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Randgold Resources (RRS)

  Print      Mail a friend       Annual reports

Friday 08 February, 2002

Randgold Resources

Final Results - Replacement

Randgold Resources Ld
8 February 2002

The issuer has advised that the following amendment has been made to the 
Randgold Resources Ld 'Final Results' released today at 11:45 under RNS
No 1792R.

The announcement contained tables and other information relating to Randgold & 
Exploration Company Limited. These have been replaced with tables and 
information relating to Randgold Resources Ld. The amended text commences
at '********************'

The full corrected announcement is shown below.

For immediate release

For further information call: 
(Chairman) Roger Kebble  +27 (11) 309-6037 
(CEO) Mark Bristow +44 (0) 779-775-2288


London, 8 February   -   Randgold Resources today posted an operating profit
of US$46 million for the 12 months to December 2001, an increase of US$30
million on the previous year.

The results improvement came on the back of a strong performance by the Morila
gold mine in Mali, which finished its first full year of production ahead of
plan.  Production totalled 631 650 ounces of gold at a cash operating cost of
US$84/oz.  The company said the mined-out ore had already been largely
replaced through continuing exploration and Morila's total resource base now
stood at 5.93 million ounces against 6.02 million ounces in 2000.

Another contributor to the company's good showing was the cessation of
operations at the Syama mine. Discussions with parties interested in acquiring
the mine are continuing but the company said the phased sale of its plant and
infrastructure was also being considered.

Meanwhile, the company is pressing ahead with its Loulo and Tongon gold
projects, which are both at feasibility stage.  The Loulo feasibility study is
currently being updated in the light of significant extensions to its resource
base and the change in the gold market since the last comprehensive
feasibility was completed in 1997.  The Tongon resource has also been expanded
substantially through an intensified exploration and drilling programme and a
prefeasibility study is under way there.

In addition to the resource increases at Loulo and Tongon, exploration
activities over the past year included the initiation of an aggressive
exploration programme on the Morila JV lease;  the identification of 12 new
targets around Morila and the consolidation of the company's groundholdings in
that region;  the re-establishment of an operating presence in Senegal; the
definition of a new mineralised system in Burkina Faso;  and the acquisition
of new properties in Cote d'Ivoire.     In all and after allowing for
depletion the total resource base was expanded by 1.5 million ounces and stood
at 18.1 million ounces of which 11.7 million ounces was attributable at the
end of the year.

Commenting on the results, chief executive Dr Mark Bristow said 2001 had been
a year of considerable activity and achievement at the corporate as well as
the operational level for Randgold Resources.

'Morila achieved financial and technical completion, and paid its first
distribution, during the year.  The mine continues to live up to our
expectations and its robust performance was one of the highlights of the year.
 Another was the share buyback through which we returned some US$81 million to
our shareholders - demonstrating both our commitment and our ability to create
real value for them,' Bristow said, 'Incidentally this was almost equal to the
sum raised at the IPO in 1997.'

'With the strong cash flows from Morila, two projects in feasibility and a
portfolio of promising exploration targets, Randgold Resources maintains its
goal of being return on equity driven and will continually pursue new

Randgold Resources is currently looking at converting its GDR scrip into a
properly tradeable and transparent instrument to meet the demands of North
American investors.  Bristow said depending on market conditions, the company
might also seek to raise capital through a rights issue or share placement
later this year.

Issued on behalf of Randgold Resources Limited by du Plessis Associates. dPA
contact Kathy du Plessis on Tel: 27(11) 728 4701, cell: (0)83 266 5847 or
e-mail [email protected]

Certain of the statements made in this document are forward-looking in nature
and are based on certain assumptions which involve risk and uncertainty
because they relate to events and depend on circumstances that will occur in
the future.  Randgold Resources undertakes no obligation to update any
forward-looking statements.  Mining and exploration by its very nature, is a
risky business and one in which the producers have little influence over the
price of their product.  Consequently investors should be mindful of the
inherent risks associated with all mineral development projects.

Incorporated in Jersey, Channel Islands
Reg. No. 62686


* Bottom line profits of US$17.8 million for the year and US$3.9 million for
* Annual attributable gold production increased from 225 000 oz to 252 000 oz
* Cash operating costs decreased from US$260/oz to US$84/oz
* Morila finishes the year ahead of plan
* Syama operation closed
* Resource base grows by 1.5 million ounces (1.1 million attributable ounces)
* Loulo and Tongon feasibility studies underway

Randgold Resources Limited has 22 million shares issued as at 31 December 2001

              Unaudited   Audited  Unaudited  Unaudited
              12 months 12 months    Quarter    Quarter
                  ended     ended      ended      ended
                 31 Dec    31 Dec     31 Dec    30 Sept
US$000             2001      2000       2001       2001

