Randgold Resources shares drop after Mali coup

Published:  23 Mar at 6 PM

As reported by the BBC, Randgold Resources shares have dropped nearly 13 percent following Mali’s military coup. The firm has three gold mines in the country, which account for the majority of its gold production. The firm says operations at Gounkoto and Loulo, as well as its Morila joint venture, are running normally.

Renegade soldiers have overthrown the Malian government, explaining that the country had mishandled the insurgency in the north. On Wednesday night, President Amadou Toumani Toure fled his palace by force. He is reportedly in a safe location with guards still loyal to his government. The Malian president has served two terms, but was due to leave after the presidential elections scheduled for 29 April.

Mark Bristow, CEO of Randgold Resources, is at the firm’s Loulo mine in western Mali, about 350 kms from the capital, Bamako. He said the current situation was "calm". Malian people respect the law, which is why the company does not expect any future governments to disregard due process, said Mr Bristow.