Randgold Resources Ld Loulo-Gounkoto sets sights on another big year (2976D)
April 25 2017 - 10:00AM
UK Regulatory
TIDMRRS
RNS Number : 2976D
Randgold Resources Ld
25 April 2017
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
LOULO-GOUNKOTO SETS SIGHTS ON ANOTHER BIG YEAR AS MORILA LEGACY
PROJECT TAKES SHAPE
Morila, Mali, Tuesday 25 April 2017 - The Morila operation
continues to deliver value in its post-mining phase while
progressing plans to develop the site into a commercial
agricultural hub after its closure in 2019, Randgold Resources
chief executive Mark Bristow said at an on-site media briefing
today.
The Morila mine, which has since October 2000 produced more than
6Moz of gold and distributed more than $2 billion to stakeholders,
is currently processing tailings and returning them to the open pit
as part of its self-funding closure strategy. Its self-funding
capacity will be boosted by the development of the Domba satellite
deposit which has now been approved by the local community and the
final environmental certification is now awaited. Mining at Domba
is scheduled to start after this rainy season.
To offset the economic impact of its closure, Morila has to date
spent $2 million on an initiative designed to convert the
post-rehabilitation site with its remaining infrastructure into a 3
000 hectare agricultural zone or agripole, which it is estimated
will directly benefit some 50 000 local residents. The initiative
is now being shared with the Songhai group, which has successfully
rolled out similar projects in other African countries. The object
is for a combined Songhai and Morila/Randgold team to develop a
plan to compete a feasibility study and business plan which will be
presented for approval by the shareholders and endorsement by the
Malian government.
Turning to Randgold's other Malian operation, Bristow said after
its solid 2016 performance, the Loulo-Gounkoto complex was now on
track to achieve its 2017 production guidance of 690 000 ounces of
gold despite some industrial action in the first quarter of the
year.
"Supported by the extensions at Gara, within the Loulo lease,
and the approval of the Gounkoto super pit, the complex last year
replaced all the gold that it mined. The focus now is on finding
additional resources to extend the operation's life, but as things
stand it is well placed to sustain an annual production rate in
excess of 600 000 ounces for at least the next 10 years," he
said.
A number of new high grade targets had been identified along the
extensive geological structures that host the main deposits on the
Loulo and Gounkoto leases, and the exploration team was also
looking at some exciting opportunities to the north of the main
Gara orebody as well as extensions to other orebodies.
In the meantime, Randgold has engaged with the Malian fiscal
administration to reach an amicable settlement of the disputes
related to the Randgold group companies.
Bristow said given Randgold's long history of constructive
partnership with the Malian government he was confident the matter
would be resolved within the framework of the mining conventions
granted to the group.
RANDGOLD ENQUIRIES:
Chief Executive Financial Group Regional Manager Investor & Media
Mark Bristow Director West Africa Relations
+44 788 Graham Shuttleworth Mahamadou Samaké Kathy du Plessis
071 1386 +44 1534 +223 66 75 61 36 +44 20 7557
+44 779 735 333 +223 20 20 16 94 7738
775 2288 +44 779 771 Email: randgold@dpapr.com
1338
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 US Securities 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 report, 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
END
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