Randgold CEO: I'm Not A Gold Bull - MMIC13 San Francisco
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Kitco News' Daniela Cambone sat with Mark Bristow, CEO of Randgold Resources, to talk about the mining industry and metals prices. "It is a tough time relatively speaking but something that we've always said is that gold goes up and it goes down," Bristow says. "It's a long-term business." Bristow goes on to say that he is not a gold bull but he does believe in the industry. "I think the price is going to be under a lot of pressure for the next 6-12 months, maybe even 18," he says. There is an "exciting opportunity" for Randgold, he says, because juniors were the company's biggest threat in the bull market but now they have fallen over. "[As a result], we've been able to consolidate our footprint in the highly perspective regions of Africa," he says. How is Randgold able to survive with lower gold prices? "Randgold has allocated its capital at $1,000 an ounce for a long time now and we didn't follow the gold price up when it went up to $1900, we stuck to $1000," Bristow says. Tune in now to hear more about Randgold's plan for the coming year. Kitco News, November 26, 2013.
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