Intrinsic value of Randgold Resources ADR - GOLD

Previous Close

$79.66

  Intrinsic Value

$50.29

stock screener

  Rating & Target

sell

-37%

Previous close

$79.66

 
Intrinsic value

$50.29

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of GOLD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  1,365
  1,453
  1,544
  1,639
  1,738
  1,842
  1,950
  2,062
  2,179
  2,302
  2,430
  2,563
  2,703
  2,849
  3,002
  3,162
  3,330
  3,505
  3,689
  3,881
  4,083
  4,294
  4,515
  4,747
  4,991
  5,246
  5,514
  5,795
  6,089
  6,398
Variable operating expenses, $m
  187
  199
  212
  225
  238
  252
  267
  282
  299
  315
  333
  351
  370
  390
  411
  433
  456
  480
  505
  532
  559
  588
  619
  650
  684
  719
  755
  794
  834
  877
Fixed operating expenses, $m
  685
  700
  715
  731
  747
  763
  780
  797
  815
  833
  851
  870
  889
  909
  929
  949
  970
  991
  1,013
  1,035
  1,058
  1,081
  1,105
  1,130
  1,154
  1,180
  1,206
  1,232
  1,259
  1,287
Total operating expenses, $m
  872
  899
  927
  956
  985
  1,015
  1,047
  1,079
  1,114
  1,148
  1,184
  1,221
  1,259
  1,299
  1,340
  1,382
  1,426
  1,471
  1,518
  1,567
  1,617
  1,669
  1,724
  1,780
  1,838
  1,899
  1,961
  2,026
  2,093
  2,164
Operating income, $m
  493
  554
  617
  684
  753
  826
  902
  982
  1,066
  1,153
  1,246
  1,342
  1,444
  1,550
  1,662
  1,780
  1,903
  2,033
  2,170
  2,314
  2,465
  2,624
  2,792
  2,968
  3,153
  3,348
  3,553
  3,769
  3,996
  4,235
EBITDA, $m
  688
  761
  837
  917
  1,001
  1,089
  1,180
  1,276
  1,376
  1,482
  1,592
  1,708
  1,829
  1,956
  2,090
  2,231
  2,378
  2,533
  2,696
  2,867
  3,047
  3,236
  3,435
  3,644
  3,864
  4,096
  4,339
  4,595
  4,864
  5,147
Interest expense (income), $m
  2
  0
  2
  4
  7
  9
  12
  14
  17
  20
  23
  26
  29
  32
  36
  40
  44
  48
  52
  56
  61
  66
  71
  76
  82
  88
  94
  100
  107
  114
  121
Earnings before tax, $m
  493
  552
  613
  677
  744
  814
  888
  965
  1,046
  1,131
  1,220
  1,313
  1,411
  1,514
  1,623
  1,736
  1,856
  1,982
  2,114
  2,253
  2,399
  2,553
  2,715
  2,886
  3,065
  3,254
  3,453
  3,662
  3,882
  4,113
Tax expense, $m
  133
  149
  165
  183
  201
  220
  240
  261
  282
  305
  329
  355
  381
  409
  438
  469
  501
  535
  571
  608
  648
  689
  733
  779
  828
  879
  932
  989
  1,048
  1,111
Net income, $m
  360
  403
  447
  494
  543
  594
  648
  705
  764
  825
  890
  959
  1,030
  1,105
  1,184
  1,267
  1,355
  1,447
  1,543
  1,645
  1,752
  1,864
  1,982
  2,107
  2,238
  2,375
  2,520
  2,673
  2,834
  3,003

