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News Breaks
December 26, 2012
14:53 EDTGOLDRandgold Resources reports fire at Tongon plant, revises Tongon guidance
Randgold Resources reported production at its Tongon gold mine in Cote d'Ivoire had been impacted by a fire in the mill section. The fire started on December 24 during a planned shutdown for repairs to the No 1 mill cyclone feed pipe. The fire then spread upwards into the No 1 cyclone cluster and moved to the No 2 cyclone cluster. The company said the fire has been fully extinguished and no injuries have been reported but both cyclone clusters, flotation cells and blowers along with associated infrastructure for both milling circuits suffered damage. The full extent of the damage was still being assessed but the mills themselves have been unaffected and the mine had already started to make short term repairs including temporary relining of the various pieces of equipment whilst sourcing replacement parts. Tongon aims to have both milling circuits operational again within ten days. Randgold said the fire would further impact on a difficult year for Tongon and that the revised annual production for that operation was now expected to be approximately 208,000 ounces. Randgold also said its Loulo complex was on track to achieve its full year guidance of 500,000 ounces and Morila would comfortably exceed its guidance at 200,000 ounces.
News For GOLD From The Last 14 Days
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February 11, 2016
11:03 EDTGOLDOptions with increasing call volume
Options with increasing call volume and volatility; GOLD EA IAG TMV MFLX AUY O NLNK LOCK
10:28 EDTGOLDHigh option volume stocks:
High option volume stocks: MAIN FLO GOLD JNPR CAH MFLX BID AUY O AXLL
February 9, 2016
10:00 EDTGOLDOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Capital Senior Floating (ACSF) downgraded to Market Perform at Keefe Bruyette... American Science & Engineering (ASEI) downgraded to Hold from Buy at Benchmark... ArcelorMittal (MT) downgraded to Neutral from Overweight at JPMorgan... BioCryst (BCRX) downgraded to Hold from Buy at Jefferies... Brixmor (BRX) downgraded to Underperform from Outperform at RBC Capital... Diana Shipping (DSX) downgraded to Neutral from Buy at Clarksons Platou... Eagle Point Credit (ECC) downgraded to Neutral from Buy at Compass Point... Golden Ocean (GOGL) downgraded to Neutral from Buy at Clarksons Platou... Lukoil (LUKOY) downgraded to Hold from Buy at Deutsche Bank... Memorial Resource (MRD) downgraded to Neutral from Overweight at JPMorgan... Navios Maritime (NM) downgraded to Neutral from Buy at Clarksons Platou... Northstar Realty (NRF) downgraded to Market Perform from Outperform at Keefe Bruyette... Plains All American (PAA) downgraded to Neutral from Buy at BofA/Merrill... Plains GP Holdings (PAGP) downgraded to Neutral from Buy at BofA/Merrill... Qualys (QLYS) downgraded to Neutral from Buy at DA Davidson... Quidel (QDEL) downgraded to Hold from Buy at Canaccord... Randgold (GOLD) downgraded to Hold from Buy at Deutsche Bank... Scorpio Bulkers (SALT) downgraded to Neutral from Buy at Clarksons Platou... Tortoise Energy (TYG) downgraded to Hold from Buy at Stifel... Winnebago (WGO) downgraded to Neutral from Buy at Northcoast.
05:31 EDTGOLDRandgold downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank downgraded Randgold to Hold saying the stock looks expensive following the 36% rally over the past month.
February 8, 2016
12:47 EDTGOLDRandGold surges after quarterly earnings, plans for dividend hike
Shares of RandGold (GOLD) rallied in midday trading after the company reporting earnings for the fourth quarter of fiscal year 2015 and announced plans to increase its annual dividend. WHAT'S NEW: Before the market open, RandGold Resources reported Q4 earnings per share of 47c, down from 53c in the same period last year, and below analysts' consensus estimates of 48c. The company said that the decline in year over year profits reflects the decline in gold price. Pretax profit for the quarter was $70.5M, while revenue was $272.09M, up from $226.32M in the year-ago period, the company said. RandGold said that production for the fourth quarter amounted to 326,430 ounces compared to 287,048 ounces in the same period a year ago. Looking to fiscal year 2016, the company said it is eyeing gold output of 1.25M-1.3M ounces for FY16, a 3%-75% increase over 2015, and a cash cost of $590-$630 per ounce. Additionally, RanGold expects production to be "relatively consistent" throughout FY16, but will be "slightly weighted" to the second half. RandGold added that it anticipates capital expenditures of $240M in FY16 and $115M in fiscal 2017. DIVIDEND RAISE: Separately, RandGold said that its board has recommended a 10% hike in its annual dividend to 66c per share from 60c per share. The company said that the proposed increase reflects the strong cash flows generated by the business. If approved by the company's shareholders, the dividend will be payable on May 27 to shareholders on record March 18, RandGold said. STREET RESEARCH: Following the release of RanGold's earnings report, Deutsche Bank analyst Anna Mulholland downgraded the stock to Hold from Buy. The analyst said that the offering of low cost production and an ungeared balance sheet should provide RandGold a relative premium, but that shares have overshot the firm's fair value and do not offer enough growth or yield to maintain the rally, especially when the firm anticipates gold's run to "peter out." Mulholland said the firm prefers Acacia Mining within the gold space. The analyst added that key risks for the company include higher or lower than expected gold prices, lower or higher than expected costs and volatility in the Euro/Dollar exchange rate. PRICE ACTION: At midday, RandGold jumped 9.53% to $85.76 in New York.
10:08 EDTGOLDRandgold downgraded to Hold from Buy at Deutsche Bank
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