Randgold workers down tools at Tongon mine
By Oliver Haill
Date: Monday 16 Jul 2018
(Sharecast News) - Work at Randgold Resources' Tongon mine in Côte d'Ivoire has been interrupted as workers go on strike.
The FTSE 100 mining giant has been in an on-and-off industrial relations dispute with its workers at Tongon for many months.
On Monday afternoon Randgold said that the strike over the weekend interrupted a government-led process process to try and resolve the dispute.
"Management continues to engage with the authorities and the unions to resolve the situation," the company said in a statement.
Gold production in the first quarter of the year was dented by in part by the industrial relations issue, though management have maintained group-wide guidance of 1.3-1.35m ounces for 2018.
In April, Randgold's management said they were not sure Tongon would achieve its 290,000 oz production forecast for the year.
Last year there was a five-day sit-in over disputed ex-gratia payments but gold production from the mine hit 288,680 ounces with total cash costs of $676 per oz.
Based on current reserves, the mine has just over three years of productive life left.
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