The past year has seen change and uncertainty on a global level, testing some of the key assumptions on which governments as well as corporations have long based their plans and policies. This sense of uncertainty was reflected in markets, with the gold price starting the year below $1 100/oz, rising to $1 370/oz in August and then falling back to $1 150/oz at the year end. This volatility continued into 2017 with a rise in the price at the beginning of the year.
In this dynamic environment, the company had to contend with some of its own operational challenges in the first half of 2016. However, Randgold is a business driven by a long term strategy and occasional obstacles are there to be overcome, and not to deflect from the course that has been set.
In the end, 2016 was a record-breaking year for the company. As forecast, a strong second half performance powered the company to its sixth consecutive annual production increase and drove down total cash cost per ounce to deliver a substantial profit rise. ‘Sustainably profitable’ is therefore an appropriate theme for this year’s annual report.
To read the full Chairman’s statement, download the PDF below.