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,038
  4,298
  4,568
  4,850
  5,143
  5,449
  5,768
  6,100
  6,447
  6,810
  7,188
  7,584
  7,997
  8,430
  8,882
  9,355
  9,851
  10,370
  10,913
  11,482
  12,079
  12,704
  13,359
  14,046
  14,766
  15,521
  16,313
  17,144
  18,016
  18,930
Adjusted assets (=assets-cash), $m
  4,038
  4,298
  4,568
  4,850
  5,143
  5,449
  5,768
  6,100
  6,447
  6,810
  7,188
  7,584
  7,997
  8,430
  8,882
  9,355
  9,851
  10,370
  10,913
  11,482
  12,079
  12,704
  13,359
  14,046
  14,766
  15,521
  16,313
  17,144
  18,016
  18,930
Revenue / Adjusted assets
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
Average production assets, $m
  1,673
  1,781
  1,893
  2,010
  2,131
  2,258
  2,390
  2,528
  2,672
  2,822
  2,979
  3,143
  3,314
  3,493
  3,681
  3,877
  4,082
  4,297
  4,522
  4,758
  5,005
  5,264
  5,536
  5,820
  6,119
  6,432
  6,760
  7,104
  7,466
  7,844
Working capital, $m
  108
  115
  122
  130
  137
  146
  154
  163
  172
  182
  192
  203
  214
  225
  237
  250
  263
  277
  291
  307
  323
  339
  357
  375
  394
  414
  436
  458
  481
  505
Total debt, $m
  41
  82
  125
  169
  216
  264
  314
  367
  422
  479
  539
  601
  666
  735
  806
  881
  959
  1,041
  1,127
  1,217
  1,311
  1,410
  1,514
  1,622
  1,736
  1,855
  1,980
  2,112
  2,249
  2,394
Total liabilities, $m
  638
  679
  722
  766
  813
  861
  911
  964
  1,019
  1,076
  1,136
  1,198
  1,264
  1,332
  1,403
  1,478
  1,556
  1,638
  1,724
  1,814
  1,908
  2,007
  2,111
  2,219
  2,333
  2,452
  2,578
  2,709
  2,847
  2,991
Total equity, $m
  3,400
  3,619
  3,846
  4,084
  4,331
  4,588
  4,857
  5,137
  5,429
  5,734
  6,052
  6,386
  6,734
  7,098
  7,479
  7,877
  8,294
  8,731
  9,189
  9,668
  10,170
  10,697
  11,248
  11,827
  12,433
  13,069
  13,736
  14,435
  15,169
  15,939
Total liabilities and equity, $m
  4,038
  4,298
  4,568
  4,850
  5,144
  5,449
  5,768
  6,101
  6,448
  6,810
  7,188
  7,584
  7,998
  8,430
  8,882
  9,355
  9,850
  10,369
  10,913
  11,482
  12,078
  12,704
  13,359
  14,046
  14,766
  15,521
  16,314
  17,144
  18,016
  18,930
Debt-to-equity ratio
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.060
  0.070
  0.080
  0.080
  0.090
  0.090
  0.100
  0.100
  0.110
  0.110
  0.120
  0.120
  0.120
  0.130
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
Adjusted equity ratio
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  360
  403
  447
  494
  543
  594
  648
  705
  764
  825
  890
  959
  1,030
  1,105
  1,184
  1,267
  1,355
  1,447
  1,543
  1,645
  1,752
  1,864
  1,982
  2,107
  2,238
  2,375
  2,520
  2,673
  2,834
  3,003
Depreciation, amort., depletion, $m
  195
  207
  220
  234
  248
  263
  278
  294
  311
  328
  346
  365
  385
  406
  428
  451
  475
  500
  526
  553
  582
  612
  644
  677
  711
  748
  786
  826
  868
  912
Funds from operations, $m
  554
  610
  668
  728
  791
  857
  926
  998
  1,074
  1,154
  1,237
  1,324
  1,416
  1,512
  1,612
  1,718
  1,829
  1,946
  2,069
  2,198
  2,334
  2,476
  2,626
  2,783
  2,949
  3,123
  3,306
  3,499
  3,702
  3,915
Change in working capital, $m
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  548
  603
  660
  720
  783
  849
  918
  990
  1,065
  1,144
  1,227
  1,313
  1,404
  1,500
  1,600
