(Adds detail, share price)
LONDON May 4 Randgold Resources
reported falls in first-quarter profit and production on
Thursday hurt by labour strikes but the miner said it remained
on track to meet its annual targets.
By 0840 GMT, shares in the company rose 1.4 percent in
London, compared to a 0.53 percent decline in the wider sector.
Employees during the quarter downed tools at the
Loulo-Gounkoto complex in Mali for four days and at the Tongon
mine in Ivory Coast for nine, Randgold said.
"There was a lot of effort from everyone to commit to the
catch-up plan," Chief Executive Mark Bristow told Reuters,
referring to the Tongon mine, adding that there were no changes
to its annual production targets.
The 2017 target production is 1.25-1.30 million ounces.
Profit for the quarter fell 10 percent to $84.9 million
while production totalled 322,470 ounces, down 15 percent from
the previous quarter, the London-listed company said in a
Year on year, profit was up 33 percent and production up 10
percent. The company ramped up production last year to record
levels as the gold price rallied and also made cost savings.
"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...," Bristow said in
Committees were set up to resolve confrontations between
management and labour over pay.
In February, Randgold hiked its 2016 dividend by 52 percent
after meeting its net cash target of $500 million ahead of
estimates and without any debt.
(Reporting by Zandi Shabalala; editing by Susan Fenton and