Gold sales       68 991    15 168      16 019   18 170
  received        2 293     2 167          96      630
  recovered         122       139          18       79
Other income        930     4 241         373        9
                 72 336    21 715      16 506   18 888
Cost and 
  costs          22 533     4 430       6 747    5 436
Transport and 
  refinery costs    454         -         104      600
Transfer to 
  costs          (1 991)     (367)     (1 429)    (321)
Cash operating 
  costs          20 996     4 063       5 422    5 715
Royalties         4 748       909       1 106    1 250
Total cash
  costs          25 744     4 972       6 528    6 965
Profit before 
  other charges  46 592    16 743       9 978   11 923
Interest expense  3 058    11 641         942      800
Depreciation and 
  amortisation    5 722       964       1 526    1 386
Exploration and 
  expenditure     9 309    10 870       2 493    1 959
  provision         144         -          48       48
Loss/(profit) on 
  instruments       214    (3 602)        214        -
Other expenses      533     6 548         100        -
Total costs      44 724    31 393      11 851   11 158
  on ordinary 
  before taxes, 
  operations and 
  interests      27 612    (9 678)      4 655    7 730

Profit related to sale of half of interest
  in Morila           -    124 979          -        -
  operation - 
  Syama         (10 091)   (91 087)      (788)  (2 658)
  interest          270        147         13      118
Net profit       17 791     24 361      3 880    5 190
Dividends                                 Nil      Nil
Earnings per 
  share (US$)                            0.58     0.74
Average shares 
  in issue   30 517 646 33 062 209

Shares issued reduced from 33 million to 22 million at the end of September
2001, when 34% of the shares were repurchased.  Earnings per share is based on
the average shares in issue for the 12 months ended 31 December 2001.

                    Unaudited     Unaudited     Audited
                    at 31 Dec    at 30 Sept   at 31 Dec
US$000                   2001          2001        2000
Cash and equivalents   11 157        13 166     63 505
Receivables            15 517         9 266     26 254
Inventories            10 432        10 240     10 534
Total current assets   37 106        32 672    100 293
Property, plant and 
Cost                  161 308       163 515    153 537
  depreciation        (81 964)      (80 438)   (76 242)
Net property, plant 
  and equipment        79 344        83 076     77 295
Other long-term assets  2 359           930        368
Total assets          118 809       116 678    177 956
Bank overdraft          1 708         1 906      1 867
Accounts payable and 
  accrued liabilities  23 265        22 814     28 292
Total current 
  liabilities          24 973        24 720     30 159
Provision for 
  rehabilitation        3 240         3 792      3 616
Deferred liabilities 
  on financial 
  instruments           1 030         1 000      4 368
Long-term loans        58 217        59 644     44 071
Loans from outside 
  shareholders in 
  subsidiaries          1 335         1 088     22 258
Total long-term 
  liabilities          63 822         65 524    74 313
Total liabilities      88 795         90 244   104 472
Interest of outside 
  shareholders in
  subsidiaries' losses      -             -    (19 942)
Shareholders' equity   30 014        26 434     93 426
Total liabilities 
  and shareholders' 
  equity              118 809       116 678    177 956

                                 Unaudited      Audited
                                 12 months    12 months
                                     ended        ended
US$000                         31 Dec 2001  31 Dec 2000
Cash flow from operations
Profit before tax and minorities    17 521      23 103
Costs transferred to deferred 
  stripping                         (1 991)       (368)
Depreciation and impairment          5 722      86 814
(Decrease)/increase in 
  rehabilitation provision            (376)      1 903
Movement in deferred liabilities 
  on financial instruments           3 338      (3 602)
Working capital movement            (2 997)    (12 087)
Net cash generated from operations  21 217      95 763
Additions to property, plant 
  and equipment (net)               (7 771)    (65 850)
Increase in long-term loans 
  and loans from outside
  shareholders                      13 167      35 407
Share buy-back net of share 
  option proceeds                  (78 802)          -
Net (decrease)/increase in cash 
  and equivalents                  (52 189)     65 320

Year 2000 includes US$132 000 from sale of share in Morila.

