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Building a Sustainably Profitable Business

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Building a Sustainably Profitable Business 2008 Annual Report2008 Annual profitable business profitable Building a sustainably Randgold Resources | Annual Report 2008 | Building a sustainably profitable business www.randgoldresources.com Shareholders’ diary Randgold Resources is an African-focused gold mining and 800 exploration business with primary listings on the London Stock Exchange and Nasdaq. 600 400 Financial year end 31 December Annual general meeting Tuesday 5 May 2009 Major discoveries to date include the 7.5 million ounce Morila deposit in southern Mali, the 200 +7 million ounce Yalea deposit at Loulo in western Mali and the +4 million ounce Tongon deposit in the Côte d’Ivoire. Randgold Resources financed and built the Morila mine which Announcement of quarterly results 0 since October 2000 has produced more than 5 million ounces of gold and distributed more First quarter Thursday 7 May 2009 than US$1.3 billion to stakeholders. It also financed and built the Loulo project which started Second quarter Tuesday 4 August 2009 as two open pit mines in November 2005. Since then, an underground mine has been Third quarter Tuesday 10 November 2009 developed at the Yalea deposit and a second underground operation is planned for the Gara Year end and fourth quarter Monday 8 February 2010 deposit. First gold production from the company’s new Tongon project is scheduled for the fourth quarter of 2010. Stock exchange Ticker symbol Randgold Resources has an extensive portfolio of organic growth prospects, constantly replenished by intensive exploration programmes in Mali, Senegal, Burkina Faso, Côte Ticker symbols d’Ivoire, Ghana and Tanzania. Its advanced targets include the significant new Massawa London Stock Exchange (ords) RRS discovery in Senegal, currently at scoping study stage. Nasdaq Stock Market (ADRs) GOLD Key assets WEST millions AFRICA millions MALI Loulo mine SENEGAL Massawa Morila mine discovery BURKINA FASO Tongon mine Kiaka development project CÔTE D’IVOIRE GHANA AFRICA millions Randgold Resources Annual Report 2008 London Stock Exchange: RRS TANZANIA Nasdaq: GOLD www.randgoldresources.com Cover: The resource triangle is the model for Randgold Resources’ exploration driven organic growth. Generative work across some of Africa’s highest potential gold belts feeds a steady stream of prospects into the base of the triangle. This constantly replenished stock of opportunities provides the candidates for a rigorous evaluation and promotion process that delivers advanced targets, projects and ultimately profitable operations. 02 | Randgold Resources Designed and produced by du Plessis Associates Forecast attributable production 000 oz 2009 2010 2011 2012 Tongon Morila Loulo 04 Strategy, goals and scorecard Reserves and resources Financial statements 05 Key numbers 52 Annual Resource and Reserve 76 Statement of directors’ 06 Chairman’s statement declaration responsibilities 08 Directors 53 Table of mineral rights 77 Report of the independent 10 Management 53 Resource triangle auditors 12 Chief executive’s review 78 Financial statements 16 Financial review Profitability with a conscience Shareholders’ information Group structure Delivering value today 56 Social responsibility report 108 20 Loulo mine 110 Analysis of shareholding 25 Morila mine 112 Directory Directors’ reports 113 Operations 62 Corporate governance report 114 Notice of annual general meeting Investing for tomorrow 68 Remuneration committee report 115 Proxy form 30 Tongon project 74 Directors’ report 116 Notes to proxy form 36 Exploration review IBC Shareholders’ diary 49 New business Randgold Resources | 03 Strategy, scorecard and goals Our strategy is to create value by finding, developing and operating profitable gold mines for all our stakeholders. 2008 scorecard Grew profits, maintained strong balance sheet, increased dividend Invested US$85 million in capital projects, US$45 million in exploration and corporate Assumed operational responsibility at Morila, improved its performance Produced first ore from Yalea underground mine, kept development on track YALEA UNDERGROUND YALEA Achieved attributable production within 3% of guidance despite challenges Expanded reserve and resource base Started construction of new mine at Tongon in Côte d'Ivoire Confirmed major new discovery at Massawa, progressed other targets TONGON Continued to build a team capable of sustaining growth delivery Joined FTSE 100 - first gold company in 20 years in blue-chip index 04 | Randgold Resources 2009 goals Deliver further profit and dividend growth, continue to invest in future Achieve equity attributable group production of 420 000 ounces LOULO Reduce total cash cost per ounce below 2008 level Convert Morila to profitable stockpile treatment operation Advance Yalea underground to steady-state mining rate MORILA Progress development of Tongon to start production in 2010 Complete prefeasibility study on Massawa in Senegal Enhance project portfolio through exploration and evaluation MASSAWA Look for external