African gold miner Randgold on Thursday reported a 53 percent rise in half-year profit and a mounting cash pile, and said it was well on the way to developing projects that will position it for an eventual increase in demand.
Mali Mining News
Endeavour pays 48% premium to acquire Avnel Gold and its "shovel ready" Kalana project in Mali.
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.
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.
A drill program at the mine's North Kao deposit has added 262,000 ounces to the reserves, extending Karma's life to more than 10 years.
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.
Mali’s taxation practices applicable to gold exports have turned the country into West Africa’s illicit gold trading hub, Partnership Africa Canada said in a report published today.
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.
The company, which earlier this month revealed is in merger talks with African gold producer Acacia Mining, expects to produce between 600,000 and 640,000 ounces of the precious metal this year.
According to the country's chamber of mines, more than a million artisanal miners currently work at about 350 sites, producing between 10 and 15 tonnes of gold a year.
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.
Year to date, the company has produced 408,000 ounces of gold from its five mines in Mali, Côte d’Ivoire, and Ghana, which represents a 8% increase compared to the same period in 2015.
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.
Mines in Mali not affected.
Vincent Benoit will assume the newly created position of Executive Vice President, Chief Financial Officer and Corporate Development effective November 1.
The Ity mine has produced more than 1.2 million ounces of gold in its over 20 years of operations and Endeavour is working on extending the mine life by at least another 10 years.
Once the open pit Houndé mine is operational, Endeavour will add 190,000 ounces to its gold output per year.
The proposed partnership will help the firms realize the full potential of Kossanto East, which currently has a JORC-compliant resource of 247,000 ounces of gold.
B2Gold’s stock has gained almost 229% so far this year.
Randgold’s mines in Mali annually accounted for between 7% and 11% of the country’s GDP, with Loulo having already contributed $2.3 billion to the country’s economy.