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Kibali to create economic value for whole DRC

Kibali to create economic value for whole DRC

JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 01/31/13 -- *T

Toronto SE Symbol - TSX-V:IAE

RANDGOLD RESOURCES LIMITED Incorporated in Jersey, Channel Islands Reg. No. 62686 LSE Trading Symbol: RRS Nasdaq Trading Symbol: GOLD ("Randgold Resources" or "Randgold")


Lubumbashi, 31 January 2013 - The giant Kibali gold project currently being developed in the Democratic Republic of Congo will bring lasting economic benefits to the whole country, says Randgold Resources chief executive Mark Bristow. Randgold, which owns 45% of the project, is developing and will operate the mine scheduled to produce its first gold by the end of this year.

The project is already providing employment to some 6000 Congolese, and 12 Congolese contractors have been appointed to construct the new model village of Kokiza and to maintain the recently upgraded roads around the mine. Some 1800 families have been relocated to date from the mine site to nearby Kokiza, where new houses are being built at the rate of 45 per week.

Bristow said this showed the multiplier impact mining could have on emerging economies. Not only will Kibali return about half of its revenue to the state in the form of taxes, royalties and dividends, it will also create substantial economic value through the provision of goods and services as well as generating jobs, transferring skills and uplifting the community through quality of life initiatives.

Open pit mining is already underway at Kibali to build up ore stockpiles before the start of production and the plant is also taking shape with the recent installation of the two mills. Development of both underground declines has started and the parallel development of the vertical shaft is progressing well and the first of four hydropower stations which will supply electricity to the mine is under construction.

The combined open pit and underground mining operation has an estimated life of 20 years and plans to produce an average of more than 600000 ounces per year between 2014 and 2023, making it one of the largest gold mines in the world.

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This information is provided by RNS

The company news service from the London Stock Exchange



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