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March 30, 2015

Randgold increase ore reserves despite record production

Randgold Resources (LON:RRS) issued a bullish trading update despite the volatility recently in the gold price.

The Africa-focused mining giant said it increased ore reserves in 2014 despite a tough year for the sector overall.

Even though production hit a record 1.15mln ounces last year, attributable reserves rose 0.8% to 15.2mln ounces.

Mark Bristow, Randgold’s outspoken chief executive, said unlike most of the industry, the miner had not needed to reduce its reserves and resources as the gold price dropped.

“We have looked closely at all our mines to ensure that they will still be profitable at $1000/oz and we'll continue to review our operations against a range of gold price scenarios.”

Production will top 1mln ounces per year over the next ten years, he said, with operations profitable at a gold price of $1,000/oz.

Randgold’s share price was flat at 4,756p. @MasterMetals

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