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Thursday
Mar072013

Randgold Resources to remain dividend-driven midtier producer

 

TORONTO (miningweekly.com) – Africa-focused miner Randgold Resources on Wednesday affirmed its intention to remain a dividend-driven midtier gold producer in a global mining environment of rising costs and difficult equity and debt markets.


CE Mark Bristow said that after the past number of years’ sustained gold price above $1 000/oz, any midtier gold miner that was in production should by now have shored up significant free cash flow with which to fund growth projects.

He said Randgold could technically afford to build a new $600-million mine every five years, while maintaining attractive dividend payouts. So comfortable is the company, that in February it had lifted its yearly dividend for the period ended December 31 by 25% to 50c a share, compared with 40c a share for 2011.

Speaking at an investor presentation hosted by Rangold during the Prospectors and Developers Association of Canada’s show, Bristow said, as long as there was about $600-million to $700-million cash in the bank to work with, he was happy to distribute the rest as dividends.

He emphasised that the company saw itself as a good potential joint venture partner for juniors.

Read more here.

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