Output at the Morila mine is set to double

The firm, which earned profits of $13.6m in the same period in 2003, said it had since instigated changes at the site, a venture with AngloGold Ashanti.

As a result, output is set to more than double over the next three months, Randgold said.

Production at the Loulo mine in Mali should also start next July, it added.

Randgold said the Loulo mine is thought to contain reserves of 7 million ounces, up 2.5 million ounces on previous estimates.

New chairman

Randgold built the Morila mine but the site is operated by AngloGold Ashanti, with each firm owning a 40% stake in the venture.

"We promised we would intervene and focus management's minds on Morila's, and we did," Randgold chief executive Mark Bristow said.

"Morila achieved its desired throughput in October and is certainly back on track."

Randgold also announced that its chairman Roger Kebble was retiring with immediate effect. He will be replaced by non-executive director Phillipe Leitard.