Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Randgold Resources (RRS)

  Print      Mail a friend       Annual reports

Monday 04 February, 2008

Randgold Resources

Q4 results

Randgold Resources Ld
04 February 2008

Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
('Randgold Resources' or the 'Company')


London, 4 February 2008 (LSE:RRS)(Nasdaq:GOLD)  - Randgold Resources today
announced that its board had approved the development of a new gold mine at
Tongon in the Cote d'Ivoire, subject to the conclusion of a mining convention
with the Government.

Reporting its results for the fourth quarter of 2007 and the year to December,
the company also said a strong performance from its Loulo operations in Mali had
boosted Q4 net profit to US$14.5 million, up 26% on the previous quarter and 34%
up on the comparable quarter in 2006.  A dividend of 12 US cents, up 20% on
2006, was declared for the year.

Attributable gold production for the year of 444 573 ounces was in line with
forecast, due in part to Loulo's increased contribution of 264 467 ounces at a
total cash cost of US$372/oz (2006: 241 575 ounces at US$328/oz).  This
compensated for the shortfall in production at Morila, which delivered 449 815
ounces at a total cash cost of US$332/oz against a forecast of 475 000 ounces.
The company said the shortfall was attributable to operational problems related
to planning, grade control and plant lock-up.

Net profit for the year was down from US$50.9 million to US$45.6 million as a
result of a tax adjustment of US$3.2 million at the Morila joint venture; a rise
of US$7.1 million in exploration and corporate expenditure, mainly as a result
of increased spending on Tongon; and costs associated with a programme to
improve Loulo's operational flexibility.  The company said its annual profit
would have exceeded the previous year's had it not been for these exceptional

The company also announced today that Randgold Resources (Mali) was taking over
the operational responsibility for Morila from its joint venture partner
AngloGold Ashanti.  AngloGold Ashanti has advised Randgold Resources that it is
considering the disposal of its 40% stake in Morila and the two companies have
agreed that in the circumstances it would be best for all stakeholders if
Randgold Resources assumed the operatorship as soon as possible, given its
continuing presence in and commitment to the region.

At Tongon, a Type 3 feasibility study was concluded and on the strength of this
the Randgold Resources board has given the green light for mine development to
proceed.  An initial draft of a proposed mining convention has been submitted to
the Cote d'Ivoire's Ministry of Mines and Energy.  Subject to agreement on this,
construction of the mine will start at the end of 2008 with first gold
production scheduled for the fourth quarter of 2010.  Funding for Tongon has
already been secured through last year's successful US$240 million private
placement of shares.

Meanwhile the development of the Yalea underground mine at Loulo has continued
to make steady progress, with the shaft advancing by a record 260 metres in
January.  Development ore should be accessed later this quarter with the first
mining faces established by mid-year.  It has been decided to replace the
raiseboring shaft with an additional decline shaft to extend access to the

On the exploration front, Massawa in Senegal has emerged as a significant new
drilling target.  RAB drilling has returned high-grade results, confirming
continuous mineralisation over a 2.8 kilometre strike length.  A 5 000 metre
diamond drilling programme is scheduled to start this quarter.

Chief executive Mark Bristow said at a time when the gold industry was faced
with declining output and a dearth of quality projects, Randgold Resources was
gearing up to grow production and profits. With Loulo targeting production of
400 000 ounces per year by 2010 and Tongon stepping in to replace the declining
Morila, group attributable production was set to increase by 50% to 600 000
ounces per year by 2011.  In addition, a robust exploration project portfolio
led by Massawa offered additional organic growth potential.

'We're strong in equity and cash and so also well placed to make the most of any
corporate opportunities that meet our profit criteria and fit in with our pure
gold strategy,' he said.

Chief Executive           Financial Director             Investor & Media Relations
Dr Mark Bristow           Graham Shuttleworth            Kathy du Plessis
+44 788 071 1386          +44 779 614 4438               +44 20 7557 7738
+44 779 775 2288          +44 20 7557 7730               Email: [email protected]
+223 675 0122


*  Net profit up 26% quarter on quarter
*  Gold production, supported by increased ounces from Loulo, in line with
*  Dividend increased by 20%
*  US$240 million private placement secures financing for Tongon
*  Board approves Tongon mine development
*  Loulo underground redesign allows early access to ore
*  Randgold Resources to assume operatorship at Morila
*  Massawa in Senegal grows into significant drill target

Randgold Resources Limited had 76.1 million shares in issue as at 31 December

US$000                     Unaudited       Unaudited       Unaudited          Unaudited          Unaudited
                             quarter         quarter         quarter          12 months          12 months
                               ended           ended           ended              ended              ended
                              31 Dec          30 Sep          31 Dec             31 Dec             31 Dec
                                2007            2007            2006               2007               2006

Gold sales#                   89 855          70 701          68 857            289 841            262 717
Total cash costs*             47 093          38 189          38 125            158 318            132 540
Profit from mining            42 762          32 512          30 732            131 523            130 177
Exploration and               12 933           7 872           7 412             35 920             28 805
corporate expenditure
Profit before income          22 323          18 319          15 763             66 901             73 973
Net profit                    14 492          11 540          10 790             45 628             50 876
Net profit                    13 385          11 474           9 980             42 041             47 564
attributable to
equity shareholders
Net cash generated            31 741           2 262           8 645             62 233             70 410
from operations
Cash and financial           343 133         131 086         143 356            343 133            143 356
Attributable                 119 736         110 247         116 821            444 573            448 242
production+ (ounces)
Group total cash                 393             346             326                356                296
costs per ounce*+
Group cash operating             347             305             288                315                258
costs per ounce*+

#  Gold sales do not include the non-cash profit/(loss) on the roll forward of
*  Refer to explanation of non-GAAP measures provided.
+  Randgold Resources consolidates 100% of Loulo and 40% of Morila.

Gold sales of US$89.9 million for the quarter increased by 27% from the previous
quarter and by 30% from the corresponding quarter in 2006.  This is mainly the
result of the higher average gold price received and increased ounces produced
at Loulo.  Gold sales for the year of US$289.8 million increased by 10.3%
compared to the previous year.  This is attributable to a year on year increase
in the average gold price received of US$652 from US$586 in 2006 and an increase
in gold production of 23 072 ounces at Loulo, partially offset by a decrease in
attributable production at Morila of 26 741 ounces.

Total cash costs for the quarter of US$47.1 million were up 23% compared to both
the previous quarter and the corresponding quarter in 2006.  At Loulo, total
cash costs increased by 28.5% quarter on quarter mainly as a result of increased
mining contractor costs associated with the mining of 3.3 million additional
tonnes, in line with the agreed catch up programme to improve the operational
flexibility of the mine. Higher oil prices and the effect of the weaker US
dollar against the euro also impacted costs during the quarter.  The
attributable total cash costs at Morila increased by approximately 12% mainly
due to higher mining contractor costs, also driven by the weakening US dollar
against the euro and higher diesel costs.  Cash operating cost and total cash
cost per ounce for the quarter increased by 14% from the previous quarter mainly
due to the increase in costs described above, partially offset by an 8.6%
increase in ounces produced.  Year on year the total cash costs increased by
approximately 19%, attributable to higher mining contractor costs at both
operations as well as the impact of higher diesel prices, the effect of the weak
US dollar on the euro-based component of the operational costs, the increased
royalties payable resulting from the higher average gold price received and
general cost increases in other commodities and consumables.  Consequently, the
total cash cost and cash operating cost per ounce of US$356/oz and US$315/oz
increased by 20% and 22% year on year respectively.

