Randgold: Kibali prepares to pour first gold
23.07.2013 | Marketwired
JERSEY, CHANNEL ISLANDS--(Marketwired - Jul 23, 2013) - Randgold (
Randgold Resources Ltd.
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
("Randgold")
KIBALI PREPARES TO POUR FIRST GOLD
Kinshasa, DRC, 23 July 2013 - The giant Kibali gold project in the
Democratic Republic of Congo has advanced to its immediate
preproduction development stage and final preparations are now being
made for the first gold pour, targeted for October this year.
Chief executive Mark Bristow told a media briefing here today that more
than a million tonnes of ore from the open pit mine had already been
stockpiled to feed the metallurgical plant's oxide circuit, which is
scheduled to start commissioning in the third quarter this year. All
36 power generator sets have arrived on site and the backup diesel
powerstation is on schedule, with the first six of the 15 generator
sets needed for plant start-up already commissioned. The construction
of the first hydrostation is on track for completion in quarter one of
next year and will be followed by three further stations. Work on the
underground mine is also progressing well, with the development of the
declines ahead of schedule and the vertical shaft due to reach a depth
of 183metres by year end.
In line with Randgold's policy of local employment and upskilling, 71
people from the local community as well as another 22 DRC nationals are
currently being trained as plant operators and supervisors at
Randgold's Tongon mine in Cote d'Ivoire and its Morila mine in southern
Mali. Like Randgold's other mines, Kibali's management team is being
drawn largely from host-country nationals.
In the meantime the relocation programme, one of the most complex and
sensitive parts of the project's development, is nearing completion,
with more than 3 400 families already resettled in the new model
village of Kokiza. Randgold is currently in the process of handing
over the village to a local administration."We are on the brink of
delivering another world-class gold mine to our
stakeholders. The first of its size in this country, it will be an
enormous economic boon to the DRC, the Province Orientale, the local
community and our investors," Bristow said."We're particularly proud of our
record of meeting our commitments at
every stage of the project, starting soon after its acquisition, when
we succeeded in doubling the size of its reserves as forecast in our
initial submissions to government. Since then, we have achieved all
that we promised, and more."
Bristow said Randgold strove to be a productive and accountable partner
to its host countries and the mutually beneficial relationships it
cultivated were crucial to the development of sustainably profitable
businesses in these countries."With Kibali now in the home stretch, the
support of the various DRC
authorities is essential to ensure that everything goes smoothly from
here on, and that that first bar of gold is produced and delivered on
time," he said.
Bristow noted that the recent drop in the gold price was having major
repercussions for the mining industry, with projects being cancelled,
budgets cut and growth plans revised downwards."Kibali represents an
initial investment of US$1.7 billion by Randgold
and its partner AngloGold Ashanti, who are also funding SOKIMO, the DRC
government-owned gold mining company that holds a 10% carried interest
in the joint venture. It is my hope that it will serve as the platform
for further gold discoveries and developments in the DRC. We are also
continuing with our engagement with the DRC government in its review of
the mining code, and we trust that this will not be amended in a way
that discourages further investment here. The current code serves the
State and the industry fairly and well and Kibali is the first gold
mine to be developed under this code. What is required is not a change
to that code but its effective application," he said.
ENQUIRIES:
Mark Bristow Willem Jacobs
Kibali chairman & Randgold Randgold GM operations Central & East
Resources CEO Africa
+223 6675 0122/+44 779 775 2288 +243 991 001 222
Louis Watum Kathy du Plessis
GM Kibali Goldmine Randgold investor & media relations
+243 994 035464/+243 817 153 062 +44 20 7557 7738 / randgold@dpapr.com
Website: www.randgoldresources.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for the
historical information contained herein, the matters discussed in this
news release are forward-looking statements within the meaning of
Section 27A of the US Securities Act of 1933 and Section 21E of the
USSecurities Exchange Act of 1934, and applicable Canadian securities
legislation. Forward-looking statements include, but are not limited
to, statements with respect to the future price of gold, the estimation
of mineral reserves and resources, the realisation of mineral reserve
estimates, the timing and amount of estimated future production, costs
of production, reserve determination and reserve conversion rates.
Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as 'will', 'plans', 'expects'
or 'does not expect', 'is expected', 'budget', 'scheduled','estimates',
'forecasts', 'intends', 'anticipates' or 'does not
anticipate', or 'believes', or variations of such words and phrases or
state that certain actions, events or results 'may', 'could',
'would','might' or 'will be taken', 'occur' or 'be achieved'. Assumptions
upon
which such forward-looking statements are based are in turn based on
factors and events that are not within the control of Randgold
Resources Limited ('Randgold') and there is no assurance they will
prove to be correct. Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Randgold to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to: risks
related to mining operations, including political risks and instability
and risks related to international operations, actual results of
current exploration activities, conclusions of economic evaluations,
changes in project parameters as plans continue to be refined, as well
as those factors discussed in Randgold's filings with the US Securities
and Exchange Commission (the 'SEC'). Although Randgold has attempted
to identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements
will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Randgold does not undertake to update any forward-looking
statements herein, except in accordance with applicable securities
laws. CAUTIONARY NOTE TO US INVESTORS: The SEC permits companies, in
their filings with the SEC, to disclose only proven and probable ore
reserves. We use certain terms in this release, such as 'resources',
that the SEC does not recognise and strictly prohibits us from
including in our filings with the SEC. Investors are cautioned not to
assume that all or any parts of our resources will ever be converted
into reserves which qualify as 'proven and probable reserves' for the
purposes of the SEC's Industry Guide number 7.
This information is provided by RNS
The company news service from the London Stock Exchange
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