Randgold's head of exploration speaking to Mineweb said he felt that some of the West African countries currently being seen as attractive for gold exploration – notably Burkina Faso, Liberia and Sierra Leone – are of less interest to the company than Cote d'Ivoire and also mentioned Gabon as an underexplored country which could have great potential given its geology.

In Q&A after the main presentation, Bristow was hugely dismissive of the All In Sustaining Costs reporting being promoted by the World Gold Council, and now being followed by most of the gold mining majors.

Accurate and detailed cash cost reporting, with all the other ancillary costs being well specified in the accounts he feels is a far better guide. Randgold has always, Bristow avers, been wholly focused on profits which benefit all stakeholders.

Looking ahead, this year's guidance at 900-950,000 oz at cash costs of $700-750/oz is being maintained with Kibali producing its first gold and Loulo/Gounkoto getting into higher grade sections in their orebodies. The company is predicting 1.2 million ounces next year as Kibali is rolled out with a continuing rising gold production profile in the years ahead.

Eoin Treacy's view In a sector which has been plagued by an inability to control costs and has more recently suffered as gold prices declined, Randgold Resources has been a relative strength leader. Its West African resource base has also allowed it to bypass the labour relations issues that have been such a challenge for South African miners.

In an encouraging sign, the share found support above the late June low yesterday and firmed additionally today. A sustained move above 5000p would break the medium-term progression of lower rally highs and confirm a return to demand dominance beyond the short term.