ShareCrazy.com: Hard Data, Harder Opinion

Date	Comment
07-09-10	07.09.10 :+70, (6080) the re-election of the Australian Labour government is negative for miners says Shore Capital. Notes that overnight in Australia, miners are lower, as the outcome is less positive than it would have been if candidate Abbott's coalition had gained the support of the independents. Notes though that one of the independents is reported as saying that he would like to see a review of the mining tax on coal and iron-ore as a part of a broader review of tax reform.
01-09-10	01.09.10 :-25, (6010) Collins Stewarts initiates coverage on the five large UK-listed gold producers. Expects the rally in gold to continue, and sees gold hitting $1350 an ounce in '11. Its top picks are African Barrick Gold (ABG.LN) and Avocet Mining (AVM.LN), which it rates at buy, with 790p and 190p price targets, respectively. Says they have the best opportunity to attract a re-rating by the delivery of production and resource growth targets in Africa. Also initiates coverage of Randgold Resources (RRS.LN) and Centamin Egypt (CEE.T) at buy, with 7000p and 210p price targets, respectively. Expects they will continue to be held at a premium by the market, as production growth is delivered. Initiates Petropavlovsk (POG.LN) at sell with 875p price target, saying it is concerned over the group's delivery of 2H production.
10-08-10	10.08.10 :+65, (5440) Deutsche Bank cuts Randgold Resources price target to 6350p from 6850p. Says the company's 2Q operating and financial results are weak, missing the brokerage's EBIT forecasts. Says: "Poor production at the flagship Loulo mine...has in our view tarnished the company's image of 'infallibility' captured in its sector-topping valuation." Thinks the company deserves a premium rating, but says there may be further operational risks in 3Q. As a result, maintains hold recommendation.
09-08-10	09.08.10 :-110, (5395) Citigroup cuts Randgold Resources price target to 6260p from 6730p, after reviewing earnings forecasts in light of the delayed ramp-up to full capacity of the Loulo expansion, as well as recent cost guidance. Lowers '10 EPS forecast to $2.04 from $2.35 and '11 to $3.47 from $3.81. Agrees with the company's chief executive that the Loulo problems are easily fixable in the near term. Maintains hold recommendation.
05-08-10	05.08.10 :-295, (5395) Randgold Resources Ltd. reported an 83% rise in second-quarter net profit but said it would miss its full-year production target by as much as 5% after setbacks at its flagship Loulo mine in Mali. The London-listed, Africa-focused miner is undergoing a rapid expansion phase as Loulo expands into underground operations, the Tongon mine in Ivory Coast starts production and work progresses at the Gounkoto project in Mali, the Massawa project in Senegal and the Kibali project in Congo. "This is a creditable performance given the very substantial challenges we're dealing with this year at the start of our multi-mine growth phase," Chief Executive Mark Bristow told Dow Jones Newswires. Loulo is experiencing "teething problems" as it expands production, Bristow said, due in part to unexpected power outages. Randgold this week revised Loulo's 2010 output expectation to 5% to 10% less than its original target of 400,000. The lower output at Loulo affected costs--cash operating costs rose to $604 per ounce of gold versus $553/oz in the first quarter. The company expects production and cost levels to be back on target by the fourth quarter. "The increased contribution from Tongon will almost make up for the expected shortfall from Loulo, while Morila is holding steady. We're therefore forecasting attributable production to be within 5% of the 477,000 troy ounces we gave as our guidance at the beginning of the year," Bristow said. Tongon is expected to start commissioning ahead of schedule in September. Tongon is now expected to produce more than 80,000 ounces of gold in 2010, up its previous guidance of 75,000 ounces. Morila is in Mali. Randgold's net profit was $34.4 million for the three months to June 30, compared with $18.7 million in the first quarter, boosted by a gain of $6.3 million on the sale of part of the company's stake in Volta Resources and by the write-back of a $13 million provision from the settlement of an investment in Auction Rate Securities, a type of bond investment. Profit was up despite attributable gold production falling 17% to 93,880 troy ounces in the second quarter compared with 112,663 ounces in the first quarter. Gold sales also fell 16% to $103.4 million on quarter as a result of the lower output. Although the production shortfall was flagged ahead of results, "It is disappointing to see gold output fall on both the preceding quarter and the year-ago quarter," said equity analyst Nick Chalmers of Canaccord Genuity. He said "there is still significant delivery risk associated with Randgold." Separately, the company also said it is targeting to bring the start of construction at the giant Kibali project in the Democratic Republic of Congo forward by six months to the middle of 2011 after making rapid progress in the pre-development phase.
05-08-10	05.08.10 :-295, (5395) Randgold Resources full-year target is slightly encouraging, says Liberum Capital. "Management state 2010 production will be 5% lower than original guidance (now 453,000 oz gold) which is a slight positive considering the market had feared 2010 production could be down 10%," the bank says. "For us, one major negative is that group cash costs continue to increase and are high at $665/oz - Loulo its key producing mine came in at $668/oz....Randgold's valuation is only justified by successful delivery on +200% production growth in 2011 and beyond," it adds.
05-08-10	05.08.10 :-295, (5395) Randgold Resources second quarter results "confirms our belief that, despite the undoubted quality of its asset base, there is still significant delivery risk associated with Randgold," says Nick Chalmers of Canaccord Genuity. "It is disappointing to see gold output fall on both the preceding quarter and the year-ago quarter," he adds, noting that the second quarter was a difficult operational quarter due to setbacks at Luolo. On the positive side, Canaccord says faster than anticipated progress at Tongon in the Ivory Coast should see some of the expected shortfall in Loulo output offset. "We [therefore] remain comfortable with our full-year company-wide attributable production forecast of 462,000 ounces" based on the company's expectation that full-year output will be within 5% of its original target of 477,000 oz. Canaccord has a hold and a 6000p target price.