  1,706
  1,816
  1,932
  2,055
  2,183
  2,318
  2,459
  2,608
  2,765
  2,930
  3,103
  3,285
  3,477
  3,678
  3,890
Maintenance CAPEX, $m
  -182
  -195
  -207
  -220
  -234
  -248
  -263
  -278
  -294
  -311
  -328
  -346
  -365
  -385
  -406
  -428
  -451
  -475
  -500
  -526
  -553
  -582
  -612
  -644
  -677
  -711
  -748
  -786
  -826
  -868
New CAPEX, $m
  -104
  -108
  -112
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -272
  -285
  -298
  -313
  -328
  -344
  -361
  -379
Cash from investing activities, $m
  -286
  -303
  -319
  -337
  -356
  -375
  -395
  -416
  -438
  -461
  -485
  -510
  -536
  -564
  -593
  -624
  -656
  -690
  -725
  -762
  -800
  -841
  -884
  -929
  -975
  -1,024
  -1,076
  -1,130
  -1,187
  -1,247
Free cash flow, $m
  261
  300
  341
  384
  428
  474
  523
  574
  627
  683
  742
  803
  868
  936
  1,007
  1,082
  1,160
  1,243
  1,330
  1,421
  1,517
  1,618
  1,725
  1,837
  1,955
  2,079
  2,209
  2,347
  2,491
  2,643
Issuance/(repayment) of debt, $m
  41
  41
  43
  45
  46
  48
  50
  53
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
  138
  144
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  41
  41
  43
  45
  46
  48
  50
  53
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
  138
  144
Total cash flow (excl. dividends), $m
  302
  342
  384
  428
  474
  523
  573
  626
  682
  740
  801
  866
  933
  1,004
  1,078
  1,156
  1,238
  1,325
  1,416
  1,511
  1,611
  1,717
  1,828
  1,945
  2,068
  2,198
  2,334
  2,478
  2,629
  2,788
Retained Cash Flow (-), $m
  -213
  -219
  -228
  -237
  -247
  -257
  -268
  -280
  -292
  -305
  -319
  -333
  -348
  -364
  -381
  -399
  -417
  -437
  -458
  -479
  -502
  -526
  -552
  -578
  -606
  -636
  -667
  -700
  -734
  -770
Prev. year cash balance distribution, $m
  520
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  609
  123
  156
  191
  227
  265
  305
  346
  390
  435
  483
  533
  585
  640
  697
  758
  821
  888
  958
  1,032
  1,109
  1,191
  1,277
  1,367
  1,462
  1,562
  1,667
  1,778
  1,895
  2,018
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  584
  112
  136
  157
  176
  192
  206
  217
  224
  228
  229
  227
  222
  215
  205
  193
  179
  164
  148
  131
  115
  99
  84
  70
  57
  46
  36
  28
  21
  15
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Randgold Resources Limited is engaged in gold mining, exploration and related activities. The Company's activities are focused on West and Central Africa. The Company operates through the gold mining segment. The Company operates various mines, such as Morila, Loulo, Gounkoto, Tongon and Kibali. The Company is exploring in African countries, such as Mali, Senegal, Cote d'Ivoire and the Democratic Republic of Congo (DRC). The Company also holds an interest in the Massawa project. The Company holds Morila Limited, which holds interests in the Morila mine in Mali. As of December 31, 2016, Morila mine has produced 122,370 ounces (oz) of gold. The Company holds a controlling interest in the Loulo mine, located in Mali, through Societe des Mines de Loulo SA (Loulo). The Loulo mine is mining from over two underground mines. As of December 31, 2016, Loulo mine has produced 350,604 oz of gold. It has a controlling interest in the Gounkoto mine through Societe des Mines de Gounkoto SA.

