NEW YORK (TheStreet) -- What do you think the ticker GOLD stands for?
Maybe the gold price itself? Or some form of exchange traded fund giving you exposure to the precious metal?
Actually it is the ticker for Randgold Resources (GOLD) -- an Africa-focused gold mining company.
I am still surprised that Randgold is not a better known name. The company typically ends each of its quarterly report presentation documents with a chart showing its share price outperformance against a broad peer group. This quarter is no different and judging by some of the performance metrics the company has achieved, this is no accident.
Gold mining stocks have generally had a difficult last few years. Not only has the yellow metal seen a sharp price correction, but high profile names such as Newmont (NEM) and Barrick Gold (ABX) have seen suppressed profitability, written down the value of assets and, in Barrick's case, been forced into an equity money raising.
None of this is good for sector share prices.
Randgold Resources has not written down assets or been forced into a money raising. Instead, with a focus on building large projects that are viable at just gold prices of just $1,000 an ounce -- a price about 30% lower than today's -- the company has successfully grown production from just over 400,000 ounces in 2010 to target 1.1 million ounces this year.