05-08-10	05.08.10 :-295, (5395) Randgold Resources (GOLD) 2Q was better than expected due to exceptional items which offset softer top line numbers, says Cailey Barker of Numis Securities. EPS at $0.38 beat Numis' forecast of $0.34 and was up 92% year on year and 52% quarter on quarter, mainly due to a $20 million gain from exceptionals, the bank says. Production was down 17% quarter on quarter at 93,000 ounces vs Numis' expectations of 109,000, due to plant downtime at Loulo as announced previously. Cash costs of $665/oz were higher than the bank's forecast of $645/oz. "We expect soft quarterly results into Q3 which should weigh on the stock for most of this year." Numis has a hold rating.
05-08-10	05.08.10 :-295, (5395) Randgold Resources second quarter results were broadly in line with expectations, says Charles Cooper of Oriel Securities. "We're happy that the company is making progress, particularly on Tongon....The market had been pricing issues with Loulo" that resulted in higher cost and lower production, Cooper says. He adds that Randgold achieved "higher gold prices than we were expecting." Cooper has a hold rating and a 5670p target price on the stock.
02-08-10	02.08.10 :-50, (5635) Randgold Resources will likely open weaker today, after lowering its production guidance from its Loulo gold mine says a trader. Says Randgold is expecting Loulo's output for '10 to be within 5% and 10% of its original forecast of 400,000 ounces.
09-07-10	09.07.10 :+15, (6225) Goldman Sachs downgrades Randgold Resources to sell from neutral but raises price target to 6740p from 6530p. Feels it is one of the few stocks in its coverage universe that is pricing in the bulk of the value from its growth projects. "As a result, we are concerned that should there be evidence that one of the four projects under development starts to slip behind budget or schedule, the shares could react badly."
11-06-10	11.06.10 :+15, (6075) Numis Securities raises Randgold Resources (RRS.LN) price target to 6200p from 4700p, largely due to revised gold price forecasts. Says despite its premium rating, Randgold is one of Numis's favourite names in the gold space and a great way to play the gold sector. Expects the company to increase its production consistently over the next four years. Still, notes there are challenges. "Putting four new mines into production over the next few years carries significant development risk. We believe that Randgold will be able to meet its timelines but may struggle with delivery of ounces." Keeps at hold.
03-06-10	03.06.10 :-165, (5975) While a full backdown by the Australian government on its resources super profits tax proposal is unlikely, a compromise could be struck, says Ambrian. This comes as Xstrata (XTA.LN) suspends two Australian projects. Says miners are redirecting investment spend into a mounting media attack on the government's plans, in an effort to draw the government to the negotiation table. Says: "The question is how many more projects are going to be shelved before this happens and could it be settled before the general election?" Xstrata is not yet under Ambrian's coverage.
02-06-10	02.06.10 :+60, (6130) Citigroup upgrades Petropavlosk (POG.LN) to buy from hold, and raises its target price to 1405p from 1220p. Expects the company to steadily close the valuation gap on Randgold Resources (RRS.LN) - has at hold, but raises target price to 6090p from 4730p - as confidence in the company grows. Says Petropavlosk is past the high-risk phase of its evolution. The brokerage adjusts EPS estimates to $1.79 for FY '10, to $1.94 for FY '11 and to $2.28 for FY '12.
06-05-10	06.05.10 :+235, (5580) Randgold Resources 1Q earnings are below expectations amid sharply higher cash costs, says Numis Securities. EPS at $0.21 misses Numis' forecast of $0.30. Numis sees Randgold's update on operations as mixed. "Loulo, the company's flagship mine in Mali, continues to struggle with underground operations." However the brokerage says the miner is making good progress on its development projects.
06-05-10	06.05.10 :+235, (5580) Randgold Resources hits a bump during a massive growth phase with somewhat disappointing production at its flagship Loulo mine, says Oriel Securities analyst Charles Cooper. But Cooper notes that the miner is maintaining its full-year guidance and adds that Oriel is not looking to change its targets based on this quarter's lower-than-hoped-for output. Has a buy recommendation.
04-05-10	04.05.10 :-25, (5415) the fall in the mining sector is relatively limited says Charles Stanley, following the announcement that the Australian government intends to impose a resources super-tax on profits of Australian mining operations. Says this reflects that the announcement did not come as a surprise. Overall says while supply/demand considerations mean the sector is attractive in the long term, prices in general have not fallen to levels at which it would encourage adding to holdings. At the same time, does not anticipate a crash in metal/mining share prices in the immediate future sufficient enough that investors should rush to sell existing holdings now. Has long-term buy and short-term hold on the sector.
26-04-10	26.04.10 :-85, (5260) Mining should remain a core overweight says Morgan Stanley. Sees better forward looking valuations, more attractive growth, valuation and returns than other emerging-market plays and a long-term bullish view on Chinese economic growth, which should keep commodity prices high. Recognizes some near-term risks, including in Chinese property and slowing earnings momentum, but says any pullback should be viewed as an opportunity to add to positions. Notes the mining sector performed well during the start of tightening corrections in 1994 and 2004. Says a change in Fed policy is likely in 2Q, which in turn could lead to a consolidation phase for equity markets, similar to those seen previously.
01-04-10	01.04.10 :+140, (5220) Arbuthnot raises Randgold Resources price target to 6000p from 5000p on growing resources, M&A activity and likely further strength in gold later this year. In its annual report, Randgold announces it is lifting attributable ore reserves by 75% and mineral resources by 69%. Arbuthnot says, "Randgold has built a solid reputation for delivering growth without diluting shareholders; the company trades in line with the gold price, which is what any investor in gold should be seeking." Maintains buy recommendation.