The higher gold sales, partially offset by the increases in costs as explained
above, resulted in an increase in profit from mining activity of approximately
32% quarter on quarter and 39% when compared to the corresponding quarter in
2006.  Profit from mining activities increased by 1% year on year, as a result
of the higher average gold price received offset by the higher costs as
described above.

Net profit of US$14.5 million was 26% higher compared to the previous quarter
and 34% higher on the comparable quarter in 2006.  Profit would have been
significantly higher had it not been for a tax adjustment of US$3.2 million at
Morila included in other expenses.  Exploration and corporate expenditure for
the quarter increased by US$5.1 million mainly as a consequence of the increased
expenditure on the Tongon project and bonus accruals which were increased in
line with the company's share price performance.  The group's net profit for the
year was US$45.6 million compared to US$50.9 million in 2006.  This would have
been in excess of the previous year's profit but for the exceptional items
described above.

At Loulo profit from mining was up 44% quarter on quarter and 10% year on year.

The mine produced 68 059 ounces of gold during the quarter at a total cash cost
of US$436/oz (cash operating cost of US$399/oz), compared to last quarter's
production of 58 020 ounces at US$398/oz (cash operating cost US$363/oz).  Year
on year, Loulo increased its gold production by 9.6% to 264 647 ounces at a
total cash cost of US$372/oz (cash operating cost US$337/oz), compared to the
previous year's production of 241 575 ounces at US$328/oz (cash operating cost

The additional equipment mobilised by the mining contractor at the beginning of
the quarter resulted in tonnes mined increasing to 7.5 million from 4.2 million
in the previous quarter.  While this impacted negatively on the cash operating
cost by US$5.1 million for the quarter, it has improved the operational
flexibility of the mine.  Higher fuel prices and the effect of the weaker US
dollar against the euro during the quarter also impacted negatively on the cash
operating cost.  Lower recoveries in the quarter, which resulted from a higher
proportion of Yalea sulphide feed, have now been ameliorated by adjusting the
reagents in the plant.

The higher mining costs will continue in the first quarter of 2008 when it is
expected that the mining contractor will have eliminated the contractual backlog
in the mining volumes, leaving the operation in a position to meet its
throughput targets during the 2008 wet season.

                                  Quarter       Quarter       Quarter        12 months        12 months
                                    ended         ended         ended            ended            ended
                                   31 Dec        30 Sep        31 Dec           31 Dec           31 Dec
                                     2007          2007          2006             2007             2006
Tonnes mined (000)                  7 476         4 202         4 953           20 978           18 362
Ore tonnes mined (000)                710           547           610            2 431            2 547
Tonnes processed (000)                686           599           655            2 654            2 595
Head grade milled (g/t)               3.5           3.2           3.7              3.3              3.2
Recovery (%)                         89.4          94.9          95.2             93.2             93.9
Ounces produced                    68 059        58 020        68 501          264 647          241 575
Average price received+               695           605           546              612              556
Cash operating costs* (US$/oz)        399           363           293              337              294
Total cash costs* (US$/oz)            436           398           326              372              328
Profit from mining activity        17 472        12 079        15 268           63 598           57 534
* (US$000)
Gold sales*+ (US$000)              47 175        35 191        37 592          162 154          136 765

Randgold Resources owns 80% of Loulo with the Government of Mali owning 20%.
The Government's share is not a free carried interest.  Randgold Resources has
funded the Government portion of the investment in Loulo by way of shareholder
loans and therefore controls 100% of the cash flows from Loulo until the
shareholder loans are repaid.

Randgold Resources consolidates 100% of Loulo and shows the minority interest

*  Refer to explanation of non-GAAP measures provided.
+  Includes the impact of 19 254 ounces for the quarter (quarter ended 31
December 2006: 27 158 ounces) delivered into the hedge at US$439/oz (quarter
ended 31 December 2006: US$434/oz).  Also includes the impact of 90 836 ounces
for the year ended 31 December 2007 (31 December 2006: 66 925 ounces) delivered
into the hedge at US$436/oz (year ended 31 December 2006: US$435/oz).

At Morila, profit from mining was up 23% to US$63.2 million for the quarter and
down 7% to US$169.8 million for the year.

The mine had a difficult quarter completing a disappointing year. In the
quarter, 129 193 ounces were produced, only slightly less than in the previous
quarter but considerably less than the amount required to attain the recent
forecast of 475 000 ounces for the year.

Gold production for 2007 was 449 815 ounces at a total cash cost of US$332/oz.
The second half of the year did however significantly improve over the first
half, with 259 759 ounces produced from July to December as opposed to 190 056
ounces in the first half of the year.  The main reason for the failure to
achieve forecast in the last quarter can be attributed to operational problems
involving planning, grade control and plant lockup.

These problems contributed to higher costs which were also affected by
world-wide inflation in the key inputs of fuel, steel and transport.  The mine
has taken steps to contain the mining costs by utilising in-pit waste dumping,
thereby reducing haul distances.

                               Quarter       Quarter       Quarter          12 months          12 months
                                 ended         ended         ended              ended              ended
                                31 Dec        30 Sep        31 Dec             31 Dec             31 Dec
                                  2007          2007          2006               2007               2006
Tonnes mined (000)               6 700         6 765         4 585             23 859             21 512
Ore tonnes mined (000)           1 681         1 609           911              5 016              5 242
Tonnes processed (000)           1 026         1 030         1 086              4 163              4 138
Head grade milled (g/t)            4.3           4.3           3.7                3.7                4.2
Recovery (%)                      91.7          91.2          92.5               91.6               91.9
Ounces produced                129 193       130 568       120 801            449 815            516 667
Average price received             797           692           623                710                609
Cash operating costs*              279           241           282                282                215
Total cash costs* (US$/            337           289           327                332                258
Profit from mining              63 224        51 083        38 660            169 810            181 607
activity* (US$000)
Attributable (40%
Gold sales (US$000)             42 680        35 511        31 265            127 687            125 952
Ounces produced                 51 677        52 227        48 320            179 926            206 667
Profit from mining              25 290        20 433        15 464             67 925             72 643
activity* (US$000)

*  Refer to explanation of non-GAAP measures provided.

MORILA RESOURCE BASE (as at 31 December 2007)
            Category             Tonnes     Tonnes     Grade     Grade       Gold       Gold   Attributable
                                   (Mt)       (Mt)     (g/t)     (g/t)     (Mozs)     (Mozs)           gold
                                   2007       2006      2007      2006       2007       2006          (40%)
            Measured              18.95      20.54      1.90      2.27       1.16       1.50
            Indicated              4.00       9.50      3.57      3.34       0.46       1.02
Sub-total   Measured and          22.95      30.03      2.19      2.61       1.62       2.52           0.65
            Inferred               0.83       3.09      3.05      3.31       0.08       0.33           0.03

Cut-off grade for resources = 1g/t.
Resources are reported within the US$700/oz pit shell.

There has been a considerable drop in the quantity of mineral resource available
after depletion as the open pit design is now insensitive to increases in gold
price and recent underground scoping studies have indicated that the resource
available at present is too small to warrant such underground development at
current gold prices and costs.

Morila has received OHSAS 18001 certification following a safety audit carried
out near the end of the year.

