Chief Executive's report
“With our big capital projects nearing completion and a cost profile trending down, Randgold is a truly profitable business capable of delivering value to all its stakeholders.”
Randgold Resources has a long history of delivering on its promises and it did so again in 2016. In a year impacted by the mill failure at Tongon, underground flooding at Loulo, plant stability issues at Kibali and political uncertainty in the Democratic Republic of Congo, among other things, the management team demonstrated its capacity for dealing effectively not only with operational challenges but also with the dynamics of our host countries.
It was a year of records and milestones. We increased gold production to a new high, in line with our guidance. We achieved, and exceeded, our net cash target of $500 million, and remained debt-free. We drove down our total cash cost per ounce of production, and our profit rose by 38%. We completed or advanced our capital projects. We reduced our lost time injury frequency rate to its lowest level ever. We continued to replenish our group total reserves and made significant progress towards our goal of identifying three new potential projects that fit our investment criteria in the next five years.
To read the full chief executive review, download the PDF below.