31-03-10	31.03.10 :+88, (5015) the shares led the sector higher after the Africa-focused gold miner announced a 75% increase in mineral reserves and said it would hit production targets at its flagship Loulo mine in Mali. At 1022 GMT, Randgold's shares were up 75 pence, or 1.5%, at 4989 pence, making it the strongest performer among FTSE100 mining equities. London's mining index was up 0.6%. Randgold said attributable proved and probable reserves grew to 15.56 million troy ounces from 8.87 million ounces with the latest measurements from its Gounkoto project in Mali and Massawa project in Senegal, as well as an increase in ownership at its Ivory Coast Tongon project and further exploration at its Kibali project in Congo. "The year ahead is going to be another testing one, in which we aim to increase production at Loulo further, pour first gold at Tongon and progress the Kibali, Massawa and Gounkoto projects," Chief Executive Mark Bristow said in a statement. Randgold remains on track to boost annual production at Loulo to 400,000 ounces from 351,591 ounces in 2009, with the ramp up of the mine's underground operations. The company also expects first production at Tongon in the fourth quarter of this year, Bristow said.
30-03-10	30.03.10 :-76, (4914) HSBC initiates Randgold Resources at overweight with $90 target price. Reckons challenges in the South African gold mining industry will send investors searching for new opportunities in regions with growing production and more stable cost profiles. Believes West African producers, such as Randgold, are well positioned to benefit from this shift.
18-02-10	18.02.10 :+125, (4765) Goldman Sachs increases Randgold Resources price target to 6212p from 6076p. Notes stronger-than-expected cash flow in the company's full-year earnings. Says this is driven by higher output from the Loulo mine and a higher gold price. Says output at Loulo is up 7% on the successful expansion of the processing capacity, leading to significantly higher tonnes milled and higher gold production in 4Q '09. Keeps at neutral.
10-02-10	10.02.10 :-75, (4425) Citigroup increases Randgold Resources price target to 4730p from 4650p after increasing net present value to 1891p from 1860p, based on Citigroup's longer term production profile. Adds that the company's recent 4Q results were better than the brokerage's expectations. However, maintains hold rating. Has a preference amongst the UK miners for diversified groups with exposure to bulk commodities rather than single-metal groups. For example, sees more upside in iron ore than gold.
08-02-10	08.02.10 :+80, (4480) Investec Securities upgrades Randgold Resources to buy from hold and raises target price to 5220p from 5162p following the recent pullback in the share price. Believes the shares are oversold at their current level. Investec also cites the company's strong trading update. Says "these are a strong set of results in our view driven by good progress at all of the exploration and development projects and a solid final quarter of the year during which cash costs per ounce declined by 8%."
08-02-10	08.02.10 :+80, (4480) Randgold's profits and progress at its mining operations are better than expected, says Arbuthnot Securities' John McGloin. "A very positive set of numbers....We expect the shares will be much stronger." Says shares will likely return to 5000p. Comments Randgold shows there is "excellent upside" at Gounkoto, while reserves at Kibali are up 67% and the timeline for production has been moved forward about a year.
29-01-10	29.01.10 :+19, (4393) Goldman Sachs raises price targets on UK miners by an average of 5%, mainly due to increased metal price forecasts. Believes prices will remain supported and will rise in those commodities for which a deficit market is forecast in the next two years, such as platinum, copper and zinc. Raises Kazakhmys (KAZ.LN) target to 2022p from 1983p, saying it's the best play to gain exposure to rising copper prices; keeps at buy. Raises Antofagasta (ANTO.LN) target to 1373p from 1234p and Vedanta (VED.LN) target to 3772p from 3528p; has buy rating on both. Raises Anglo American (AAL.LN) target to 3563p from 3337p, Xstrata (XTA.LN) to 1400p from 1324p, Lonmin (LMI.LN) to 2478p from 1902 and Randgold Resources (RRS.LN) to 6076p from 6034p; keeps all four at neutral.
10-11-09	10.11.09 :-93, (4577) Numis Securities lowers Randgold Resources to sell from reduce, following 3Q earnings. Says the results are disappointing given rising costs due mainly to ongoing difficulties with the Yalea underground development at the Loulo project in Mali. Brokerage believes that Randgold is currently overvalued in relation to its operational risks and established production levels. "We maintain our target price of 3500p. Recent share price strength on the back of the gold price has resulted in a downgrade of our recommendation," it adds.
10-11-09	10.11.09 :-93, (4577) Randgold Resources (GOLD) 3Q production performance is good and shows the company is on track to hit output targets, but its the underground development of its flagship mine is not going according to plan, says FinnCap analyst Joe Lunn. Notes that lower than expected grades at the underground project, called Yalea, mean higher costs, and looks for guidance on an improvement. Sees shares correlating to gold price. Has a buy recommendation.
10-11-09	10.11.09 :-93, (4577) Randgold Resources (GOLD) 3Q results showcase the miner's growth potential but operationally are "slightly weak," says Liberum Capital. "The results... highlight the importance of management delivering its growth assets in a timely fashion." Notes increase in costs related to lower ore grades at the company's flagship mine. Prefers Russia-focused Petropavlosk (POG.LN) among precious metals miners.
16-10-09	16.10.09 :+112, (4602) RBC Capital Markets upgrades Randgold Resources to outperform from sector perform and raises its target price to 5200p from 4200p after the miner concludes its takeover of Moto Goldmines. "With the Moto deal concluded Randgold now has four new mines on the way starting with Tongon and we see superior growth potential in the stock." Adds Randgold its preferred LSE gold stock because of its strong balance sheet, track record and management team.
30-09-09	30.09.09 :-44, (4315) Oriel Securities initiates coverage of Randgold Resources with a buy rating and 4920p target. "The gold producer has high quality assets in West Africa and enviable production growth that is expected to double over the next couple of years." Sees cash costs falling 30% as new projects come on line. Says Randgold justifies its premium rating due to low costs, quality projects and management and delivery on projects.
