Randgold Resources Ld: Kibali signals long-term value creation in DRC
JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 10/10/13 -- Randgold
Resources Ld (TSX: GOLD) (LSE: RRS) (NASDAQ: GOLD) *T
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
KIBALI START-UP SIGNALS POTENTIAL FOR LONG-TERM VALUE CREATION IN DRC
Kinshasa, DRC, 10 October 2013 - The new Kibali gold mine, which
started production last month, could be the catalyst for substantial
long-term value creation in the Democratic Republic of Congo if it is
handled correctly by all its stakeholders, Randgold Resources chief
executive Mark Bristow told a media briefing here today.
Randgold has developed and is operating the mine, which will be one of
the largest of its kind in Africa, and has a 45% interest in it, with
AngloGold Ashanti also owning 45% and the Congolese parastatal Sokimo
holding the balance.
Bristow said despite some apprehension in the market about the wisdom
of attempting such a giant project in this region, Kibali had been
brought into production ahead of schedule and within budget."We were able
to prove the sceptics wrong because all the stakeholders
- notably the Congolese government and people - wanted this mine,
and cooperated energetically to bring it into being. The next
challenge is to continue our partnership in this spirit, and to work
together to make Kibali successful, so that it can serve as a
foundation for building general economic welfare in this region," he
The open pit mine is producing one million tonnes of ore per month and
the plant is ramping up well, already achieving 80% of its design
capacity. With steady state production imminent, Kibali is set to
start gold sales later this month. In the meantime, development of the
declines and shaft for the underground mine is progressing ahead of
plan, with first ore from the underground anticipated in 2015, while
exploration is continuing to grow Kibali's resources. A reserve update
for Kibali will be published later this year, ahead of Randgold's
customary annual group resource and reserve declaration.
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