Rangold back in black for Q3 but shares fall

GOLD miner Randgold Resources swung into third quarter profit yesterday, propelled by soaring bullion prices.<br /><br />The company reported a $13.6m (&pound;8.2m) profit compared with a loss of $684,000 a year ago as rising sales outweighed higher production costs.<br /><br />Chief executive Mark Bristow used the figures as a springboard to announce he would fast-track the company&rsquo;s Gounkoto project, which is 25km south of its flagship Loulo mining complex in Mali. Three other sites are also in the pipeline.<br /><br />Randgold&rsquo;s shares fell 4.2 per cent to close at &pound;45.77 as market makers digested increased processing costs per ounce, up from $517m to $573m.<br /><br />Arbuthnot Securities maintained its target price of &pound;50 a share.<br /><br />Analyst John McGloin said: &ldquo;The really positive thing is all Randgold&rsquo;s upcoming exploration projects are at higher grade than its current reserves.&rdquo;<br />