- Team strength forms foundation for sustainable business
- Demonstrated ability to manage risk in Africa
As we noted in last year’s annual report, 2010 was a year in which Randgold would have to deal with a wide range of operational and developmental issues as it continued its rapid growth into a complex and multi-faceted mining business. That it has improved its profit - to the extent that the board has been able to propose an 18% increase in the dividend - and kept the progress of its projects on track in very difficult circumstances is a tribute to Mark Bristow and his team. Once again, Randgold has shown that its real strength is its people - people whose skills, tenacity, commitment and courage form the foundation for building a sustainable business.
Given the importance of our people, we paid considerable attention over the past year to expanding our top team, strengthening our structures and building leadership capability. In growing our personnel, however, we are very mindful of the need to preserve the company’s essentially entrepreneurial spirit: increased size will never be allowed to dilute the corporate DNA that distinguishes Randgold from its peers. With the growing size and number of our operations, we have also been acutely aware of the necessity to continue to focus first of all on the safety of our workers, and as is recorded elsewhere in this report, good progress is being made on this front.
In recent months I have personally visited all our operations, and in the troubled
As the developments in North Africa and elsewhere suggest, we may now be entering a new era where the people’s will can prevail over rulers who would not equitably share the wealth drawn from their countries’ natural resources. It is a cardinal point of Randgold’s partnership philosophy that its host countries’ share of the value created by its activities should be used not to reward a small elite but to help build sustainable economies capable of generating and sharing welfare for all. The latest political changes we are now beginning to see in
On the general subject of mining in
During the year the eminent academic Dr Kadri Dagdelen joined the board as a non-executive director. Dr Dagdelen is a professor and departmental head at the
Also during the year, Jon Walden resigned from the board and we thank him for the contribution he made. I would like to express my personal appreciation to my colleagues on the board for their independent spirit, inquiring minds and vast expertise they bring to our deliberations.