Gold miner pins hopes on Africa

AFRICA-focused miner Randgold Resources said third-quarter profits are down 41pc to £45.8m year-onyear and gold production down 9pc to 310,618 ounces.

But the firm said it was on track to meet full-year guidance, with profits and production up over the nine months to September 30.

It came as Randgold announced an exploration joint venture with Endeavour in the Ivory Coast, where it has been trying to encourage the government to help the industry. Randgold will hold 70pc and Endeavour 30pc of the project covering areas in the north of the West African country.

Chief executive Mark Bristow said: ‘I believe Randgold will continue to be a leader in the gold mining industry in terms of value creation for all stakeholders.’