Randgold bullish for 2011

WEST African-focused gold miner Randgold Resources has said its profit jumped 92 per cent in the first-quarter and that it is on track to produce at the upper end of its full-year guidance.

Profit rose to $45.9m (£27.9m)?from $23.9m a year ago as gold production grew 24 per cent to 139,403 ounces, helped by its recently commissioned Tongon mine in the Ivory Coast, and on higher gold prices.

The FTSE 100 miner expects to produce between 750,000 and 790,000 ounces of gold this year, up 70 to 80 per cent on last year. “We are certainly in the upper half of that guidance,” said chief executive Mark Bristow.

Total group cash costs rose 19 per cent to $744 an ounce from the year-earlier quarter, but declined from the fourth-quarter.