As a result of the latest stoppage at the Ivory Coast mine and the time it will take to bring it back on line and at full tilt, Randgold will have to review its 290,000-ounce gold output forecast for the year.
Ivory Coast Mining News
Labour action has brought gold production to a halt.
Neighboring Guinea is now China’s largest supplier of bauxite after overtaking Australia in 2017.
Recurrent industrial action by the workforce of a subcontractor it's jeopardizing Tongon's 290,000-ounce production forecast.
The government announced the discontinuation exemption from a 35 percent tax on profits, a move it said is in line with international trends.
Firm said the $412-million construction project to upgrade the Ivory Coast-based gold mine remained on-time and on-budget.
Company has opened negotiations with local people in Ivory Coast in an effort to head off protests at two gold mines where the company aims to boost production by nearly 4% this year.
The London-based miner sold its 90% stake in the project to BCM International. The remaining 10% is held by the Ghanaian government.
Miner said full-year profit and output was on track despite a third-quarter dip, but its shares slid to a three-month low after its CEO did not rule out seeking arbitration over a tax dispute in Mali.
Gold producer says its total gold output from mines fell to 522,917 oz in the quarter ended Sept. 30 from 615,498 oz in the same period a year earlier.
Company will make final decision on its development by mid next year.
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.
Africa-focused gold producer has confirmed "multiple opportunities for extending the life of the operation beyond the current four-year horizon."
The Kibali gold mine’s underground operation, which will significantly increase production, is on track to start commissioning in the third quarter of this year, Randgold Resources chief executive Mark Bristow said at a media briefing here today.
Employees who had staged an illegal sit-in at the mine returned to work Wednesday after management and authorities reached a deal with them, the company said.
Company said talks are underway to stop an illegal sit-in that started last week by some employees demanding annual ex-gratia payments.
The Kibali gold mine in the Democratic Republic of Congo has continued its performance improvement in the second half of the year after a tough first half.
Situation has worsened as a result of a shortage of new discoveries, cost cutting measures and miners digging out higher-grade material for a short-term gain, say experts.
The new venture is part of Randgold's ambitious plan to discover three new deposits in the next five years.
The gold miner also expects to be in a position to increase dividends by the end of the year.
In the current climate of global economic and political stress, it is more important than ever for African governments to engage with their investors in a spirit of genuine partnership, Randgold Resources chief executive Mark Bristow said here today.
After a slow start to 2016, the Kibali gold mine is picking up speed, with the substantial performance improvement forecast for the second half of the year already manifesting itself, Randgold Resources chief executive Mark Bristow said here today.
The world’s third-biggest gold miner said its net earnings will also benefit from weaker operating currencies in South Africa, Brazil, Australia and Argentina.
Speaking at a regular briefing, Bristow said that, as anticipated, the complexity of dealing with multiple ore types from different sources had affected throughput, recovery and grade in the first half of the year.
Randgold Resources chief executive Mark Bristow is on a fund-raising motorbike safari, which will take him from east to west across mid-Africa.