                        Of           Share        Share
                  Ordinary         capital      premium
                    Shares          US$000       US$000
Balance - 
  31 December  
  2000         33 076 629           3 307      240 742
  adjustment            -               -            -
Restated -
  31 December 
  2000         33 076 629           3 307      240 742
  instrument            -               -            - 
Net profit              -               -            - 
Share options     997 404             100        1 715 
  buyback     (11 612 403)         (1 161)     (80 627)
Balance -
  31 December
 2001          22 461 630           2 246      161 830

                            Other     lated       Total
                         Reserves     losses     equity
                           US$000     US$000     US$000
Balance - 
  31 Dec 2000                  -   (150 108)    93 941
Prior year adjust-
  ment                      (515)         -       (515)
Restated -
  31 December 
  2000                      (515)  (150 158)    93 426
Financial instrument      (1 230)         -     (1 230)
Net profit                     -     17 791     17 791
Share options                  -          -      1 815
Share buyback                  -          -    (81 788)
Balance -
  31 Dec 2001             (1 745)  (132 317)    30 014


The Company made an operating profit of US$46.6 million, a significant
improvement on the previous year.  Excluding the profit from the sale of 40%
of Morila to AngloGold in 2000, the current year's profit shows an improvement
of US$29.8 million mainly as a result of Morila's first full year of
production and the cessation of production at Syama.

The fourth quarter net profit at US$3.9 million is lower than that of the
third quarter, but in line with the Morila life of mine plan as forecast for
this period.  Exploration and corporate expenditure was lower than the
previous year.

With Morila achieving financial and technical completion during the current
financial year, Randgold Resources received its first distribution amounting
to US$6.4 million in September 2001.  The compulsory repurchase of 34.08% of
the Company's shares at US$7 per share was successfully completed in September
2001, with the Company paying a total of US$81.3 million to shareholders. 
Shares in issue decreased from 33 million to 22 million as reflected in a
decrease in shareholders' equity through a reduction in share premium.

The main balance sheet movements are a reduction in cash and an increase in
long-term loans.  The movement in the long-term loans includes the repayment
of the Syama IFC loan of US$15 million and the 40% attributable portion of the
Morila project financing, which has been repaid, amounting to US$10 million. 
The remaining project finance, of which the Company's share is some US$30
million, is non-recourse to Randgold Resources.  These decreases have been
offset by US$33 million draw down of the corporate facility. 

In view of the cessation of operations at Syama, the loans from and interest
of outside shareholders in Syama, have been netted off from September 2001.


Details of derivative instruments at 31 December 2001 are :

Randgold Resources' share of gold which has been sold forward at a fixed price
of US$275/oz over the period January 2002 to December 2004 amounts to 179 840
ounces.  The Company's share of purchased call options for the same period
amounts to 63 653 ounces at prices between US$340/oz and US$360/oz and sold
call options of 148 500 ounces at US$353/oz.

Morila also has some additional hedging for 2002 of which the Company's share
is 24 000 ounces of put options bought at US$275/oz and 24 000 ounces of call
options sold at US$310/oz.


The abridged financial statements included in this report have been prepared
in terms of International Accounting Standards.  During the year the Group
adopted IAS 39 'Financial Instruments: Recognition and Measurement'.  The
effect of the adoption is a US$0.5 million increase in attributable earnings
for the year ended 31 December 2000.  Opening retained earnings have been
adjusted in the consolidated statement of changes in shareholders' equity.

This preliminary announcement contains financial information which has been
extracted from the latest financial statements.

This announcement does not constitute the full financial statements, which
will be approved by the board and reported on by the auditors at a later
stage.  The accounts of Randgold Resources Limited were the subject of an
unqualified audit report for the year ended 31 December 2000.


Morila has completed its first full year of production.  Production totalled
631 650 ounces of gold which was produced at a cash operating cost of US$84/oz
and total cash cost of US$102.50/oz.  Cash profit for the year was US$107.9

Successful exploration in the pit area has lead to the replacement of
mined-out ore and the resource base now stands at 46.9 million tons at a grade
of 3.93 g/t, for a total content of 5.93 million ounces, (6.02 million ounces
in 2000).

                          Year     Quarter      Quarter
                         Ended       ended        ended
                        31 Dec      31 Dec      30 Sept
US$000                    2001        2001         2001
Tons mined (000)        23 067       7 677        5 273
Ore tons mined (000)     3 429         753          839
Tons processed (000)     2 855         775          754
Ore grade milled (g/t)    7.45        6.64         7.20
Recovery (%)              92.4        91.8         91.8

Ounces produced        631 650     144 189      163 278
Average price received 
  (US$/oz)                 273         277          278
Cash operating cost 
  (US$/oz)                  84          98           85
Cash profit            107 935      23 612       28 013
Attributable (40%)
Ounces produced        252 660      57 676       65 311
Cash profit             43 174       9 444       11 205

Good progress has been made in optimising the operation and the last quarter
saw the design throughput exceeded.


Following its decision last year to suspend mining operations, activities at
the Syama mine have now been reduced to rehabilitation and monitoring work. 
The retrenchment of the Syama workforce has been completed without incident. 
The bulk of the earthmoving fleet has been sold.  All gold production
activities, including the clean-up of the gold plant, have now ceased. 
Management focus at Syama in this last year has been the reduction of the
operation's obligations, preserving the integrity of the orebody and ensuring
a smooth transition to the rehabilitation phase, as operations ceased.