FINANCIAL RATIOS  of  Randgold Resources ADR (GOLD)

Valuation Ratios
P/E Ratio 30.3
Price to Sales 6.2
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 21.3
Growth Rates
Sales Growth Rate 20%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.8%
Cap. Spend. - 3 Yr. Gr. Rate -10.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.1%
Total Debt to Equity 0.1%
Interest Coverage 203
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 40.9%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 48.3%
EBITDA Margin - 3 Yr. Avg. 45.3%
Operating Margin 32.2%
Oper. Margin - 3 Yr. Avg. 25.6%
Pre-Tax Margin 33.6%
Pre-Tax Margin - 3 Yr. Avg. 30.7%
Net Profit Margin 20.6%
Net Profit Margin - 3 Yr. Avg. 20.4%
Effective Tax Rate 27%
Eff/ Tax Rate - 3 Yr. Avg. 22.9%
Payout Ratio 21.1%

GOLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GOLD stock intrinsic value calculation we used $1280.217 million for the last fiscal year's total revenue generated by Randgold Resources ADR. The default revenue input number comes from 0001 income statement of Randgold Resources ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GOLD stock valuation model: a) initial revenue growth rate of 6.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for GOLD is calculated based on our internal credit rating of Randgold Resources ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Randgold Resources ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GOLD stock the variable cost ratio is equal to 13.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $670 million in the base year in the intrinsic value calculation for GOLD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Randgold Resources ADR.

Corporate tax rate of 27% is the nominal tax rate for Randgold Resources ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GOLD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GOLD are equal to 122.6%.

Life of production assets of 8.6 years is the average useful life of capital assets used in Randgold Resources ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GOLD is equal to 7.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3706.355 million for Randgold Resources ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 94.346 million for Randgold Resources ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Randgold Resources ADR at the current share price and the inputted number of shares is $7.5 billion.

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COMPANY NEWS

▶ Is The Rally Over For Gold?   [Nov-09-18 10:03AM  Benzinga]
▶ John Hussman Continues to Buy Gold Mining Companies   [Nov-08-18 02:44PM  GuruFocus.com]
▶ Clarification Statement   [Nov-07-18 12:08PM  ACCESSWIRE]
▶ Randgold: 3Q Earnings Snapshot   [05:08AM  Associated Press]
▶ Barrick's Randgold Acquisition May Spur More Gold M&A   [Nov-01-18 08:41AM  Bloomberg]
▶ Bear of the Day: Randgold (GOLD)   [07:00AM  Zacks]
▶ Barrick Gold Stock Is Making Some Progress, But Not Enough   [Oct-30-18 03:29PM  InvestorPlace]
▶ Stocks - U.S. Futures Higher Ahead of Earnings, Data   [Oct-29-18 09:54AM  Investing.com]
▶ Kibali Set for Another Record Quarter   [11:40AM  ACCESSWIRE]
▶ Gold Becomes Popular With Investors Again   [12:32AM  Investopedia]
▶ 7 Breakout Stocks to Buy That Are Immune to Volatility   [Oct-19-18 10:20AM  InvestorPlace]
▶ Gold Miners Rally Could be Legitimate   [Oct-11-18 03:24PM  ETF Trends]
▶ Barrick maintains forecasts ahead of Randgold vote   [Oct-10-18 06:27PM  Reuters]
▶ Randgold Resources Limited: Form 8 (OPD) (Barrick)   [Oct-02-18 07:26PM  FSCWire]
▶ Form 8 (OPD) Barrick Gold Corporation   [02:50PM  ACCESSWIRE]
▶ Form 8 (OPD) Randgold Resources Limited   [02:10PM  ACCESSWIRE]
▶ Holding(s) in Company   [05:36AM  FSCWire]
▶ [$$] Randgold CEO Mark Bristow has shot a lot of animals   [Oct-01-18 08:17AM  Financial Times]
▶ Randgold Refutes SOKIMO's Kibali Claim   [10:25AM  ACCESSWIRE]

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