Randgold Resources reports rising costs but a swing to profit in Q3

The group says it is looking at fast tracking its Gounkoto project in Mali

LONDON (Reuters)  - 

Gold miner Randgold Resources (RRS.L) swung into a profit in the third quarter as higher gold sales outweighed rising costs.

It also said on Tuesday it will fast-track its Gounkoto project in Mali and plans to complete a pre-feasibility study on the project, situated 25 kilometres south of the company's flagship Loulo complex, by the end of the first quarter of 2010.

The only pure gold producer in the FTSE 100 index said it moved into a profit of $13.6 million from a loss of $684,000 a year ago.

Its third-quarter gold production rose to 118,925 ounces from 101,856 ounces, but total cash costs per ounce increased to $573 from $513.

Gold prices XAU= rose to a record $1,110.85 an ounce on Monday amid dollar weakness and are up 25 percent this year. [GOL/]

(Reporting by Julie Crust; editing by Rhys Jones)

© Thomson Reuters 2009 All rights reserved

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