Randgold Resources Limited (GOLD) Q2 2012 Earnings Call August 9, 2012 11:00 AM ET Executives Philippe Liétard – Managing Director Mark Bristow – CEO Analysts Josh Wolfson Patrick Chidley Martin Welsh James Bender Presentation Operator
This has been a time in which Randgold has had to contend with many challenges, operational, developmental, and at least, political. We are in reference with which the team has dealt firstly with the fallout from the CÔTE D’IVOIRE disputed elections and then with the MALI coup and its aftermath is a tribute to the expertise in managing risk in Africa.And also to Randgold’s partnership philosophy, which again proved its worth. If there was one thing that the conflicting parties in both situations could agree on, it was that Randgold’s operation where key national assets we truly protected and that Randgold was a valuable partner who could be trusted to act in the best interests of the country and in an open and even handed manner. This colial relationship was demonstrated publicly again on Monday during the Gounkoto opening. Martin remains in close touch with MALI’s interim government as well as the West African Union Ecovas. And while the country is still by no means out of the woods yet, it is definitely on the right track. We believe if people have the will and the ability to restore full stability and reinstate their democratic institutions. Continuing to foster good relations, Martin is in recent weeks also address a Democratic Republic of Congo government forum on the country’s mining code and it has also productive discussions with the newly elected and impressive-looking government in Senegal. The latter was on the itinerary of his latest motorbike marathon for charity, which took him and his two sons through 17 countries, from Beschoff, in England, to Abidjian in CÔTE D’IVOIRE, and raised almost $600,000 for charity. Randgold’s exploration executive team joined the ride in Senegal and together, they visited all our West African operations, projects and metal targets. You can’t manage mines in Africa from the comfort of a distant head office and the result before you again attest to the effectiveness of Randgold’s policy of engagement and commitment.
I will now pass it on Mark for small but good developments. Thank you.Mark Bristow Thanks very much Philippe and good morning and afternoon ladies and gentlemen. We’re in London, we’ve got Graham our CFO and Paul, at Exploration relative of Communications with us and Citi partner Nicole from Europe. Again, as usual I gave a presentation mid-day at the London Stock Exchange. It was I must say extremely well attended. We had standing reminding, to start CNGB performance in the Olympic. And we – as you can see, we had a stereotypical results a little bit, I mean, I guess reflect on these results is what’s reflecting first on the market. And one thing we have been saying for some time is, the industry is certainly struggling with trying to keep up with the latest demands from the market in our inverted commerce. We’re seeing new flavor of the market rather the courses, the last four or five courses where we can move from the demands from the market of being large and liquid and then growth and then everything is all about producing answers. And then for a while we’ve been looking at cash cost and we’re seeing to change how we calculated and recently this being the year with all the dividend and then we’re suddenly all affect from capital discipline. I think that – the thing that differentiates us from many of these sort of single focused events or fans is that we’ve always – and we feel that we haven’t allowed ourselves to be seduced by these demands. But rather kept our focus on performing against what we believe is a clear destination and under the guidance of a simple sustainable strategy. And that’s really kept our business. Read the rest of this transcript for free on seekingalpha.com