AngloGold Ashanti has notified Randgold Resources that it is considering the
disposal of its 40% interest in Morila.  The disposal process to be followed by
AngloGold Ashanti will be in accordance with the Morila joint venture agreement.
As part of this process the partners have agreed that, given Randgold
Resources' ongoing presence in and commitment to the region, it will be in the
best interest of all stakeholders for Randgold Resources to assume operatorship
of the Morila mine as soon as possible.

AngloGold Ashanti has assured Randgold Resources that in the event of it being
unable to realise acceptable value through a sale of its interest in Morila, it
will retain its interest as a supportive stakeholder with Randgold Resources as
the operator.

At the end of the fourth quarter 2007, the twin declines at Yalea underground
mine were advanced for a distance of 520 metres from surface and a vertical
depth of 100 metres below surface.  A total of 1 030 metres of development was
completed at this stage.  The advance of the declines was somewhat hampered by
the intersection of poor ground conditions.  However both declines progressed
through the worst of these conditions and normal development continued at the
end of the fourth quarter, with the declines reaching 620 metres from surface at
the end of January.  The first development ore is expected to be delivered
towards the end of March 2008, with first stoping ore scheduled for the second
quarter in 2008.  It is expected that this section will build up to full
production of 90 000 tonnes per month from the fourth quarter.

During the latter half of 2007 it became clear that the plan for raiseboring
ventilation and backfill passes at the P125 pit needed to be reviewed.
Different methods of establishing ventilation and backfill access were evaluated
and a decision was taken to sink a third decline in the P125 pit.  This will not
only serve as backfill and ventilation access to the underground workings but
will also have numerous other benefits to the underground section, including an
additional point of entry as well as the possibility of additional stoping
blocks in the area directly above the dyke in the pit, which was previously
excluded from the mine plan.

Gara underground mine is scheduled to start development in January 2009.  The
orders for the underground long lead time heavy vehicle fleet have been placed
and the first units are expected on site towards the end of 2008.  Gara is
expected to be delivering first ore towards the end of 2009 and build up to full
production in 2014.

Results from more than 20 000 metres of diamond drilling, remodelling of the
orebodies and ongoing feasibility studies discussed and presented at the end of
the last quarter have been compiled into a Type 3 feasibility document.  The
board has given approval to proceed with the development of the mine as per the
feasibility study and to initiate site establishment and ordering of the long
lead time items.

Further study work has been progressed in the quarter and includes:
*  more than 14 000 metres of diamond drilling in order to infill the drilling
grid and allow conversion of the bulk of the inferred resource to indicated
*  a site visit by the capital projects team, SENET Engineering and Epoch
Resources in early December.  This led to a revised onsite infrastructural
layout which markedly reduced the footprint of the affected areas allowing for
shorter haul distances of waste for the earthworks programme;
*  receipt of metallurgical testwork results which continue to guide plant
design and is being effected by SENET in collaboration with our capital projects
team.  Epoch have been contracted to carry out tailings storage facility
investigation and design;
*  the continuation of the environmental and social impact assessment by Digby
Wells & Associates who have concluded a detailed census and survey of all
inhabitants of the closest affected villages plus the smaller hamlets in the
mine area; and
*  the initiation of the public participation process which involves public
meetings in the most affected villages, the major town of the sub-prefecture,
Mbengue, as well as in Abidjan, which is expected to be completed in May.

The initial draft of the proposed mining convention has been tabled with the
Ministry of Mines and Energy.  The team is addressing the critical (short term)
aspects of the project ahead of the main construction programme to ensure
Randgold Resources is ready to start the project once the final contracts are
awarded, which is expected to be in the fourth quarter of 2008.  These aspects
*  upgrade of access road;
*  improvement of site access;
*  construction of water storage facility;
*  aggregate and sand preparation;
*  camp establishment;
*  ordering of long lead time items; and
*  preparation of construction tenders.

Subject to the final conclusion of a mining convention with the State of Cote
d'Ivoire, construction start-up is planned towards the end of the year with
first gold production scheduled for the fourth quarter of 2010.

The quarter brought to an end a very busy and productive year in exploration and
continued to place the company in a very good position to continue its strategy
of development through organic growth.  Randgold Resources has a quality
groundholding of 12 723km2 across some of the most prospective gold belts in
Africa and a portfolio of 171 targets, ranging from the regional level to
reserve definition.

In Senegal, at Massawa, 2 436 metres of infill RAB drilling has been completed
and returned high grade results from 3 metre composite samples, including
MWRAB102 -24 metres at 8.58g/t (including 3 metres at 58.70g/t), MWRAB106 - 39
metres at 10.60g/t (including 3 metres at 36.40g/t and 9 metres at 30.95g/t),
MWRAB109 - 30 metres at 11.01g/t (including 3 metres at 44.60g/t, 3 metres at
26.90g/t and 3 metres at 33.30g/t), MWRAB111 - 20 metres at 4.09g/t, MWRAB132 -
15 metres at 2.60g/t and MWRAB156 - 27 metres at 3.03g/t.  This drilling has now
infilled the surface work to 200 metre line spacing and confirmed continuous
mineralisation over 2.8 kilometres of strike length in a northeast orientation
and open in all directions. Geologically the target is underlain by a sequence
of interbedded sediments and volcanics, which have been intruded by felsic
dykes, gabbros and granitic bodies.  The rock units have been affected by
northeast shearing, associated with the main transcurrent shear zone which in
turn has been reactivated dextrally by north-south belt discordant structures,
resulting in dilation and mineralisation.  There are varying degrees to the
intensity of alteration (silica-carbonate-sericite-pyrite-arsenopyrite) and
locally brecciation and brittle fracturing are associated with the gold
mineralisation.  A 5 000 metre plus diamond drilling programme will commence
during Q1.

At Loulo, drilling in the gap area between the main and northern zones at Faraba
continues to extend mineralisation, with drill holes intersecting an
approximately 100 metre (true width) envelope of strong shearing, alteration and
zones of gold mineralisation.  Results include: FADH026 - 13.10 metres at 
3.08g/t from 246 metres and 4.55 metres at 9.11g/t.  At Baboto, RAB drilling has
continued to delineate the geometry of surface mineralisation and has returned
encouraging results at the central target with hole BARAB58 intersecting 30
metres at 2.15g/t and BARAB59 - 21 metres at 2.93g/t.  At Loulo 3, three diamond
holes confirmed a north-south structural control to the mineralisation and a
narrow high grade sulphide unit was intersected in two of the holes.  L3DH27 -
6.80 metres at 0.72g/t, L3DH28 - 14.70 metres at 5.95g/t, including 0.8 metres
at 88.10g/t, L3DH29 - 3 metres at 10.82g/t.  All the data is currently being
integrated, modelled and the economic potential for a small open pit evaluated.

Following the consolidation of a 1 327km(2) land package in the Loulo district,
straddling the highly prospective Senegal-Mali shear zone, both in Mali and
Senegal, a helicopter borne VTEM electromagnetic survey is now being flown over
this entire land package.  This data will update the geological and structural
model and prioritise targets for follow up work.

At Morila, four diamond holes (MEX1-4) were drilled, to an average depth of 610
metres, for a total of 2 441 metres, testing the northern and easterly
extensions of the orebody.  Results for the two northern holes (MEX1-2) confirm
the termination of the orebody, while MEX 3 intersected a broad zone of low
grade gold mineralisation along the eastern pit-margin (0.45g/t over 45 metres,
which included 1.27g/t over 8 metres from 565 metres drilled depth) associated
with a moderate to steeply dipping structure, which is in sharp contrast to the
general flat lying nature of the orebody.  The potential for this structure to
flatten creating zones of dilation is considered to be a high priority target
for follow-up work.

