initiate a study which will investigate possible synergies and
whether there is a commercial logic to integrating our respective gold projects
in the region utilising as much shared operational infrastructure as possible.
Thirdly, we are progressing discussions with government towards the goal of a
more equitable share of the project revenue between Government and Randgold
Resources.  In this regard indications are that Government is prepared to fund
certain of the infrastructural requirements for development of the gold mining
potential in this region.



Tongon Project



We are pleased that progress has been reported by the parties involved regarding
a lasting political solution for the current conflict in the Cote d'Ivoire.
While the next phase of drilling has been planned and budgeted, it is still on
hold pending a lasting resolution of the conflict in the area.





EXPLORATION ACTIVITIES



During the last quarter, activities included diamond drilling at the Loulo
project and Morila mine lease, re-establishment of exploration in Tanzania, good
progress with Morila Region and Senegal and the pursuit of new opportunities in
both West and East Africa.



On the Morila mine permit, delineation drilling commenced on the western margin
of the current orebody where, as reported last quarter, exploratory work
confirmed the continuation of the flat-lying mineralised structure.  The current
programme of 17 holes (6 255 metres) is designed to delineate the geology and
improve our ability to model the mineralisation over a 750 metre by 1 kilometre
area west of the current pit.  An encouraging drill intercept of 19 metres @ 2.1
g/t was also returned from a hole drilled 200 metres south of the current pit
and further drilling will be undertaken in this area.  Finally drilling
programmes to test the NW and San Extension targets, which are located 3 and 6
kilometres northwest of the current orebody, will follow on from the extension
drilling.



In the Morila region, but outside the joint venture with AngloGold, exploration
work remains focused on defining conceptual targets with potential to host
Morila style mineralisation and the 21 targets reported last quarter have been
reduced to 17.  Four of these have been prioritised and drill testing is planned
to start on the first target during the current quarter.  The priority targets
are all hosted within greywackes with shallow dipping foliations and associated
quartz veining reminiscent of the hangingwall zone at Morila.  At the Ntiola
Target, a reconnaissance trench returned intervals of 15 metres @ 2 g/t and 5
metres @ 2 g/t from greywackes in close contact with a diorite body.  At the
Dialakoro Target, pitting has intercepted multiple shallow dipping quartz veins
with values of 1 to 7.5 g/t.



At Loulo, a nine hole delineation drilling programme on the Loulo 0 west target
outlined a potential new resource by highlighting two mineralised zones, each
with true widths averaging 9 metres and intercepts grading 1.6 to 5.0 g/t over a
500 metre strike length.  Mineralisation is still open to the north and
interhole spacing is 100 metres. Loulo 0 west locates 350 metres west of and in
the hangingwall to the Loulo 0 orebody.  A Phase 2 definition drilling
programme, designed to confirm and upgrade the resource potential and reduce
interhole spacing to approximately 50 metres, has commenced.  A drilling
programme to extend the underground resources both at Loulo 0 and Yalea will
follow.  Elsewhere on the Loulo permit exploration work continues to focus on
defining new targets along the 15 kilometre Yalea shear structure as well as
delineating higher grade (+ 3.5 g/t) satellite bodies at Loulo 3 and Baboto.



In Senegal, deepening of trenches within the TA target, Tomboronkoto permit,
returned good intercepts of 39 metres @ 2.7 g/t and 32 metres @ 4.7 g/t from a
quartz vein stockwork in granodiorite.  Exploration work to date has outlined
continuous mineralisation over an E - W trending zone of 800 metres where the
focus is on target definition for drill testing later this year.



The Company has re-established active exploration activities in Tanzania with
the acquisition of three prospecting licences in the Musoma Mara region and the
opening of an office in Mwanza.  A further 16 licence applications are pending.





CORPORATE AND NEW BUSINESS



The Company is actively pursuing a number of new business opportunities.  To
this end, ten confidentiality agreements were signed in the quarter.  A number
of due diligences have been carried out or are in progress on opportunities in
East, Central and West Africa as well as in Europe.  These are both at
exploration and feasibility level.









On behalf of Randgold Resources Limited





R A R Kebble                            D M Bristow

Chairman                            Chief Executive





14 May 2003





Registered office:

La Motte Chambers, La Motte Street, St Helier, Jersey JEI IBJ, Channel Islands *
London Office: 100 Piccadilly, London W1J 7NH



Web-site:

www.randgoldresources.com



Registrars:

Computershare Investor Services (Channel Islands) Limited, P.O. Box 83, Ordnance
House, 31 Pier Road, St Helier, Jersey JE4 8PW, Channel Islands



Transfer agents:

Computershare Services Plc, P.O. Box 663, 7th Floor, Jupiter House, Triton
Court, 14 Finsbury Square, London EC2A 1BR



Investor & media relations:

For further information contact Kathy du Plessis on Telephone +27(11) 728-4701,
Fax +27(11) 728-2547, e-mail: randgoldresources@dpapr.com





DISCLAIMER:  Statements made in this document 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 the Syama.  Randgold Resources assumes no obligation
to update information in this release.


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