28-07-09	28.07.09 :-295, (3685) Randgold Resources' 2Q earnings are in line with expectations and output is slightly higher than expected, says Arbuthnot Securities analyst Tim Dudley. Adds the important news is that the company is planning to begin scoping studies at its new discovery Gounkoto. "It indicates that they think it's a promising project," he says. Has a buy recommendation.
28-07-09	28.07.09 :-295, (3685) Randgold Resources timing in announcing a 5 million share offering to fund project development and a pending acquisition of Moto Goldmines Ltd. (MGL.T) is "impeccable," says Liberum Capital. "The timing of the placing is impeccable - the shares are close to their highs," says Liberum Capital. Adds there were no surprises in the second quarter earnings. Says increased production demonstrates the company's flexibility to hit output guidance despite several shutdowns for the crusher expansion project.
28-07-09	28.07.09 :-295, (3685) Gold miner Randgold Resources is in negotiations to buy Australia-based Moto Goldmines Ltd. (MGL.T) which has projects in the northeast of the DRC. "It puts it in a high-risk environment, but it is, at least, the right strategy," says Evolution Security analyst Charles Kernot. Says the issue of 5 million new shares should help with the costs of the Moto bid, assuming that it completes. Has a sell rating on Randgold but concurs with its acquisition strategy.
27-07-09	27.07.09 :+14, (4034) Citigroup forecasts Randgold Resources 2Q EPS will come in at 29 cents a share, +26% from 23 cents a year earlier. The 2Q report is due Tuesday. Quarterly net profit attributable to equity shareholders is seen +20.6% at $26.1M. "Outside of the numbers we expect an update on exploration and development projects." Says that a resource statement for Gounkoto gold prospect in Mali is a possibility and would be a positive catalyst for the stock. Has a hold rating and 4000p target.
16-07-09	16.07.09 :-26, (3824) Randgold Resources "firmly tops" Red Back Mining's (RBI.T) bid for Moto Goldmines (MGL.T), says Scotia Capital. "The offer of 0.07061 Randgold shares for each Moto share and US$244 million in cash [US$2.50/share] from AngloGold appears superior to the existing offer of 0.48 Red Back shares per Moto share." Does not expect Red Back to be able to match Randgold's cash component and reckons the junior miner will have to content itself with a C$15.3M break fee. Has a sector outperform rating on Red Back.
16-07-09	16.07.09 :-26, (3824) Randgold Resources' proposed acquisition of Moto Goldmines (MGL.T) is "a sensible use of ][Randgold's] equity [company had net cash of $255M at December 08] and would provide additional long-term growth potential beyond the already substantial organic growth the company has," says Citigroup. Notes increased risk exposure by entering Congo, but says the joint venture structure - 50-50 with AngloGold Ashanti (AU) - reduces that risk. Has a hold recommendation and 4000 target on Randgold.
09-07-09	09.07.09 :+49, (3635) Citigroup ups Hochschild (HOC.LN) to hold from sell, Peter Hambro (POG.LN) and Fresnillo (FRES.LN) to buy from hold. Thinks investment flows into gold are moderating but expects prices to remain in the $850-$1000/oz range while the outlook for silver is improving. Sees reduced balance sheet concerns for Hochschild and Peter Hambro. Increases the price targets to 280p from 140p and 700p from 450p respectively. Regards Fresnillo as its top pick. Keeps price target at 620p. Downgrades Randgold (RRS.LN) to hold from buy. Keeps target price at 4000p. Likes the long-term growth story but thinks much of the upside is priced in.
08-05-09	08.05.09 :+98, (3653) Citigroup upgrades Randgold Resources to buy from hold, following its 1Q results Thursday. "We forecast the company to double production levels over the next three years to over 750,000 ounces via the ramp-up at Loulo and startup of Tongon in late '10," Citi says. Adds production growth has been driven organically by exploration success. Lifts target price to 4000p from 3200p.
07-05-09	07.05.09 :-44, (3490) Randgold's 1Q results were a strong performance that should assure investors the company will deliver on its key expansion project, says FinnCap. Notes plant capacity at Randgold's Loulo gold mine in Mali increased 30% during 1Q. "The delivery of a strong performance from Loulo should help alleviate concerns from the market that the underground expansion plans was falling behind." Adds, Randgold's 3% output increase in 1Q suggest the company's on track to meet and possibly exceed Finncap's production target of 442,000 oz for 2009. Has a buy recommendation.
07-05-09	07.05.09 :-44, (3490) Randgold's 1Q results are broadly in line to slightly above expectations, says Investec analyst Jonathan Guy. Comments 1Q production was as expected, while capital expenditure at the Massawa gold mine development was $40 million lower than expected. Says he expects cost deflation due to lower oil prices to lift profit per ounce through the year. Adds, the Gounkoto discovery is positive news. "In general, (it's) in line to positive. But they do have a lot of work to do to reach their (2009) target (of 500,000 oz)." Maintains hold recommendation with target price of 3022 pence.
