Randgold Resources Limited (NASDAQ:GOLD) Q3 2018 Earnings Conference Call Transcript
Nov 06, 2018 • 06:30 am ET
Ladies and gentlemen, welcome to Randgold Quarter Three Conference Call.
I will now hand over to Mr. Mark Bristow, CEO. Sir, please go ahead.
Hello, everyone. Good afternoon here in the UK and and across in South Africa and also to those in the Americas. As you know, today was one of those special days for Randgold Resources. We met full intents and purposes for the last time on a quarterly presentation, with the pending votes from our shareholders to approve the deal scheduled for tomorrow; and subject to that outcome, that will trigger the combination and we won't be having these meetings again. So, a bit of a bitter sweet moment when we look back over the last 23 years when we incorporated Randgold Resources as a private company then and then continue to migrate it to the main London Stock Exchange and subsequently Nasdaq and really a long unbroken record of successful endeavor, including run-off profits over the past sort of 16 years in a dividend stream that has grown annually for the past 12. And I'm pleased to say that we were able to present a quality set of results again this quarter, despite the lockout at Tongon.
As usual, I'll start it with just an update on our health and safety record. And again, we showed improvements. And I will just point out that we have a real commitment to the welfare of our employees and communities. And this is not a product of governor's box ticking, but really it's a deeply embedded management philosophy, both with respect to our communities who are our employees or the other way around and as well towards the environment, where, as you know, Randgold has been a constituent of the FTSE4Good Index for the past four years, but we're pleased to inform everyone that, during the past quarter, we have also been included in the Dow Jones Sustainability Index, which is fitting for our migration up to the New York Stock Exchange with Barrick.
Moving then to the operations. We covered the highlights for the quarter; a much improved one for Randgold, but not, as I indicated at the introduction, without its challenges, that being that Tongon strike that cost much of the planned output for the quarter. We had nearly a full September, and the team did really well to perform and get the mine up to run rate during that time.
Another record quarter from Kibali and a solid performance from Loulo-Gounkoto kept the Group production in line with last quarter. And more importantly, we had a very good performance on total cash cost per ounce, coming down by 16%, profit increasing by 25%. And as is always the case with Randgold, an improved -- when you get those sort of movements, you get an improved net cash position with cash up 8% or to more than $650 million.
We made good progress with Massawa and also our exploration progress across our portfolio. These are the numbers. And