Chief Executive's Overview
In our operations, growth and performance enhancing projects, new mine development, host country partnerships and sustainability programmes, we made substantial progress, delivering on virtually all of our objectives for 2013 and setting the stage for further advances in 2014.
Forecast Group Consolidated Production
US$000 |
2013 |
2012 (Restated) |
Gold sales* |
1 266 712 |
1 317 830 |
Total cash costs* |
657 951 |
583 324 |
Profit from mining activity* |
608 761 |
734 506 |
Exploration and corporate expenditure˜ |
49 485 |
39 033 |
Profit for the period |
325 747 |
510 782 |
Profit attributable to equity shareholders |
278 382 |
431 801 |
Net cash generated from operations˜ |
464 466 |
524 229 |
Cash and cash equivalents˜ |
38 151 |
373 868 |
Gold on hand at period end# |
- |
15 229 |
Group production* (oz) |
910 374 |
794 844 |
Group sales* (oz) |
920 248 |
793 852 |
Group total cash cost per ounce* (US$) |
715 |
735 |
Group cash operating cost per ounce* (US$) |
645 |
649 |
Basic earnings per share (US$) |
3.02 |
4.70 |
Following adoption of IFRS 11 joint Arrangements, the group changed its accounting policy on joint ventures. Refer to page 186 of this annual report for details.
* Refer to explanation of non-GAAP measures provided on page 220 of this annual report. Historically, Randgold consolidated 100% of Loulo, Gounkoto and Tongon, and 40% of Morila and non-GAAP measures remain on this basis and are not affected by the change in accounting policy detailed above. During Q4 2013 Kibali reached commercial production and Randgold has included 45% of Kibali in the consolidated non-GAAP measures.
# Gold on hand represents gold in doré at the mines multiplied by the prevailing spot gold price at the end of the period.
~ Results impacted by change in accounting policy above.
Our guidance
-
Group consolidated production*1.13 Moz - 1.20 Moz
-
Total cash cost of productionUS$650/oz - US$700/oz
-
Capital expenditure*US$340 million
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