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Randgold Receives Approaches for Senegal Gold Project

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March 5 (Bloomberg) -- Randgold Resources Ltd., a miner of the metal based in the Channel Islands, has received approaches from groups interested in its stalled Senegalese project and would consider a sale.

The Massawa project doesn’t currently meet Randgold’s requirements for development, Chief Executive Officer Mark Bristow said in a presentation in Toronto today. The company wants projects that have 3 million ounces of gold reserves using an assumed gold price of $1,000 an ounce and an internal rate of return of 20 percent.

“There’s a lot of sort of ‘senior-juniors’ that are looking to grow their business,” Bristow said. “This constitutes a significant asset and we’ve had a few approaches recently from the industry and our comment is that we would consider selling it, provided we can get value for it.”

Randgold isn’t actively seeking a sale, Bristow said in an interview after the presentation. The economics of the project may also be improved by discovery of additional gold or finding a way to access cheaper power, he said.

To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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