Discussions with parties interested in acquiring the mine continue.  However,
since there has been no significant, sustained improvement in the gold price,
following last year's suspension of operations, consideration is being given
to the phased disposal of Syama's plant and infrastructure whilst retaining
the Phase I oxide circuit.

Syama's net loss for the year ended 31 December 2001 amounted to US$10.1
million (2000: US$91.1 million).  This comprised of sales revenue of US$16.7
million (2000: US$48.6 million) less production and closure costs US$26.4
million (2000: US$56.9 million) and net sundry expenses of US$0.4 million
(2000: (US$3.0) million).  During the previous financial year, the mines
assets were written down by US$74.6 million to its net realisable value, hence
no depreciation was charged for the year (2000: US$11.2 million).


Loulo Project Updated Feasibility Study
Over the past year, good progress has been made in outlining extensions to the
identified resources at Loulo.  In total the exploration effort has led to a
resource base which now stands at 33.7 million tons at a grade of 3.85 g/t for
a total of 4.17 million ounces, which represents an increase of 570 000 ounces
over 2000.  From this base work is now focussed on updating the feasibility
study.  The main areas under re-evaluation are pit optimisation and
scheduling, metallurgical review of processing options and logistics, in
particular power supply.

Tongon Prefeasibility
Since taking over full control of the Tongon Project, after the cessation of
the joint venture with North Ltd, sustained exploration activities have led to
an increase of the resource to 2.9 million ounces from the previously reported
1.8 million ounces.  This has given us increased confidence in the project and
a Type 2 prefeasibility study is underway.  Metallurgical testwork results are
awaited and the outcome of this preliminary study should be available in the
first quarter of 2002.  Discussions are also to be held with government
regarding fiscal incentives.


During the year 2001, exploration activities have resulted in increased
resources of more than one million ounces at Tongon and nearly 600 000 ounces
at Loulo; initiation of aggressive exploration in the Morila JV mining lease;
consolidation of ground holdings (2 048km2) and definition of 12 new gold
targets in the Morila region; re-establishment of activities in Senegal
including the acquisition of ground with significant drill results; defining a
new mineralised system in Burkina Faso and finally acquisition of new
properties in Cote d'Ivoire within our priority areas.

The business plan for 2002 is designed to achieve the objectives of advancing
the Tongon project; locating additional Morila-style mineralisation in
Southern Mali; outlining advanced gold targets within our portfolio of
exploration permits in 
four countries and defining new opportunities within our priority countries in

During the current field season drilling programmes are planned in Burkina
Faso, Cote d'Ivoire and the Morila project in Mali.  At the Gougre prospect in
Burkina Faso diamond drilling (4 holes, 700 metres) is currently in progress
to test possible depth extensions to the mineralisation as defined on surface.
 Shallow drilling last year returned encouraging intercepts of 19 metres @ 5.6
g/t, 8 metres @ 4.6 g/t, 14 metres @ 2.5 g/t and 15 metres @ 4.6 g/t within
silica-magnetite altered dacite containing disseminated pyrite.


Randgold Resources continues to pursue new opportunities for growth that fits
its aims of producing superior returns on equity.  With the strong cash flows
from Morila, two projects in feasibility and a promising portfolio of
exploration targets the company is well-positioned to generate more value.

For the forthcoming year the Company expects Morila to deliver a performance
in line with that of 2001.  Keeping costs below US$100/oz will be the focus of
the Morila joint venture partners in the coming year.  

The Company is planning to spend some US$9.0 million during the year on
exploration, project development and new business.

The Company's board has taken a decision to convert the currently restricted
GDR scrip to a properly tradeable and transparent instrument with open access
to all potential North American shareholders. 

On behalf of Randgold Resources Limited

R A R Kebble                                D M Bristow
Chairman                                Chief Executive
8 February 2002

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

Registrars: Computershare Investor Services (Channel Islands) Limited, PO Box
83 Ordnance House,
31 Pier Road, St Helier, Jersey JE4 8PW, Channel Islands

Transfer agents: Computershare Services plc, PO 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 :
[email protected]


Disclaimer :
Certain of the statements made in this document are forward-looking in nature
and are based on certain assumptions which involve risk and uncertainty
because they relate to events and depend on circumstances that will occur in
the future.  Randgold Resources undertakes no obligation to update any
forward-looking statements.  Mining and exploration by its very nature, is a
risky business and one in which the producers have little influence over the
price of their product.  Consequently investors should be mindful of the
inherent risks associated with all mineral development projects.

                      This information is provided by RNS
            The company news service from the London Stock Exchange


a d v e r t i s e m e n t