Randgold Resources Ld
26 April 2004
RANDGOLD SHAREHOLDERS CLEAR WAY FOR DIVIDEND PAYMENTS TO START
Jersey, Channel Islands, 26 April 2004 - Shareholders of the London (LSE:RRS)
and Nasdaq (GOLD) listed gold miner Randgold Resources today voted to
reconstitute the Company's balance sheet to expunge accumulated losses through
the share premium account, thus clearing the way for dividend payments to start.
At the Company's annual general meeting a motion to further improve the
tradability of the Company's stock through a two-for-one share split was also
given the green light. The proposed capital reduction is still subject to court
approval in Jersey, Channel Islands, which hearing is set for tomorrow.
Chief executive Dr Mark Bristow said these moves are consistent with the
Company's financial strategy. 'Having built a sustainably profitable business,
we're now cleaning up the balance sheet to allow the payment of dividends. This
will be followed by the share split, which has been designed to meet liquidity
demands in North America.'
RANDGOLD RESOURCES ENQUIRIES:
Dr Mark Bristow +44 779 775 2288
Roger Williams +44 779 771 9660
Investor & Media Relations
Kathy du Plessis +27 11 728 4701
Cell: +27 (0) 83 266 5847 email@example.com
BACKGROUND ON RANDGOLD RESOURCES:
Randgold Resources (LSE:RRS) (Nasdaq:GOLD) is an international gold mining and
exploration business focused in Africa, incorporated in the Channel Islands in
1995 and listed on the London Stock Exchange in 1997 and Nasdaq in 2002.
On 22 September 2003, Randgold Resources was accepted as a member of the FTSE
It has to date discovered the 7 million ounce Morila deposit in southern Mali,
the plus 2 million ounce Yalea deposit in western Mali and the 3 million ounce
Tongon deposit in Cote d'Ivoire.
The Company successfully developed the Morila deposit into one of the world's
largest and highest-margin gold mines, which since it commenced production in
October 2000 has produced just over 2.5 million ounces at a total cash cost of
approximately US$90 per ounce. The Company has commenced the development of a
new mine at Loulo, with the open-pit operation scheduled to commence in July
2005. Feasibility study work on the underground potential to extend the life of
the operation is continuing.
Randgold Resources has a prefeasibility project at Tongon in Cote d'Ivoire and a
portfolio of prospective exploration projects in Mali, Cote d'Ivoire, Senegal
Full information on the Company is available on the website at
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, the development of Loulo, estimates of reserves and mine life and
liabilities arising from the closure of Syama. For a discussion on such risk
factors, refer to the annual report on Form 20-F for the year ended 31 December
2002, which was filed with the Securities Exchange Commission on 27 June 2003.
Randgold Resources assumes no obligation to update information in this release.
Cautionary Note to US Investors: The United States Securities Exchange
Commission (the 'SEC') permits companies, in their filings with the SEC, to
disclose only proven and probable ore reserves. We use certain terms in this
release, such as 'resources', that the SEC does not recognise and strictly
prohibits us from including in our filings with the SEC. Investors are
cautioned not to assume that all or any part of our resources will ever be
converted into reserves which qualify as 'proven and probable reserves' for the
purposes of the SEC's industry guide number 7.
This information is provided by RNS
The company news service from the London Stock Exchange