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.
Ivory Coast Mining News
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.
The miner slid the most in four years after reporting first-quarter gold production fell 11% due to operational problems at Kibali and Tongon mines.
Energy supply issues also hurt equipment at the miner's Tongon gold operation in the first three months of this year.
Randgold Resources’ annual resource and reserve declaration, shows attributable measured and indicated resources steady at 21.1 million ounces while inferred resources are marginally up to 6.7 million ounces.
The world’s third-largest gold producer returned to profit in the fourth quarter, did not manage to avert posting a net loss for 2015.
The firm also said it would continue to invest in exploration, which remains the engine that drives its business.
Randgold Resources has expanded its operations in Congo following the success of the Kibali gold mine, which will lead to the miner exceeding its full year production guidance for the mine in 2015.
The company said it believed that the Obuasi mine does not meet its criteria for making an investment.
The firm, debt-free despite current market conditions, mined a record 305,288 ounces in the third quarter, up from 299,320 a year earlier.
The mine produced 526,627 ounces in its first full year of operation in 2014, and was expected to yield 600,000 ounces this year.
Under the agreement with AngloGold, Randgold will lead and fund a development plan to rebuild the Obuasi gold mine in Ghana.
The Africa-focused gold producer saw its first-quarter profit fall16% due mainly to lower bullion prices and reduced production.
The mine's management made significant progress in dealing with the recovery and throughput challenges that had hampered the operation in its early stages.
CEO Mark Bristow said the current squeeze on the gold sector has created growth opportunities.