In Mali South, work has focused on the reconnaissance of the Bagoe East and
Bagoe West permits held in joint venture with African Gold Group (AGG).  These
permits cover prospective Morila-type settings along the Banifin shear zone in
close proximity to the Morila deposit.  Preparations are underway to complete
RAB drilling programmes over gold in soil geochemical anomalies within the

In Burkina Faso, a review of all the geological and structural data confirms
that a northeast plunging anticline hosts the Kiaka main zone.  Also significant
is that the last diamond hole drilled to the north returned 166 metres at 1.26g/
t indicating the system is still open.  A corresponding syncline hosts a narrow,
but higher grade, zone of hangingwall mineralisation, which has not been
evaluated and therefore has the potential to add to the upside of this target.
An additional programme of diamond drilling is being planned to test these two
targets.  Elsewhere in the permit portfolio the team are developing targets for
drilling in the 2008 field season.

In Ghana, on the Bole NE concession field mapping combined with logging of
trenches and the interpretation of geological and structural data have defined a
large scale anticline fold adjacent to the main Bole-Bolgatanga regional
structure.  It is apparent that when the gold results from the soil sampling are
overlain on the fold, anomalous values correlate clearly with parasitic folds on
the limbs of this large regional fold.  A programme of RAB drilling is being
planned to commence testing this large target area.

In Cote d'Ivoire, excellent progress continued at Tongon and Randgold Resources
finished the year having completed 181 holes for 33 973.44 metres of diamond
drilling. During the quarter, 87 holes for 13 566.44 metres were completed.
While the exploration team has been focused on drilling out the resources,
trenching has also commenced on two targets, namely Tongon South and Tongon
East, in preparation for reconnaissance diamond drilling in 2008.

Tongon northern zone:  Diamond Drill results Q4 2007
Hole ID                             Intersection                            Including
                             From        To   Interval        Au
                              (m)       (m)                (g/t)
TND 133                     43.15     68.07      24.92      6.22     1.92m @ 24.47g/t
                                                                     1.17m @ 47.30g/t
TND 134                     14.00     17.85       3.85      1.19
                            21.50     45.95      24.45      1.84      2.95m @ 6.32g/t
                            74.85     75.75       0.90      1.82
TND 135                     40.25     44.85       4.60      1.21
                            50.00     57.55       7.55      1.60
                            58.56     60.68       2.12      1.07
TND 136                     33.70     65.55      31.85      3.67     4.55m @ 11.14g/t
TND 137                     73.30     74.30       1.00     11.40
TND 138                      2.49     18.50      16.01      1.49
                            23.84     32.44       8.60      1.01
TND 139                     72.40    117.40      45.00      1.99     14.10m @ 4.14g/t
TND 143                    131.26    149.08      17.82      2.31      1.68m @ 9.95g/t
TND 144                     86.45    109.90      23.45      3.63     5.15m @ 10.36g/t

Tongon southern zone:  Assay results Q4 2007
Hole ID                             Intersection                            Including
                             From        To   Interval        Au
                              (m)       (m)                (g/t)
TND 157                     52.40     54.70       2.30      4.96
                            58.65     61.00       2.35      1.73
                            80.16     85.26       5.10      1.81
TND 159                     14.41     32.83      18.42      3.77      4.03m @ 6.99g/t
                                                                          from 14.41m
                                                                      3.41m @ 9.24g/t
                                                                          from 29.42m
                            44.47     46.66       2.29      3.00
                           173.75    174.72       0.97      4.01
TND 160                    111.06    111.98       0.96      2.50
                           121.98    122.94       0.96      1.16
TND 161                     84.77     89.00       4.23      1.59
TND 169                      8.60     50.21      41.61      5.51     5.20m @ 19.66g/t
                                                                          from 11.80m
                                                                     6.10m @ 13.40g/t
                                                                          from 35.49m
                            59.49     61.63       2.14      1.75
TND 170                      9.30     33.40      24.10      1.73
                            37.63     51.55      13.92      2.71      3.63m @ 5.69g/t
                                                                          from 42.27m
TND 171                     28.07     47.00      18.93      1.41
                            56.75     61.93       5.18      1.92
                            68.00     81.98      13.98      3.89
                            93.73    100.75       7.02      2.35
TND 172                      3.19      4.50       1.31      2.60
                            33.20     47.30      14.10      2.26
                            49.15     55.44       6.29      5.42
TND 173                     No mineralised intersection returned
TND 174                      1.28     10.50       9.22      0.56
TND 175                     30.44     36.00       5.56      1.08
                            71.96     79.34       7.38      0.94
                            96.45     98.30       1.85      1.84
                           145.96    151.74       5.78      0.81
                           177.00    179.00       2.00      1.06
TND 176                     14.08     20.50       6.42      2.10
                            32.88     37.37       4.49      5.33
                            41.44     42.28       0.84      6.39
                            45.95     52.52       6.57      1.96
                            98.00    105.20       7.20      1.94      1.14m @ 9.60g/t
                                                                         from 104.06m
                           116.70    124.44       7.74      3.29
                           137.73    158.00      20.27      2.89
                           162.50    167.90       5.40      1.18
                           179.80    180.65       0.85      1.71
                           182.56    185.68       3.12      1.76
                           188.63    195.10       6.47      1.20
TND 177                     45.75     51.75       6.00      1.90
                            72.82     78.58       5.76      1.83
                            88.58     90.58       2.00      3.57
                            93.58     94.58       1.00      1.89
TND 179                     23.30     35.73      12.43      6.82     7.62m @ 10.52g/t
                                                                          from 28.11m
                            52.13     59.70       7.57      5.19     2.51m @ 13.78g/t
                                                                          from 55.57m
                            64.22     67.35       3.13      1.79
                            98.10    110.78      12.68      1.01
                           118.38    126.66       8.28      1.83
                           143.10    150.50       7.40      1.40
                           162.58    175.44      12.86      0.90
TND 180                     13.00     24.12      11.12     10.74     4.50m @ 22.19g/t
                                                                          from 13.00m
                            34.47     42.00       7.53      0.50
                            50.00     53.00       3.00      0.97
                            63.76     64.57       0.81     18.20
                            68.29     93.00      24.71      3.02      1.83m @ 8.40g/t
                                                                          from 70.17m
                                                                      4.00m @ 6.44g/t
                                                                          from 86.16m
                           126.56    134.20       7.64      3.38      1.74m @ 9.69g/t
                                                                         from 128.46m
                           139.54    151.85      12.31      2.75
                           159.35    167.53       8.18      1.30
TND 181                    104.56    112.00       7.44      3.74     1.68m @ 13.05g/t
                                                                         from 109.47m
                           160.03    182.33      22.30      2.27      3.97m @ 4.91g/t
                                                                         from 161.03m
TND 182                      3.44      9.00       5.56      5.39     0.76m @ 17.80g/t
                                                                           from 5.33m
                            28.72     36.33       7.61      1.11
                            60.45     76.49      16.04      2.68
TND 187                     32.10     39.00       6.90      2.62
                            87.85     90.17       2.32      3.12
                            95.80     98.20       2.40      3.83
                           104.56    108.70       4.14      3.13
TND 188                     91.49     96.02       4.53      2.18
                           103.80    111.95       8.15      1.17
                           143.75    145.75       2.00      1.56
TND 189                     95.00     96.00       1.00      1.21

In Cote d'Ivoire, we have a portfolio of six permits covering 4 880km(2) in both
the north and south of the country.  In the south, first pass reconnaissance
exploration has been completed on the Apouasso and Dignago permits.  On the
Apouasso permit, located in the southeast of the country close to the Ghana
border, a 1 000 metre by 200 metre regional soil sampling programme has returned
a 10 kilometre plus 10ppb regional gold anomaly, including a maximum value of
925ppb associated with the contact between a volcano-sedimentary belt and
granite.  On the Dignago permit, located in the southwest of the country
regional soil sampling has defined a 5 by 2 kilometre plus10ppb regional soil
anomaly, reconnaissance work continues on both permits.

