TIDMRRS
RNS Number : 2828L
Randgold Resources Ld
17 July 2017
RANDGOLD RESOURCES LIMITED
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."
Bristow said despite Randgold's concerns about proposed
revisions to the mining code and other challenges in the DRC, it
was continuing to invest in the country and, in addition to ongoing
exploration along Kibali's KZ structure, was progressing work on
the Moku project and the Ngayu belt. It was also investigating a
number of other interesting opportunities and its commitment to the
longer term was why it worried about ill-considered changes to the
mining related legislation.
To complement Kibali's extensive social responsibility
programmes and projects, it was stepping up its regional engagement
with stakeholders, civil society and local authorities on economic
and infrastructural development in an effort to fill the void left
by the current political impasse in the DRC.
Kibali's exemplary safety record was marred recently when a
Congolese contractor on the site experienced a driving accident
resulting in a double fatality. Bristow said in response to this
tragic accident the mine had reinforced its efforts to maintain the
highest standards and best practices in its safety programmes. This
included the comprehensive retraining of all employees and
contractors.
ENQUIRIES:
Mark Bristow Willem Jacobs Kathy du Plessis
Kibali chairman & Randgold Randgold GM operations Randgold investor & media
CEO Central & East Africa relations
+44 788 071 1386 +243 820 678 040 +44 20 7557 7738
randgold@dpapr.com
Graham Shuttleworth Cyrille Mutombo
Randgold financial director Randgold country manager Website:
+44 779 771 1338 DRC www.randgoldresources.com
+243 990 104 774
+243 815 842 990
ABOUT KIBALI:
The Kibali gold mine is located in the northeast of the
Democratic Republic of Congo (DRC), approximately 300 kilometres to
the east of Isiro, the capital of the Haut-Uele Province, 180
kilometres west of the Ugandan border town of Arua and 1 800
kilometres from the Kenyan port of Mombasa. Kibali and its
associated mining permits is owned by Kibali Goldmines SA (Kibali)
which is a joint venture company between Randgold (45%), AngloGold
Ashanti Limited (45%) and SOKIMO (10%). First gold was poured in
the third quarter of 2013 from open pit operations and underground
operations are expected to be fully commissioned in 2017. The mine
was developed and is operated by Randgold.
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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