07-05-09	07.05.09 :-44, (3490) Randgold Resources Ltd reported a 41% increase in net profit in the first quarter on increased output and higher prices. Earnings were mostly in line to slightly higher than expectations, analysts said. The company said its switch to underground mining at its Loulo gold mine in Mali was on track, and reported a successful scoping study at its Massawa mine in Senegal as well as a new discovery in Mali. Randgold's net profit rose to $13.1 million in the three months to March, compared with $9.12 million in the fourth quarter. On year, net profit fell 18%, mostly because prices reached record highs in the first quarter of 2008, analysts said. Chief Executive Mark Bristow said the company had one of its best quarters ever. "Profits quarter on quarter were up against a market that can't deliver higher profits despite a $100/oz increase in the price," he told Dow Jones Newswires. Bristow said the company aims to produce 360,000 ounces at Loulo this year, and raise the mine's output to 400,000 ounces in 2010. Randgold's total output target this year is 490,000 ounces, Bristow said. Gold sales were 12% higher on the previous quarter at $87.3 million. Attributable production increased by 3% on the previous quarter to 110,313 troy ounces. Ambrian Partners analyst Julian Emery said the company's profits were slightly above his estimates, while production was largely as expected. Cash costs were in line with the previous quarter at $461/oz, the company said. Total cash costs were $50.8 million, up 3% on the quarter and 11.5% on the year. The company said its work on developing the underground operations at its Loulo mine in Mali was progressing as expected. Analysts said increasing output at the underground mine at Loulo will be crucial for the company's earnings once the Morila mine is wound down this year. "In general, (the results are) in line to positive," said Investec analyst Jonathan Guy. "But, they do have a lot of work to do to reach their (2009) target (of 500,000 ounces)." Randgold said it completed a scoping study at its Massawa gold mine in Senegal that confirmed it was a "very robust project." The miner also reported a new gold discovery at Gounkoto in Mali. Bristow said the company remains very interested in acquisitions, but has the "luxury" of developing its own pipeline. The company earlier this year made and then withdrew an informal offer to buy out African gold miner Moto Goldmines (MTOGF).
19-03-09	19.03.09 :+190, (3485) Randgold Resources and other gold shares surge after the Federal Reserve said it would start large-scale buying of government debt to pump more money into the economy, triggering worries about inflation. Randgold jumps 11.7 percent, making it the second biggest gainer in the FTSE 100 index, which is flat. It also outperforms a 2.4 percent rise in the UK mining index. Analyst Michael Rawlinson at Liberum Capital says the move by the Fed to launch so-called quantative easing (QE) raised concerns of a flood of new cash in the world economy. "The market now fears the ECB will now have to follow the BoE, the Fed and the BoJ into QE, making no currency a safe haven," he said. "Only hard assets such as gold can be a true hedge against the rising risks of out-of-control inflation at the back end of this economic cycle." AIM-listed Russian gold producers Peter Hambro and Highland Gold climb 7.4 percent and 3.9 percent respectively while South Africa's AngloGold Ashanti, Gold Fields and Harmony Gold are up 5.5-6.1 percent.
27-02-09	27.02.09: +82, (3132) an article in the Times reports: Randgold Resources fell 165p to 3030p as the price of gold fell.
18-02-09	18.02.09: -10, (3445) an article in the Telegraph reports: Randgold Resources rose 245p to 3,498p (an all-time high) boosted as gold rose to $972.9 an ounce.
11-02-09	11.02.09 :+209, (3300) HSBC upgrades its recommendation on the mining and exploration company to "overweight" from "neutral" on the back of drilling results from its Massawa prospect. "The latest drilling results from Massawa confirm the presence of a significant mineralized system; ongoing infill program should provide sufficient data for an initial resource calculation later this year," says HSBC in a note. The broker raises its target price for Randgold to $53 from $48. Since its year-low on January 15, the gold price has risen more than 15 percent.
09-02-09	09.02.09 :-61, (3039) the African gold producer reports its fourth quarter results and says full-year adjusted net profit is up 26 percent on 2007, while it expects to boost attributable gold production by around 15 percent. Arbuthnot, which repeats its "buy" rating, says the fourth quarter results were "strong". The broker expects to see Randgold increasing cash generation in 2009 as production ramps up at Loulo's and the results of the company's successful scaling back of peak costs continue to take effect. "We continue to rate Randgold Resources as the best gold play in the sector and with a continued strong outlook for gold," says the broker.
26-01-09	23.01.09: IC says Sell (2724p): BEAR POINTS Gold price set to languish - Highly rated relative to peers - Challenging new production plan BULL POINTS Great assets, proven management - Exploration upside.
26-01-09	24.01.09: an article in the Times reports: Randgold Resources rose 199p to 3095p as the price of gold rose.
14-01-09	14.01.09 :-63, (2623) in a review of the sector, Citigroup cuts Xstrata, Kazakhmys, First Quantum Minerals, Randgold Resources and Anglo American to hold from buy. It also cut its stance on Antofagasta PLC to sell from buy.
10-10-08	10.10.08 :-35, (2255) mining companies help drag the FTSE 100 index lower in early trade with Anglo Swiss miner Xstrata dropping as much as 14.5 percent and Rio Tinto shedding as much as 13.2 percent as analysts downgrade their earnings forecasts due to falling metals prices. "Placing (Rio Tinto) shares on 10x our discounted 2009 earnings yields a significant reduction in our target price from 6150 pence to 1820 pence," Evolution Securities analyst Charles Kernot writes in a research note, cutting his recommendation on Rio to "sell" from "buy". RBS also cuts its price target on Xstrata to 2,900 pence from 4,600 pence although it rates the stock "buy". "Base metals prices are following equity markets lower but may recover as Chinese and other government agencies take advantage of lower prices to restock strategic stockpiles," say analysts at investment bank Fairfax. Bucking the trend and one of only eight gainers among Britain's leading 350 shares is Africa-focused gold miner Randgold Resources which climbs as much as 7.8 percent as a flight to safety by investors pushes gold to a 2-1/2 month high.
08-10-08	08.10.08 :+240, (2233) bucks a weak trend for miners as Citigroup raises its rating to "buy" from "hold" on valuation grounds, maintaining its target price at 2,500 pence. Citigroup notes FTSE 250 listed Randgold share price has fallen by 16 percent over the past three months and has derated against the gold price. The broker says although the third quarter was a tough period for gold mining stocks due to a falling gold price and high costs, the sector is now entering a seasonally strong period for the yellow metal. Citigroup notes Randgold is heavily exposed to the oil price and the euro, so lower prices and a weaker euro will also bring substantial cost relief for the company in the second half of 2008 and into 2009. The broker says Randgold "is the "cleanest" way to gain UK equity exposure The broker says Randgold "is the "cleanest" way to gain UK equity exposure to a rising gold price due to its wide investor base, pure gold focus, and strong management team."