The Boundiali permits, (1 314km(2)) located in the north of the country and
approximately 100 kilometres west of Nielle, hosts the advanced target of
Tiasso, and although no fieldwork was completed in 2007 preparations are
underway to drill test. Previous trenching confirmed 2 kilometres of sub-surface
mineralisation in saprolite with a best intersection of 25 metres at 4.39g/t.

In Tanzania, at Miyabi, all the Phase 1 drilling assays were received and no
wide zones of deformation, alteration or mineralisation were intersected.  The
best intersections are 3.00 metres at 1.21g/t, (MBDH-35) and 25.50 metres at
0.59g/t, (MBDH-47). Mineralisation is controlled by folded banded iron formation
and the intersection of northeast trending structures.  Exploration is now
concentrating on a 20 kilometre long northwest trending, weakly anomalous
structural corridor, with RAB drilling planned for Q1.

Randgold has shifted some of its exploration emphasis to the mobile belts
surrounding the Archaean Cratons in Tanzania.  Gold mineralisation is hosted in
highly deformed and silicified metamorphosed rock units above a major thrust.
The units consist of thinly bedded impure marble and biotite gneiss/granulite.
Early stage exploration has commenced on reconnaissance permits in the Morogoro

US$000                Unaudited     Unaudited     Unaudited     Unaudited       Audited
                        quarter       quarter       quarter     12 months     12 months
                          ended         ended         ended         ended         ended
                         31 Dec        30 Sep        31 Dec        31 Dec        31 Dec
                           2007          2007          2006          2007          2006
Gold sales on            96 708        75 478        73 777       313 421       274 907
Loss on matured         (6 853)       (4 777)       (4 920)      (23 580)      (12 190)
Non-cash (loss)/        (2 277)       (2 152)           287       (7 036)       (4 413)
profit on roll
forward of hedges
Total revenues           87 578        68 549        69 144       282 805       258 304
Other income                764           692            64           967         1 168
Total income             88 342        69 241        69 208       283 772       259 472
Mine production          40 921        33 146        29 067       136 312       115 217
Movement in             (4 427)       (2 895)         (852)      (11 534)      (13 373)
inventory and ore
Depreciation and          3 421         5 673         6 532        20 987        22 844
Other mining and          4 309         3 097         5 229        13 638        13 006
processing costs
Mining and               44 224        39 021        39 976       159 403       137 694
processing costs
Transport and               736           316           253         1 595           711
refinery costs
Royalties                 5 554         4 525         4 428        18 307        16 979
Exploration and          12 933         7 872         7 412        35 920        28 805
Other expenses            3 950             -         2 015         5 008         3 667
Total costs              67 397        51 734        54 084       220 233       187 856
Finance income            2 748         2 456         2 066         9 167         8 723
Finance costs           (1 370)       (1 644)       (1 427)       (5 805)       (6 366)
Finance income -          1 378           812           639         3 362         2 357
Profit before            22 323        18 319        15 763        66 901        73 973
income tax
Income tax              (7 831)       (6 779)       (4 973)      (21 273)      (23 097)
Net profit               14 492        11 540        10 790        45 628        50 876
Attributable to:
Equity                   13 385        11 474         9 980        42 041        47 564
Minority                  1 107            66           810         3 587         3 312
                         14 492        11 540        10 790        45 628        50 876
Basic earnings             0.19          0.17          0.15          0.60          0.70
per share (US$)
Diluted earnings           0.19          0.16          0.14          0.60          0.69
per share (US$)
Average shares in        71 591        69 082        68 695        69 589        68 392
issue (000)

The results have been prepared in accordance with International Financial
Reporting Standards (IFRS) as issued by the IASB on a basis consistent with the
annual financial statements.

On 5 February 2007, the board of directors declared an annual dividend of 10
cents per share which resulted in an aggregate dividend payment of US$6.9
million.  The dividend was paid in March 2007.

On 31 January 2008, the board of directors approved an annual dividend of 12
cents per share which will result in an aggregate dividend payment of US$9.1
million and is expected to be paid in March 2008.

US$000                                                               Unaudited             Audited
                                                                            at                  at
                                                                        31 Dec              31 Dec
                                                                          2007                2006
Non-current assets
Property, plant and equipment                                          269 896             241 300
Cost                                                                   347 422             297 839
Accumulated depreciation and amortisation                             (77 526)            (56 539)
Deferred taxation                                                        2 163               2 993
Long term ore stockpiles                                                43 190              41 614
Receivables                                                             22 823              13 702
Total non-current assets                                               338 072             299 609
Current assets
Inventories and stockpiles                                              57 410              34 200
Receivables                                                             42 104              34 999
Available-for-sale financial assets                                     48 950                   -
Cash and cash equivalents                                              294 183             143 356
Total current assets                                                   442 647             212 555
Total assets                                                           780 719             512 164
Shareholders' equity                                                   598 799             336 063
Minority interest                                                        8 294               4 707
Total equity                                                           607 093             340 770
Non-current liabilities
Long term borrowings                                                     2 773              25 666
Loans from minority shareholders in subsidiaries                         3 096               2 773
Deferred taxation                                                        1 451                 462
Financial liabilities - forward gold sales                              51 953              39 969
Provision for rehabilitation                                            11 074               8 842
Total non-current liabilities                                           70 347              77 712
Current liabilities
Financial liabilities - forward gold sales                              33 672              27 525
Current portion of long term borrowings                                  3 647              24 818
Accounts payable and accrued liabilities                                63 330              39 461
Taxation payable                                                         2 630               1 878
Total current liabilities                                              103 279              93 682
Total equity and liabilities                                           780 719             512 164

Property, plant and equipment increased significantly year on year, mainly due
to expenditure incurred on the underground development at Loulo, including the
development of the twin shafts and the acquisition of the underground fleet, the
completion of the four CIL tanks and expenditure on the thickener and tailings

Long term receivables increased by US$9.1 million over the year due mainly to an
increase in the TVA balance at Morila.  The non-current receivables of US$22.8
million are those parts of the MDM and Malian Government receivables which,
whilst legally payable immediately, are anticipated to be reimbursed after more
than 12 months.  Short term receivables increased mainly as a result of an
increase in trade debtors due to the timing of gold shipments at year end at
both mines.

The increase in inventories and ore stockpiles is due to the increased demand
for supplies and insurance spares at Loulo with the development of the
underground mine and increased production, as well as an increase in the
stockpiles at Morila in line with the life of mine plan.  This was partially
offset by a decrease in the stockpiles at Loulo due to the problems experienced
with the contractor during the rainy season, resulting in reduced production
over this period.  As previously indicated, mining at Morila will stop during
2009, after which the lower grade stockpiles will be processed until 2013.

