Randgold Resources (RGR) is engaged in gold mining and exploration activities in West & Central Africa. RGR presently operates 2 mines in Mali and 1 mine in Côte d’Ivoire whilst continuing to focus on organic exploration driven growth. RGR is likely to generate robust revenue growth in the near to medium term, supported by higher realised gold prices and an expected increase in the amount of ‘higher’ grade ore mined. Moving forward, operational execution remains key to delivering near term production growth of circa 70% driven primarily by the Gara mine commissioning. Cash operating costs rose 37% in 2010 due to cost inflation, increased royalties and reduced sold ounces. The company intends on reducing this to USD 600/oz (2010: US632/oz). Geo-political instability in the area of operations particularly Côte d’Ivoire and upcoming Kibali mine coupled with no gold price hedging are key risks.