July 16, 2018 / 12:58 PM / in 4 months

Strike halts gold production at Randgold's Ivory Coast mine

ABIDJAN (Reuters) - A strike by workers at Randgold Resources’ Tongon gold mine in Ivory Coast brought production to a halt on Monday as government-led negotiations broke down, the company said.

“For the moment, gold production at the mine is stopped. We are in the middle of a crisis meeting to find a solution to the strike,” Bodiel N’Diaye, Randgold’s country manager in Ivory Coast, told Reuters.

Randgold said in a statement that it continued to work with Ivorian authorities and the workers’ unions to resolve the standoff, without giving any details about what it was about.

The mine, which produced 288,680 ounces of gold last year, was also hit by on-and-off strikes in April, causing output to slow. Two of Randgold’s gold mines in neighboring Mali have also faced strikes this year.

The strikes, as well as the adoption of steep tax hikes in Democratic Republic of Congo, where Randgold operates the Kibali gold mine, have weighed on Randgold’s stock price, which is down nearly 30 percent this year.

Reporting By Aaron Ross and Loucoumane Coulibaly; Editing by Tim Cocks

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