The increase in cash and cash equivalents is mainly the result of the equity
placing which closed in December 2007 and raised US$231.7 million net of
expenses.  Cash and cash equivalents also increased year on year with cash
generated from operations of US$62.2 million.  This was partially offset by the
underground capital expenditure at Loulo of US$47.9 million, the repayment of
the corporate revolving credit facility of US$40.8 million and a transfer of
cash currently held in asset-backed securities from cash and cash equivalents to
available-for-sale financial assets amounting to US$49 million, due to the
temporary illiquid nature of the investments held.

Long term borrowings and the current portion of long term borrowings decreased
significantly year on year as a result of the full repayment of amounts
outstanding under the corporate facility, which replaced the Loulo project
facility in May 2007, and prior to repayment in December 2007 stood at US$40.8
million.  This corporate facility remains in place should we have a need to use

The financial instruments liability also increased, following the increase in
the gold price, and reflects the marked-to-market valuation of the hedged ounces
at the year end spot price of US$836.50/oz.  During the year the company
delivered 90 836 gold ounces into its hedge positions, which reduced the
financial instruments liability, given the higher gold price.

                               Number of      Share      Share         Other     Accum-
                                ordinary    Capital    premium      reserves     ulated
                                  shares     US$000     US$000        US$000    profits

Balance - 31 Dec 2005         68 072 864      3 404    208 582      (41 000)    130 836
Movement on cash flow
hedges -
Transfer to income                     -          -          -        17 256          -
Fair value movement on                 -          -          -      (36 603)          -
financial instruments
Net income recognised                  -          -          -      (19 347)          -
directly in equity
Net profit                             -          -          -             -     47 564
Total recognised income/               -          -          -      (19 347)     47 564
Share-based payments                   -          -          -         2 369          -
Share options exercised          633 867         34      3 619             -          -
Exercise of options                    -          -        650         (650)          -
previously expensed
under IFRS 2
Shares vested#                    56 830          2        802         (802)          -
Balance - 31 Dec 2006         68 763 561      3 440    213 653      (59 430)    178 400
Movement on cash flow
hedges -
Transfer to income                     -          -          -        30 371          -
Fair value movement on                 -          -          -      (41 712)          -
financial instruments
Net income recognised                  -          -          -      (11 341)          -
directly in equity
Net profit                             -          -          -             -     42 041
Total recognised income/               -          -          -      (11 341)     42 041
Share-based payments                   -          -          -         2 847          -
Share options exercised          545 667         28      4 353             -          -
Exercise of options                    -          -      1 297       (1 297)          -
previously expensed
under IFRS 2
Shares vested#                    10 102          -        170         (170)          -
Dividend relating to                   -          -          -             -    (6 874)
Capital raising                6 821 000        341    240 099             -          -
Costs associated with                  -          -    (8 758)             -          -
capital raising
Balance - 31 Dec 2007         76 140 330      3 809    450 814      (69 391)    213 567

                                                                      Total      Minority         Total
                                                               attributable      interest        equity
                                                                  to equity        US$000        US$000
Balance - 31 Dec 2005                                               301 822         1 395       303 217
Movement on cash flow hedges -
Transfer to income statement                                         17 256             -        17 256
Fair value movement on financial instruments                       (36 603)             -      (36 603)
Net income recognised directly in equity                           (19 347)             -      (19 347)
Net profit                                                           47 564         3 312        50 876
Total recognised income/(loss)                                       28 217         3 312        31 529
Share-based payments                                                  2 369             -         2 369
Share options exercised                                               3 653             -         3 653
Exercise of options previously expensed under IFRS 2                      -             -             -
Shares vested#                                                            2             -             2
Balance - 31 Dec 2006                                               336 063         4 707       340 770
Movement on cash flow hedges -
Transfer to income statement                                         30 371             -        30 371
Fair value movement on financial instruments                       (41 712)             -      (41 712)
Net income recognised directly in equity                           (11 341)             -      (11 341)
Net profit                                                           42 041         3 587        45 628
Total recognised income/(loss)                                       30 700         3 587        34 287
Share-based payments                                                  2 847             -         2 847
Share options exercised                                               4 381             -         4 381
Exercise of options previously expensed under IFRS 2                      -             -             -
Shares vested#                                                            -             -             -
Dividend relating to 2006                                           (6 874)             -       (6 874)
Capital raising                                                     240 440             -       240 440
Costs associated with capital raising                               (8 758)             -       (8 758)
Balance - 31 Dec 2007                                               598 799         8 294       607 093

#  Restricted shares were issued to directors as remuneration.  The transfer
between 'other reserves' and 'share premium' in respect of the shares vested
represents the cost calculated in accordance with IFRS 2.

US$000                                                       Unaudited           Audited
                                                             12 months         12 months
                                                                 ended             ended
                                                                31 Dec            31 Dec
                                                                  2007              2006
Profit before income tax                                        66 901            73 973
Adjustment for non-cash items                                   31 747            29 636
Effects of changes in operating working capital               (24 178)          (18 415)
Receivables                                                   (23 289)           (9 640)
Inventories and ore stockpiles                                (24 786)          (19 428)
Accounts payable and accrued liabilities                        23 897            10 653
Income tax paid                                               (12 237)          (14 784)
Net cash generated from operating activities                    62 233            70 410
Acquisition of property, plant and equipment                  (47 905)          (61 508)
Financing of contractors                                             -               105
Acquisition of available-for-sale financial assets            (48 950)                 -
Net cash used by investing activities                         (96 855)          (61 403)
Proceeds from issue of ordinary shares                         236 063             3 653
Decrease in long term loans                                   (43 740)          (21 756)
Dividends paid to company's shareholders                       (6 874)                 -
Net cash generated by financing activities                     185 449          (18 103)
Net increase/(decrease) in cash and cash                       199 777           (9 096)
Cash and cash equivalents at beginning of year                 143 356           152 452
Cash and cash equivalents at end of the year                   294 183           143 356

Total cash costs and cash cost per ounce are non-GAAP measures.  Total cash
costs and total cash costs per ounce are calculated using guidance issued by the
Gold Institute.  The Gold Institute was a non-profit industry association
comprised of leading gold producers, refiners, bullion suppliers and
manufacturers.  This institute has now been incorporated into the National
Mining Association.  The guidance was first issued in 1996 and revised in
November 1999.  Total cash costs, as defined in the Gold Institute's guidance,
include mine production, transport and refinery costs, general and
administrative costs, movement in production inventories and ore stockpiles,
transfers to and from deferred stripping where relevant and royalties.  Under
the company's accounting policies, there are no transfers to and from deferred

Total cash costs per ounce are calculated by dividing total cash costs, as
determined using the Gold Institute guidance, by gold ounces produced for the
periods presented.  Total cash costs and total cash costs per ounce are
calculated on a consistent basis for the periods presented.  Total cash costs
and total cash costs per ounce should not be considered by investors as an
alternative to operating profit or net profit attributable to shareholders, as
an alternative to other IFRS or US GAAP measures or an indicator of our
performance.  The data does not have a meaning prescribed by IFRS or US GAAP and
therefore amounts presented may not be comparable to data presented by gold
producers who do not follow the guidance provided by the Gold Institute.  In
particular depreciation, amortisation and share-based payments would be included
in a measure of total costs of producing gold under IFRS and US GAAP, but are
not included in total cash costs under the guidance provided by the Gold
Institute.  Furthermore, while the Gold Institute has provided a definition for
the calculation of total cash costs and total cash costs per ounce, the
calculation of these numbers may vary from company to company and may not be
comparable to other similarly titled measures of other companies.  However,
Randgold Resources believes that total cash costs per ounce are useful
indicators to investors and management of a mining company's performance as it
provides an indication of a company's profitability and efficiency, the trends
in cash costs as the company's operations mature, and a benchmark of performance
to allow for comparison against other companies.

