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.
Mali Mining News
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.
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.
The Company issued a total of 7,187,500 ordinary shares in the capital of Endeavour ("Shares") at a price of C$20.00 per Share, which includes the exercise of the underwriters’ over-allotment option in full, for aggregate gross proceeds of C$143.75 million (the "Offering").
Confidence about a prospective gold mine in Mali got a significant boost, after the company behind the project raised US$67 million to go toward construction.