Shares in Randgold Resources closed down 3.84 per cent to 8,635p today, after the gold miner suffered one of its "toughest" quarters in years.
Second quarter profit fell eight per cent year-on-year to $49m (£37.3m) due to decreases in mining, as well as increased exploration expenditure.
This came as sales rose slightly to 354.4koz from 354.8koz during this period, and the average gold price jumped to $1,264 per ounce, from $1,189.
These were offset by gold production falling to 280.5koz from 300.0koz, as well as total cash costs which jumped to $727 per ounce from $684.
Why it's interesting
And while Randgold suffered "one of the toughest" second quarters in years, it's relying on a strong second half to help it meet full-year guidance.
The gold miner was dragged down by a 46-day outage due to a broken milling circuit at its Tongon mine in Ivory Coast, as well as technical issues at its mine in Kibali, Democratic Republic of Congo.
These outweighed better-than-expected results from its flagship Loulo-Gounkoto operation in Mali.
This came despite Rangold shares rising on the back of expected gains for gold, following the EU referendum vote in June.
What Randgold said
Randgold remains bullish on gold prices given continuing declines in production, heightened geopolitical tensions and an uncertain economic outlook.
"The rest of the gold mining industry continues to shy away from exploration and there is now a consensus that new gold production will consequently continue to decline."
"This, in combination with growing global geopolitical and economic jitters, must be good for the gold price, at least in the long run."
What the analysts said:
Analysts at broker Canaccord Genuity said:
These results missed all round — production, sales and earnings were lower than forecast and TCC higher. We expect to see widespread downward revision to consensus forecasts. The company will do well to get close to guidance, in our view, let alone reach it.