Randgold shares edge down as strike affects gold output

Randgold shares edge down as strike affects gold output

Randgold Resources (LON:RRS) saw shares edge down in early trading, after production at its Ivory Coast mine was hit by strikes.

Ongoing strikes at the Tongon gold mine started with employees but then spread to other operations. Operations have now returned to full capacity, but the group said on Monday that disruption would likely impact the mine’s production guidance of 290k ounces for 2018.

Despite this, Rangold said it was “determined” to recover most of the lost output.

“To mitigate the downtime effect and lost plant throughput, Tongon processed ore from the run-of-mine and scats stockpiles during the stoppages and also used the opportunity to upgrade parts of the plant to achieve a higher and more consistent throughput going forward”, it said.

Shares in Randgold are currently trading down 0.30 percent at 5,896.00 (0852GMT).