18-08-08	18.08.08 :+37, (2413) Investec Securities has initiated its coverage on a number of London listed gold miners which it believes offer investors exposure to the gold price, traders said. In a note to clients published on Monday morning, Investec said it believes gold prices will remain strong, supported by a relatively weak U.S. dollar, high global inflation and flat mine supply. Peter Hambro Mining PLc. is Investec's top pick. It started the company with a 'buy' recommendation and 1,307 pence target price, saying the stock offers a combination of large resource, superior production growth profile, lowest quartile operating costs and a track record of delivery. It rated Hochschild Mining Plc. as a 'buy' with a 265 pence target price, whilst it placed a 'buy' rating and 131 pence target price on Highland Gold Mining Ltd. European Goldfields Ltd. was also started as a 'buy' as was Central Rand Gold ltd. with respective target prices of 190 pence and 60 pence. Investec was also bullish on Griffin Mining Ltd., Avocet Mining Plc. and Uruguay Mineral Exploration Inc. recommending 'buy' on all three stocks and respective target prices of 32 pence, 114 pence and 85 pence. However, it did take a negative stance on Randgold Resources Ltd., initiating with a 'sell' recommendation and 1,436 pence target price, on valuation grounds, despite its excellent portfolio of projects.
31-07-08	31.07.08 :+167, (2559) the Africa-focused gold miner unveiled increased second-quarter profits, with Arbuthnot Securities and FinnCap both keeping their 'buy' recommendations, according to market sources. Earlier, Randgold Resources said it had boosted its net profit for the six months June to $38.4 million from $19.6 million in the same period in 2007, in spite of the negative impact of a weakening dollar and rising input costs. Net profit of $20.2 million for the second quarter was up 11 percent on the previous quarter and up 196 percent on the corresponding quarter in 2007. The company also said the latest drilling results from its recently announced Massawa project in Senegal had confirmed that this was a major discovery. Responding, Arbuthnot said Randgold Resources' results show the company swimming against the tide of many in the sector who are buckling under cost pressures. The broker noted that this quarter's pretax profit of $26.8 million is marginally ahead of its estimate of $25.8 million, with EPS of $0.24 ahead of its $0.21 forecast, but in line with consensus estimates. Arbuthnot said that most interestingly, the company gave an update on the new discovery, Massawa, with the broker noting it estimates that the portion of the structure drilled intensively to date -- 3 kilometres -- could potentially contain 2.7 million ounces of gold at an average grade of 3.9 grammes/tonne. The broker said the gold price has been soft over the past few days, and has resulted in Randgold pulling back below its target price of 2,400 pence. Arbuthnot believes the gold price will be softer through August ahead of the autumn buying season and it would recommend building a position in Randgold on the back of gold weakness, with the expectation that Randgold will return to the high price seen earlier this year. The broker said it expects further positive results from Massawa will see upgrades to expectations for the company. FinnCap, meanwhile, noted that the results for the second quarter continue to support its belief that Randgold Resources is currently the top performing gold stock quoted in London.
13-06-08	13.06.08 :+45, (1948) Arbuthnot Securities has upgraded Randgold Resources Ltd. to 'buy' from 'neutral', urging investors to make the most of the current dips in share price. In a note, the broker said the shares have dropped 30 percent from the high of 2,800 pence in April, a period during which the gold price has retreated 8.7 percent. The broker described the miner's last set of results as "as bullish as we have ever heard them on the exploration pipeline", noting Randgold's hopes of producing 500,000 oz of gold this year and 640,000 oz next year. It said it sees current "dips" as an opportunity to get into a stock, which has a high correlation with the gold price.
04-06-08	04.06.08 :-92, (2109) HSBC has upgraded Randgold Resources Plc. to 'overweight' from 'neutral' this morning, due to recent share price weakness, while its $50 price target is unchanged, according to market sources. In a note to clients this morning, HSBC said it believes Randgold's Massawa project has emerged as a legitimate, advanced-stage exploration destination with the potential to host a meaningful resource. It added, that although the geologic model is still evolving, it thinks Massawa is hosted by favourable lithologies, and has the right structure, deformation, alteration, and a potential heat source.
13-12-07	13.12.07 :-97, (1683) Citigroup has started coverage on Randgold Resources Ltd with a 'hold' rating and 2,000 pence price target. In a note this morning, the broker said the gold mining company has two operational mines with a third due for completion in the second half of 2008. Citigroup said it anticipates production to start at the third mine in 2010, while it also noted that Randgold has a number of other exploration targets based throughout the prospective central and western Africa region, which it thinks could add long term volume growth. Forecasting basic earnings per share to increase from 0.65 usd per share in 2007 to 3.33 usd per share in 2010 on volume gains and a strong gold price, the broker said the gold price has recently set 28 year highs above 800 usd per oz. Calling the gold price, volume growth and particularly exploration potential as possible positive investment catalysts, Citigroup said nonetheless it thinks Randgold is reasonably priced versus its peer group.
09-10-07	09.10.07 :-20, (1552) HSBC has cut both Peter Hambro Mining and Randgold Resources to 'neutral' from 'overweight', on valuation grounds, according to traders. In a note to clients, HSBC pointed out that gold equities have moved to a premium, with rising costs and appreciating currencies set to constrain September earnings.
