African miner Randgold Resources has reported falls in third quarter production and profit but insists output for the year remains on track to meet or exceed expectations.
The company revealed that gold production in Q3 fell to 310,618 ounces, down 9% quarter on quarter, while profit fell 41 percent to $60.2m from $77.25m a year ago.
Q3 gold sales were $387.8m versus $392.8m for the corresponding period in 2016.
Total cash costs for Q3 were$201.9m compared to $195.3m a year ago.
Depreciation and amortisation of $50.5m increased by 26% from the corresponding quarter of 2016.
The mining company revealed that quarterly gold production from its Loulo-Gounkoto complex was 172 350oz due to lower grade but that this was in line with plans.