Randgold sees global gold output drop, costs down

TORONTO, Nov 19 (Reuters) - African miner Randgold (RRS.L) sees a 15-20 percent decline in global gold output over the next three to four years as tough credit conditions prompt delays in new mines and force smaller players out of business, the company's chief executive said on Wednesday.

Speaking at a Toronto presentation for analysts, Mark Bristow said the company plans to capitalize on the inability of smaller miners to develop properties by buying some of the assets up.

"We just think that there are huge opportunities to undress the junior section of the industry," he said.

The recent seizing-up of credit markets has prompted even large players like Barrick Gold (ABX.TO) and Goldcorp (G.TO) to pledge they will conserve capital and focus on high-priority projects.

But the impact on small developers without steady cash flow has been severe.

RandGold, which is based in the Channel Islands, operates in Africa and has been trying to expand its footprint on the continent.

Despite the troubles in the industry, Bristow said the bright spot of the recent plunge in commodities is that costs to build and operate mines have begun to decline.

"We're definitely getting back to some reasonability with costs," he said. (Reporting by Cameron French; Editing by Peter Galloway)