02-08-07	02.08.07 :-7, (1068) lower mid-morning after the company said its second-quarter pretax profit more than halved from the same period last year due to lower production from its Morila mine, with Seymour Pierce reacting by maintaining its 'hold' rating. This morning, the company said pretax profit was 10.03m usd, compared with 21.5m usd a year earlier, while analysts had expected 19.2m usd. In a note, Seymour Pierce noted that the company remains confident that it can still meet the planned production schedule at Morila for H2 with a rise in grade expected, and is pursuing strategies to recover the production shortfall incurred during H1. The broker said that, ahead of today's meeting and with production at Morila below forecast, at present it maintained its 'hold' recommendation.
23-02-07	23.02.07 :+31, (1245) initiated at 'buy' by Goldman Sachs, while South Africa-based Harmony Gold Mining has been started at 'neutral' by the broker, which is bullish on gold fundamentals, dealers said. In a note landing on fund managers' desks this morning, Goldman told investors it expects gold prices to end 2007 at 700 usd per ounce, rising to an average of around 735 usd for 2008. The broker said it views Randgold as attractive due to its low costs and high cash returns, the close relationship between its share price and the gold price, and potential upside from its Tongon project, currently in the feasibility stage. It added that it also believes Randgold has attributes that make it a feasible consolidation candidate. Goldman's price target of 1,635 pence on the UK group implies 38% potential upside. Turning to Harmony, the broker said it believes upside will be limited until the market is convinced that the group's return to profitability is sustainable, hence its 'neutral' stance.
09-09-06	08.09.06: shares in UK mining stocks reversed early gains to trade lower at midday, mirroring profit-taking across commodities, following a recovery by the dollar and with recent heavy fund buying said to have subsided, dealers said. The price of gold dropped to 612.70 usd, down from its close at 617.30 in New York last night, while silver was at 12.30 usd an ounce against 12.55 usd yesterday. Anglo American however was helped by bullish broker comment. Merrill Lynch raised its price target for the diversified mining group by 10% to 2,750 pence and retained its 'buy' rating, while UBS asked whether the company could become a takeover target. Randgold Resources fell 64.00p to 1203.00p.
03-11-05	03.11.05 :-8, (774.5) the best performing mid-cap this morning after posting strong third quarter results, prompting positive broker feedback, dealers said. Earlier, Randgold Resources said its profits in the third quarter were up on both the previous quarter and a year earlier. The company also announced today that its Loulo mine was set to ship its first bullion consignment this month. Randgold was also planning to develop an underground mine at Loulo to complement the open-pit mining there. Deep drilling at Loulo confirmed orebody continuity to 870 metres below surface. Randgolds results for the third quarter showed gold sales revenue of 31.0m usd, up from 12.2m a year earlier. In response to the results, Arbuthnot said that the Morila mine in Mali Randgolds joint venture with Anglogold performed strongly. It said gold grades of 5.5g/t and increased tonnage through the expanded mill lifted sales by 11%. It said Randgold's pretax profit was up 30% quarter-on-quarter and it expected the company to achieve the broker's targeted pretax profit forecast for the year of 46m. Arbuthnot rated the mining group as a 'buy' with a target price of 870 pence per share. Elsewhere, Seymour Pierce said that Randgold Resources' Loulo mine had commenced production and appeared to be building up well. As it stands, however, Seymour considered that other companies with similar or greater upside potential were more lowly rated by the market, and so it retained its 'sell' recommendation, preferring Peter Hambro as its core pick in the sector.
01-11-05	01.11.05 :-17.5, (761.5) the ADS pricing today in Sydney is at slight discount to its UK shares, says analyst Charles Kernot of Seymour Pierce. The company's move to raise money in the market is a surprise, Kernot adds, since Randgold has always stated it has adequate finance for its projects. "Perhaps its move to boost its cash position is in order to take advantage of the growing number of deal opportunities in the sector," Kernot says. Randgold has said it is looking at potential acquisitions but it could be the company didn't feel it had enough flexibility after financing its Loulo mine in Mali. Kernot rates Randgold a sell with target price under review.
05-05-05	05.05.05 :+38, (687.5) the gold miner swung into a first quarter profit and said strong operating results had laid a solid foundation for the year ahead, dealers said. In response, Numis reiterated its 'add' advice and said earnings of 20 cents per share were well ahead of its forecast of 45 cents for the full year. Referring to Randgold's 80% owned Loulo open-pit mine in Mali, Numis said it is still on course to produce its first gold during the third quarter of 2005 and construction is proceeding rapidly ahead of the rainy season. During the last year deep drilling has demonstrated high grades and tonnages of mineralisation beneath the open pit mining areas and highlighted the potential to develop long-life underground mining operations. The broker expects a feasibility study on the mine, due by the end of June,will recommend the development of some underground mining in preference to a deepening of the planned open pits.
23-02-05	23.02.05 :+24.5, (690.5) an article in the Telegraph reports: the shares rose 38.5p to 666p after a buy recommendation from Evolution Beeson Gregory. The broker said Randgold could be a takeover target for Newmont Mining.
23-04-04	23.04.04 :-36, (989) IC say Buy (1115p) - Randgold may yet make more significant discoveries in Africa, and could start paying dividends once it has wiped out the accumulated losses.Risky, but worth a flutter. BULL POINTS: Buoyant gold prices, Excellent core asset, New project pipeline, Takeover potential. BEAR POINTS: Difficult to deal in the shares, Major shareholding.
18-11-03	18.11.03 :+55, (1555) an article in the Independent reports: Peter Hambro Mining fell 7p to 378.5p, Randgold was down 19p to 1500p and Highland Gold fell 1.5p to 257.5p on profit taking. However, market professionals expect gold to continue to rise in value next year. Yesterday, Dresdner Kleinwort Wasserstein predicted that the price of gold could well hit $435 per ounce in 2004, supported by increased investment demand, a weaker dollar and geo-political tensions. In London, gold traded at about $393 per ounce yesterday afternoon.
