LONDON -- Randgold Resources (LSE:RRS) (NASDAQ:GOLD) published results for the first quarter of 2013, in which it reported that while gold production was down on the preceding quarter, it was up on the corresponding quarter in 2012. Unfortunately, however, both profit and earnings per share were down, both quarter on quarter and year on year. Randgold's share price is currently down over 1.25%.

Following the drop in the gold price over the quarter, the Randgold reports that it has reviewed all of its operations, with a view to optimizing cash flow.

The company states that forecast annual production and cash costs remain within its previous guidance, and that by using a $1,000 per ounce gold price in its calculations for reserves, its business plan is solid, and Randgold has secure long-term growth capability.

Commenting on the results, chief executive Mark Bristow said:

While Randgold remains strongly placed to sustain its profitability under any realistically conceivable gold price scenario, we have nevertheless reviewed each operation's plans in the light of the recent drop in the price, making adjustments where necessary to ensure we manage our cashflow given this year's large capital spend. At Kibali, the rescheduled capital expenditure will reduce the peak funding requirement without materially affecting the production profile or putting cash flow generation at risk.

In the meantime, the Loulo-Gounkoto complex is getting back to planned grade, recovery and production levels, Tongon continues to improve and the recently approved pit pushback project at Morila, which will extend that operation's life by two years, is scheduled to start this quarter.

But with the price of gold having fallen significantly of late -- even after a recent rally, it's some 15% down in the last six months -- investing in a gold miner might currently seem a risky proposition.

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