2 Min Read
LONDON, May 4 (Reuters) - Randgold Resources said profits and production fell in its first quarter while costs rose due to a labour strike at two of its mines.
Profit for the quarter fell 10 percent to $84.9 million while production reached 322,470 ounces which represented a 15 percent decline compared to the previous quarter, the London-listed company said in a statement.
However, compared to the same period a year ago, Randgold's profit jumped 33 percent as production increased by 10 percent. The company ramped up production last year to record levels as the gold price rallied and also made cost savings.
Randgold, which mines gold in Mali, Ivory Coast and the Democratic Republic of Congo, said workers downed tools at the Loulo-Gounkoto complex for four days and at the Tongon mine for nine.
"The past quarter's work stoppages, which disrupted our usually stable industrial relations climate, prompted us to take a fresh look at this aspect of our business...," Chief Executive Mark Bristow said in a statement. (Reporting by Zandi Shabalala; Editing by Susan Fenton)