GOLD miner Randgold Resources said profit sank 15 per cent over the third quarter, as it warned output for the full year would come in at the lower end of expectations.
Profit for the FTSE 100 miner came in at $121.3m, down 15 per cent from the previous quarter.
Gold output fell three per cent in the three months to September to 210,534 ounces.
Its Tongon mine in the Ivory Coast, which has underperformed this year because of power problems, will cause annual output to be at the bottom end of guidance – around 825,000 ounces – and costs to be higher than anticipated, Randgold said yesterday.
Chief executive Mark Bristow said he expected production to ramp up in the fourth quarter. “Production and costs for the final quarter are forecast to again show significant improvements,” he said.
Shares in Randgold Resources fell 6.4 per cent yesterday to close at 6,950p as investors were disheartened by the results.