opportunities to complement organic growth Be a “go to” gold stock Continue to build a team of exceptional calibre Key numbers 31 Dec 31 Dec US$000 2008 2007 Gold sales# 338 572 289 841 Total cash costs* 199 970 158 318 Profit from mining activity* 138 602 131 523 Profit before income tax and financing activities 75 937 63 539 Net profit 47 020 45 628 Net profit attributable to equity shareholders 41 569 42 041 Net cash generated from operations 57 501 62 233 Cash and cash equivalents 257 631 294 183 Attributable production (oz)§ 428 426 444 573 Group total cash costs per ounce (US$)*§ 467 356 Group cash operating costs per ounce (US$)*§ 421 315 # Gold sales does not include the non-cash profit/(loss) on the roll forward of hedges. * Refer to explanation of non-GAAP measures provided in Note 24 on page 106. § Randgold Resources consolidates 100% of Loulo and 40% of Morila. Randgold Resources | 05 Chairman’s statement Robust financial and operational achievement in challenging year Promoted to FTSE 100 and best performing stock for the year Balance sheet strength ensures funding for new growth projects The year under review was probably the most exacting in the history of Randgold Resources. The company had to contend with the multiple challenges of expanding the Loulo complex, initiating the construction of the new Tongon mine and preparing Morila for conversion to a stockpile retreatment operation - in a market where the rise in the gold price was dwarfed by cost escalations and in a global economy which reeled to the brink of collapse. That it was able to improve its net profit by 26% (excluding a non-cash provision against investments in auction rate securities), achieve a significant improvement in production and costs in the last quarter, and maintain its RANDGOLD RESOURCES operational and exploration advances at the planned rate is a tribute to the SHARE PRICE VS GOLD PRICE quality of the company and its people. It underlines again the soundness of a strategy which is focused on long term goals, based on organic growth £ US$ US$/oz and directed at sustainable profitability. It also shows the 35 70 value of the company’s continuing investment in its future: not only in physical assets but also in its skills base 1 300 and its partnerships. 30 60 These sound results enabled the board to declare an increased dividend for the third year in a row. 1 200 25 50 During the year, the gold price rose by 5.8%, outperforming all asset classes. At the same time, 1 000 however, gold shares lost their traditional linkage to the gold price, becoming more undervalued 20 40 against bullion than at any point over the past 25 years. One shining exception 800 to this trend was Randgold Resources: its share price increased by 60%, 15 30 making it the year’s top performer in 600 the FTSE 100, the blue chip index it was promoted to, and one of the top stocks on Nasdaq. Clearly, investors 10 20 400 recognised it as the gold company that offers what they want: leverage on the bullion price. 5 10 200 This positioning is the product of the strategy I have outlined over the years, a plan once criticised as overly 0 0 0 conservative by analysts but now J F M A M J J A S O N D J F acknowledged for its foresight. In 2008 2009 an industry where many were Share price (Nasdaq: GOLD) (US$) seduced by diversification into other Share price (LSE: RRS) (£) metals, Randgold Resources has Gold price (US$/oz) remained a pure gold play. 06 | Randgold Resources While the industry’s output continues to decline, Randgold Resources is projecting a 50% increase in production over the next three years on the back of a steadily growing resource base and new or expanded mines. Its record of delivery through successful discovery and development, followed by profitable operation, gives the stamp of confidence to this forecast. Randgold Resources’ growth has historically been generated organically but it has always remained alert to corporate opportunities, measuring them against its own projects and strategy. The past decade’s flood of mergers and acquisitions offered little of real value but in the current market there are some more attractive opportunities, which the company is examining closely. In the year ahead, the global economy will stay on the critical list and gold is likely to remain the hedge of choice for prudent investors, fearful not only of the immediate financial crisis but of the longer term consequences of their governments’ accelerating currency debasement. Most observers accordingly expect a gold price at or above the past year’s levels. While it will be another challenging year for Randgold Resources, with much to do on the development front, the company is securely placed to benefit from gold’s continued strength. Its robust balance sheet, with available cash of more than US$250 million, gives it the capacity to self-fund its growth projects - a very considerable advantage in the current climate. In addition, the pressure of cost inflation is easing, as already evident in the last quarter of 2008, with the drop in the oil price and a generally more competitive supply situation.
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