Randgold Resources - Steady Performance By Kibali
JERSEY, CHANNEL ISLANDS--(Marketwired - Jul 17, 2017) - Randgold Resources Ltd. (LSE: RRS) (NASDAQ: GOLD)
Randgold Resources Ltd.
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
STEADY PERFORMANCE BY KIBALI AS IT FINALISES FULL COMMISSIONING
Kinshasa, DRC, 17 July 2017 - The two remaining components of the Kibali gold mine - its underground shaft system and third hydropower plant - are both on track, Randgold Resources chief executive Mark Bristow said today. These projects will effectively deliver the giant mine to nameplate design, scheduled for later this year.
Speaking at a media briefing here, Bristow said that while Kibali was working towards delivering the underground mine, it was also maintaining a steady operational performance and, as reported at the end of the first quarter, was well positioned to meet its production target of 610 000 ounces of gold this year on the back of better grades forecast from the underground ramp up, particularly in the fourth quarter. He also pointed to ongoing brownfields exploration that was showing potential to add resources and reserves going forward.
Bristow noted that since the project was launched in 2010, Kibali had contributed $2.2 billion to the Congolese economy in the form of taxes, salaries and payments to local suppliers. The mine started production in 2013 and has repatriated more than 40% of its gold sales revenue since first production in 2013, meeting and exceeding the requirements of the country's mining code.
The government is currently again considering changes to this code and Bristow said this represented an unmissable opportunity to lay the foundations for a sustainable mining industry in the DRC.
"I am concerned, however, that the government is not engaging in open and inclusive consultations with the industry and appears to be proceeding from a pre-determined position that may put existing and future mining investments at risk," he said.
"The mining industry is the main engine of the Congolese economy. Government and the private sector must work together to find the best way of growing this industry and to avoid potentially damaging short-term actions by realistically considering their consequences."
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