Reuters - Randgold Resources said its second-quarter profit from mining was flat, as higher gold prices were offset by lower production and higher costs.
Spot gold rose 7.3 percent in the second quarter as geopolitical uncertainty and Britain's vote to leave the European Union prompted investors to buy the metal.
Randgold said on Thursday that quarterly gold production fell 6 percent to 281 494 ounces due to lower production at its Tongon mine in Ivory Coast and the Kibali mine in the Democratic Republic of Congo.
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Total cash costs in the quarter rose 6 percent to $727 per ounce.
Last month, Randgold cut its forecast for full-year production at Tongon to 260 000 ounces from 290 000 ounces, citing erratic power supply.
Randgold, which also mines gold in Mali, reported profit from mining of $150.6 million for the three months to June 30.
REUTERS