Cash operating costs and cash operating cost per ounce are calculated by
deducting royalties from total cash costs.  Cash operating costs per ounce are
calculated by dividing cash operating costs by gold ounces produced for the
periods presented.

Gold sales is a non-GAAP measure.  It represents the sales of gold at spot and
the gains/losses on hedge contracts which have been delivered into at the
designated maturity date.  It excludes gains/losses on hedge contracts which
have been rolled forward to match future sales.  This adjustment is considered
appropriate because no cash is received/paid in respect of these contracts.

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

The following table reconciles total cash costs and profit from mining activity
as non-GAAP measures, to the information provided in the income statement,
determined in accordance with IFRS, for each of the periods set out below:

US$000                                 Quarter      Quarter      Quarter           12           12
                                         ended        ended        ended       months       months
                                        31 Dec       30 Sep       31 Dec        ended        ended
                                          2007         2007         2006       31 Dec       31 Dec
                                                                                 2007         2006
Gold sales on spot                      96 708       75 478       73 777      313 421      274 907
Loss on matured                        (6 853)      (4 777)      (4 920)     (23 580)     (12 190)
Gold sales                              89 855       70 701       68 857      289 841      262 717
Mine production                         40 921       33 146       29 067      136 312      115 217
Movement in production inventory       (4 427)      (2 895)        (852)     (11 534)     (13 373)
and ore stockpiles
Transport and refinery costs               736          316          253        1 595          711
Royalties                                5 554        4 525        4 428       18 307       16 979
Other mining and processing costs        4 309        3 097        5 229       13 638       13 006
Total cash costs                        47 093       38 189       38 125      158 318      132 540
Profit from mining activity             42 762       32 512       30 732      131 523      130 177


The group's hedging position at 31 December 2007 is summarised below:

Maturity date                                                               Forward        Forward
                                                                              sales          sales
                                                                             ounces        average
Year ended 2008                                                              80 496         429.23
Year ended 2009                                                              84 996         434.90
Year ended 2010                                                              41 748         500.38
Total                                                                       207 240         445.89

The forward contracts all relate to Loulo with Morila's production being
completely exposed to spot gold prices.  The remaining portion of the hedge book
represents approximately 19% of the planned production at Loulo and 13% of the
group's attributable production for the period.

The current mine plan at Morila anticipates production for 2008 to be
approximately 465 000 ounces.  Morila, which will be under Randgold Resources'
operatorship, continues to be a significant cash generator.

Loulo's 2008 production is expected to be in line with 2007 production.  The
underground development at Yalea is well underway and should access first ore
during the first quarter of 2008 with full production due in 2009.  Yalea is the
first of the two Loulo underground mines and is currently a bigger orebody with
higher grades than the Gara deposit.  The underground mines are expected to not
only add life to Loulo but to increase levels of annual production to in excess
of 400 000 ounces in 2010.

Total cash costs for the group are estimated to increase year on year between
10% and 15% depending on oil price and euro-dollar exchange rate assumptions,
which have a material impact on operating costs.

As indicated earlier, following completion of the Tongon Type 3 feasibility
study, Randgold Resources has commenced site establishment at the Tongon
project.  The company is still confident that, absent any disruptions in Cote
d'Ivoire, the planned mine will be in production by late 2010.  Detailed design
and engineering studies are expected to be completed by mid year, which will
form the basis for the tender process and provide an update on the project

In the coming year, exploration expenditure is expected to remain high, with
significant drill programmes anticipated across the portfolio, especially in
Senegal, Mali and the Cote d'Ivoire.

The group's annual reserve statements will be published with the release of the
annual report at the end of March 2008.

Whilst the company continues to retain its focus on organic growth through
discovery and development of world class orebodies, it will also continue to
actively engage in reviewing corporate and asset acquisition opportunities.  The
focus of these new business initiatives will be in West and East Africa,
however, we continue to evaluate a number of opportunities in other countries
where we can export our management philosophy and skills, manage underlying
risks and create value for shareholders.

D M Bristow                                  G P Shuttleworth
Chief Executive                            Financial Director
4 February 2008



The board of Randgold Resources has given the go-ahead for the development of a
new mine at Tongon in the Cote d'Ivoire, subject to the conclusion of a mining
convention with the government.

The mine - which will be the third to be developed by the company, after Morila
and Loulo, both in Mali - is scheduled to produce its first gold in the last
quarter of 2010, with construction due to start towards the end of this year.

Meanwhile, the political process in the West African country continues to make
steady progress. During a recent visit to the Korhogo region, President Gbagbo
was briefed on the current status and future plans for Tongon and Prime Minister
Soro has also been given a full update on the progress and proposed programme.
Minister of Mines Leon Emmanuel Monnet has visited Tongon for a first-hand look
at the project.

'We are increasingly upbeat about this project.  All the ingredients for success
are in place: solid orebody assets with considerable upside, a relatively simple
extraction process and good infrastructure,' says chief executive Mark Bristow.

'We persevered in the Cote d'Ivoire when most companies pulled out because we
believed in the ability of the country's people to sort out their differences.
Recent developments are bearing out that belief.  Of course, we also view the
country as the most underexplored piece of gold-bearing real estate in West
Africa and we see further opportunities here beyond Tongon.'


Randgold Resources has declared an annual dividend for the period ended 31
December 2007 of US$0.12 per share.  The dividend payment will be made on 6
March 2008 to shareholders on the register on 15 February 2008.

The United States dollar is the company's main economic and reporting currency.
It is therefore the natural currency in which to determine dividends.
Nevertheless, shareholders wishing for the conversion of dividend payments into
sterling may do so by contacting Computershare Investor Services (Channel
Islands) Limited (Tel: +44 1534 825265) or by completing a sterling election
form which is available on the company's website ( and
posting it back to the transfer secretaries by Thursday 14 February 2008.


The development of the Yalea underground mine at Loulo in Mali has picked up
speed after exiting the weathered zone intersected in the previous quarter and
is set to access first ore towards the end of this quarter.

Underground manager Thinus Strydom says while progress was slowed in the latter
half of 2007 by the need to proceed carefully through the unstable zone, the
rate of development is now back on track, achieving 260 metres in January
against a low of 28 metres last November, taking the decline to a distance of
620 metres from surface.

'This is a tribute to a fine effort by the development crew, who were undaunted
by the challenges and resolutely stuck to their task,' Strydom says.

This same spirit of enterprise is evident, Strydom notes, in the team's solution
for the difficulties encountered in establishing backfill and ventilation access
for the northern extent of the orebody.  After evaluating various options, it
has been decided to sink a third decline from the previously mined-out P125 pit.
This will not only provide the required access but also a number of bonus
benefits, including faster time to stoping operations, an additional point of
entry and possibly additional stoping blocks in the northern part of Yalea.


Massawa in Senegal has been categorised as a significant new drill target after
some 2 500 metres of infill drilling had returned high-grade results.  A +5 000
metre diamond drilling programme will start this quarter, along with
metallurgical test work and an economic scoping study.

