Randgold profit hit by poor gold price but dividend still increases

 
Caitlin Morrison
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Mining company Randgold increased gold production in 2014, to pass the 1m oz mark
PRE-TAX profit at gold miner Randgold Resources dropped to £353m last year, down from £402m in 2013.

The group produced 1.15m oz of gold in 2014, up from 910,274 oz the previous year, and gold sales increased from £1.27bn to £1.43bn.

Chairman Christopher Coleman said: “Against the background of a bear market in gold and an industry under pressure, it is a remarkable achievement that Randgold increased its production to over one million ounces, thereby achieving a long term goal.”

He added that although the company’s profit was “inevitably impacted by the gold price”, the board was “still sufficiently confident” in the group’s prospects to propose a 20 per cent increase in the annual dividend.

This would take it up to 60 cents per share in the eighth consecutive dividend rise that Randgold has made.

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