Record profits for gold mining firm
Monday 15th February 2010, 3:00PM GMT.
Chief executive Mark Bristow
A GOLD mining company which has its headquarters in Jersey has posted record profits for last year’s operations.
Randgold Resources, which is based in La Motte Chambers, made U$84.3 million in pre-tax profits, which was up from $47 million in 2008.
After tax, the profit levels of the London-listed South African mining company were $32.08 million, up from $9.12 million.
And the group’s performance was particularly strong in the final quarter of last year.
The fourth quarter profit of $38.7 million was up 185% quarter-on-quarter and 315% up on the corresponding period in 2008.
As a result of the rise, the board increased annual dividend by 30%, to 17 US cents per share. The company’s balance sheet remains strong with $590 million in cash and no net debt.
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Who does the actual mining? Ethnic breakdown? Pay? Conditions? Age? How much tax paid to local government? Resultant contribution to local schools, hospitals?…or would that leave nothing for corporate bonding charity work? Please can these questions (and independent answers) become matter of course when this kind of news is (partially) reported? Show us that capitalism and Jersey tax ‘avoidance’isn’t all evil….
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Registered office in Jersey.
As far as I can see from the annual report not much else.
So brass plate on the wall in Jersey, an LSE listing and thousands of staff scattered across Africa.
Not exactly a Jersey company!
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What do Rangold mine?
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All good points and questions from #1, 2 and 3. As the name and the article suggest, Randgold mines gold on the Rand in South Africa. Rand is the Afrikaans word for Reef, and the Rand is the Johannesburg area. The people who do the mining are mainly black South Africans. If you Google “Randgold” you get directed to a temporary website http://www.randgoldexp.co.za/, which is apparently for an associated company Randgold Explorations. This reminds us that it was a Brett Kebble company.
From a South African, as opposed to a Jersey, point of view, one wonders how much tax, on what, is being paid in South Africa. From a Jersey point of view, it is a bit like Northern Rock – there was a company called Granite-somethingw which was associated with NR. And is Randgold paying any tax to Jersey, and if not, why not? Must the Jersey worker pay tax but not the companies?
The whole capitalist corporate system is a hollow shell of outsourcing plus manoeuvring places of registration to avoid fiscal liability. Stricly legal, but socially, morally and ecologically very very dodgy.
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Yet another company avoiding tax by having a base in Jersey. Says it all
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@ helen back
I agree! It’s great to see a local industry with companies having great success when much of the world is struggling. We should all be proud like helen at what we, as a community, can achieve.
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J Lamborrai
I think you must be paid by Jersey Finance for your posts…or perhaps should be! Would be really interested in your education if you’re happy to say. Where were you taught? What did you graduate in?
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@ watermelon #7
Why should my education be of any interest?
If you think what I say makes sense then I’m happy you agree, if you disagree then explain why in a reasonable way and I’ll listen.
My education is ongoing and gradual.
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