21-10-03	21.10.03 :-32.5, (1327.5) an article in the Guardian reports: the shares fell 52.5p to 1360p as investors worried that the group is likely to raise its bid for Ashanti Goldfields, which has already recommended a $1.4bn all share offer from South Africa's AngloGold.
15-10-03	15.10.03 :+17.5, (1392.5) the bidding war over Ashanti Goldfield Ltd heated up when rival AngloGold Ltd raised its offer. Shares in Lonmin PLC, which owns a 27.6% stake Ashanti, took the opposite direction as the two miners fought over the Ghanain gold producer. The Ashanti board is recommending AngloGold's latest bid to shareholders, which also includes the government of Ghana. "AngloGold is clearly the preferred bidder by Ashanti. It will bring far more resources, expertise and logistical support to the company, particularly for the development of Obuasi mines," said John Meyer of Numis Securities. Randgold is now preparing to improve its 1.8 bln usd bid, a move which analysts fear could overstretch its financial resources. One of the factors that could possibly sway Ashanti shareholders' preference is the inclusion of an attractive cash component in Randgold's counter-offer. But most sector followers remained sceptical as Randgold has to borrow more money to back the acquisition. "I don't think Randgold could afford to do that. Further increasing the level of debt within Randgold will be negative for the shares. I will be very concerned," one analyst said. "AngloGold's bid is a clearly superior offer although it offerred a slightly lower valuation. I don't think Randgold's valuation is particularly realistic anyway," he added.
06-10-03	06.10.03 :-65, (1330) gold prices falter, said analysts. Gold prices started to ease last Friday, with investors switching to currencies as the dollar bounced back following encouraging US jobs data. However, the decline in gold prices is believed to be temporary as sector followers remain bullish on the market's prospects for the rest of the year. "All bets are still on that (gold prices) will reach 400 usd at the end of the year," one analyst said, adding that the price reversal will not have any material effect on Randgold's results. Gold prices have increased dramatically over the past several months on the back of the slump in the dollar and the impact of gold producers buying back large volumes of forward gold sales. Randgold is competing with AngloGold Ltd in the race to take over Ghanaian gold producer Ashanti Goldfields Co Ltd. The government of Ghana, which holds a 17% stake and a "golden share" in Ashanti, is currently reviewing the bids and will announce its decision possibly by the end of the month.
24-09-03	24.09.03 :-50, (1550) analysts believe an improved 1.8 bln usd bid for Ashanti Goldfields Co Ltd will unlikely sway shareholders' preference over AngloGold Ltd's offer. Randgold formally made an all-share offer, which was above its 1.46 bln usd indicative bid, late Tuesday. Ashanti, in reaction to Randgold's bid, said its board continues to recommend AngloGold's all-paper 1.1 bln usd bid. It has extended until end-October its transaction agreement with AngloGold while they await the decision of the government of Ghana which holds a 17% stake in Ashanti. The Ghanaian government also owns a golden share which allows it to veto any merger deal between Ashanti and a third party. Sector followers think that AngloGold's approach, though lower, is more attractive than Randgold's, particularly for Ashanti's major shareholder Lonmin PLC. "From Lonmin's point of view, it will have to choose between a higher bid (Randgold) and an offer that could easily be converted to cash (AngloGold). I personally think it will favour the latter," one analyst said. Lonmin, analysts think, will ultimately settle for AngloGold's offer as it is currently in need of cash following the restructuring of its South African platinum business, Lonplats. The deal, although taken positively by analysts as it ended a cumbersome shareholding deal with joint venture partner Impala Platinum Holdings Ltd, has boosted Lonmin's debts. Yesterday, it raised 215.8m usd from a convertible bond offer, proceeds from which will mainly be used to repay debts.
03-09-03	03.09.03 :+0, (1477.5) an article in the Times reports: Randgold, whose chairman, Roger Kebble, was charged on Friday with theft and fraud, which he denies) is expected to enter the FTSE 250 index in next week's reshuffle. FTSE International requires that, as well as a company making a certain market value, 69,000 of its shares a day must be traded before it can join the FTSE 250. About 500,000 shares in Randgold have changed hands each day in the past four months. The shares fell 47.5p to 1477.5p, but analysts believe that Randgold's bid for Ashanti would be boosted if it were admitted to the mid-cap index. Lonmin, which is a 27.6 per cent shareholder in Ashanti and would receive a ?434 million windfall if Randgold's bid were successful, saw its shares rise 36.5p to 963p.
23-07-03	23.07.03 :+52.5, (1142.5) an article in the Independent reports: the shares rose 35p to 1,090p as the gold price rose to a three week high. The company has operations in Mali and would be profitable even if the gold price stood at below $300 per ounce. Yesterday it traded at $352. Evolution Beeson Gregory believes that Randgold is currently undervalued and is urging investors into the stock ahead of Q2 results from the group next month. The broker says it is likely that the Rangold will be added to the FTSE 250 index at the next quarterly review in September. The broker expects demand for the shares in the run up to their promotion from index tracker funds.
24-06-03	24.06.03 :-30, (1057.5) an article in the Guardian reports: the shares were unchanged at 1087p despite speculation, confirmed after the market closed, that the company will be eligible for inclusion in the FTSE All-Share index and possibly the FTSE 250 at the next quarterly review in September.
17-06-03	17.06.03 :+5, (1055) an article in the Independent reports: the shares rose 67.5p to 1,050p as the South African miner, with has a dual listing in London and Johannesburg, prepares to be added to the FTSE All Share index. The London listed shares are quite tightly held and dealers expect a strong rise by the stock in coming days as index tracker funds struggle to get their hands on stock.
02-05-03	02.05.03 :+0.5, (16) an article in the Times reports: the shares rose 1.75p to 15.5p following an overnight rise in its US-listed stock.

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