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 Randgold shares 'oversold' – analyst

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PostSubject: Randgold shares 'oversold' – analyst    Randgold shares 'oversold' – analyst  EmptyFri Jan 07, 2011 9:46 pm

ORONTO (miningweekly.com) – The decline in Randgold Resources' share price over the last month is “definitely not” warranted, Fox-Davies analyst Peter Rose asserted on Friday.

Randgold cautioned on December 23 that post-election unrest in the Cote d'Ivoire would negatively impact production levels and commissioning at its new Tongon mine in the country, and also said that output would be lower than expected because of operational issues at the Loulo mine in Mali.

The Tongon operation is still operating, “albeit on a curtailed basis”, Randgold said at the time.

Other miners, including Australia's Newcrest Mining and TSX-listed La Mancha Resources, have halted operations in the Côte d'Ivoire amid tensions over disputed elections.

Shares in the LSE- and Nasdaq-listed company have fallen 15,5% since December 1, while the gold price has averaged $1 392, “exactly the same figure as it was on the 1st of December”, Rose pointed out in a research note.

He retained a 'buy' recommendation on Randgold shares, but lowered his target price to £65,00 from £69,00 a share.

“However, we do strongly believe that the stock is over sold,” Rose added.

The problems at Loulo are “frustrating”, but not serious, he said.

The situation in the Cote d'Ivoire and its effect on the Tongon mine is more concerning, but Fox-Davies believes that Randgold would be able to fund development of all its other projects and keep paying dividends even if Tongon does not make any contribution.

Randgold Resources closed flat at 5 105p in London on Friday.
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