Massawa, which was discovered last year, is located in the Main Transcurrent
Shear Zone (MTZ) of the Kedougou-Kenieba Inlier and is characterised by a 3.5
kilometre long and 100 to 400 metre wide +50ppb gold in soil anomaly.
Preliminary RAB and reconnaissance drilling returned positive results and a
further round of closer-spaced RAB drilling, completed in the last quarter of
2007, showed high-grade gold intersections and surface mineralisation over 2.8
kilometres.  Geologically the target is underlain by a sequence of interbedded
sediments and volcanics, which have been intruded by felsic dykes, gabbros and
granitic bodies.  The rock units have been affected by northeast shearing
associated with the MTZ which in turn has been reactivated dextrally by
north-south belt discordant structures, resulting in dilation and

Exploration manager Paul Harbidge says even at this early stage Massawa is
showing similarities to such multi-million ounce deposits as Yalea and Tongon.

'Not only do we have gold grade but the other ingredients which indicate a
world-class deposit are there in abundance: structure, alteration and variations
in rock types, creating rheological contrasts,' he says.

'We have always believed in the prospectivity of the Kedougou-Kenieba Inlier and
we persevered with our exploration even though the early results were not that
encouraging.  The fact that our continuing work has now delivered a very
promising target in the form of Massawa shows that exploration success requires
tenacity as well as skill.'

The all-Senegalese exploration team is headed by Mouhamed David Mbaye, who has
been with Randgold Resources for 12 years.  'David has a wealth of knowledge
appropriate for this project, having worked on both Morila and Loulo during
their exploration phases,' says Harbidge.


At a strategic review in 2006, the Randgold Resources team foresaw a looming
situation they dubbed 'the Perfect Storm.'  In this scenario, a high gold price
would be accompanied by rising production costs, the resurgence of inflation, an
oil price at around US$100 per barrel, a weak US dollar, the threat of US-led
global inflation and a general scarcity of new gold.

To meet this challenge, they focused the company's strategy on increasing its
resource ounces and strengthening its cost controls.  New business initiatives
were intensified, the development of the Tongon project was fast-tracked,
procurement policies were tightened and overhead costs pruned.  The governments
of the countries in which Randgold Resources operates were engaged in
discussions on energy and other cost-reduction measures as well as on access to
new ground.

The Perfect Storm envisaged two years ago has since become a reality.  The gold
price soared by 31% in 2007 and at the same time operating costs in the mining
industry have increased substantially. Gold output has fallen to a 10-year low;
in South Africa - until very recently the world's largest producer - production
has halved over the past 12 years.  The oil price has touched US$100 per barrel.
Geopolitical jitters, the credit meltdown, mounting inflationary pressures and
a depreciating dollar all contribute to the general turbulence.

Chief executive Mark Bristow says the timely measures taken by Randgold
Resources have equipped it uniquely well to take full advantage of the
opportunities and to manage the difficulties presented by this challenging

'We've got the people, we've got the production, we've got the projects and
we've got the profits,' he said.

'Morila is a still a substantial cash flow generator and Loulo has now also
moved into positive cash flow despite the continuing capex spend there. The
underground development at Loulo will soon access its first ore.  Tongon is
rapidly shaping up as our next mine and Massawa has grown into a significant new
target.  It's from this solid base that we can confidently forecast organic
growth in production to 600 000 ounces per year by 2010 at a time when overall
industry output is shrinking.  And it's important to note that we can fund all
our capital needs, and then some, from our profits.'

Bristow says growing cost pressures and problems in the banking sector will have
a negative effect on the development capacity of junior and mid-cap miners,
particularly in the new-world countries where much of the current production is
now being sourced.

'In the heat of the bull run, it's been easy to style oneself a gold company on
the basis of some real estate one owns. As the operating environment gets
tougher, however, capital providers are losing interest in promises and
increasingly want to see production, profits and people capable of managing
costs.  Randgold Resources' long-term strategy of building a business through
discovery and development has enabled it to deliver the goods at the right 
time,' he says.

Victor Matfield - Corporate finance manager

Gold reached its previous highs in 1980, at a time when Soviet tanks were
rolling into Afghanistan, oil prices were being driven up by instability in the
Middle East and the dollar was falling rapidly amid fears of a recession.
Panicked investors sought refuge in the ultimate safe haven and the bullion
price reached a record US$850 per ounce.

Fast-forward 28 years and it seems to be deja vu all over again: trouble in the
Middle East and South Asia, spiralling oil prices, and fears about the US
economy and the dollar are all boosting the gold price.

Yet despite these similarities, fundamental changes in the gold market mean that
the two situations cannot be compared. In 1980, after surging from US$450 to
US$850 in just five weeks, bullion prices collapsed to trade as low as US$300 a
year later.  This time round, the high price levels could be sustained a lot
longer - and could go even higher.

One major difference between now and 1980 is that the current price rise has
been slow and constant since 1999, with demand coming not only from traditional
safe-haven seekers but also from other sources.  Long-term investors now again
see gold as a store of value and a hedge against persistent dollar weakness and
rising inflation.  Their interest is reflected, among other things, in the rapid
rise of gold exchange traded funds (ETFs) which after an increase of 34% in 2007
now hold 865 tonnes of gold.  The gold price is also supported by strong
jewellery buying by the rising middle classes in China, India and Turkey.

Another key difference is the decreasing supply of gold - output fell by 7%
between 2001 and 2006 - and the shortage of substantial new projects as a result
of reduced exploration in 1990s.  Rising costs are likely to further constrain
the development of new projects as well as existing production levels.

Furthermore, gold is still relatively cheap by historic measures.  In real
terms, the current record price is less than half 1980 high and would have to be
well above the US$2 000 level to match it.

With no end in sight to the pressures that have pushed the gold price upward,
the underlying fundamentals for the price therefore remain very positive.


Randgold Resources completed an equity placing in December, raising US$240m
prior to expenses. The money has been earmarked for the development of the
Tongon Project in the Cote d'Ivoire as well as other organic and corporate
growth opportunities.

In a tribute to the company's excellent investor relations and strong
shareholder communications, all of Randgold Resources' key shareholders
subscribed for shares in the placing.  In addition, although the transaction was
executed in just 24 hours, the company was able to attract both new
institutional shareholders and a substantial retail response, and all at a
discount of just 3% from the previous day's close.

The shares were placed at US$35.25 and have subsequently performed well in the
aftermarket, rising to a new high on 14 January of US$46.38 per share. Randgold
Resources' relationship banks, led by HSBC and Citi, its legal team, auditors
and other advisors worked seamlessly with the company's management to prepare
and execute the transaction within a short period of time. The company is now
well positioned to continue its growth in the future.

'Our long standing relationships with our lead banks, lawyers, auditors and
other advisors allowed us to respond in double quick time once the board had
identified the equity placing as a key strategic initiative,' said chief
financial officer Graham Shuttleworth.


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

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

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

Investor and media relations:
For further information contact Kathy du Plessis on
Telephone +44 20 7557 7738, e-mail [email protected]

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 and Loulo, the development of Loulo and estimates of
resources, reserves and mine life.  For a discussion on such risk factors refer
to the annual report on Form 20-F for the year ended 31 December 2006 which was
filed with the United States Securities and Exchange Commission (the 'SEC') on
25 June 2007.  Randgold Resources sees no obligation to update information in
this release.  Cautionary note to US investors; 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 parts 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                                                                                                                                                                                                                                       

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