A coalition of gold investors, including firms backed by billionaires John Paulson and Naguib Sawiris, is taking aim at mining executives who don’t have enough skin in the game.
Randgold Resource Ltd Mining News
Kabila’s anointed successor in power would raise the risk of instability in a key supplier of the metals used in electric vehicles and mobile phones.
Experts believe the US firm could achieve $300 million in operating and cost savings from combining its mines in Nevada with those of the Canadian rival.
While Kibali has been a crowning achievement for Randgold, it’s set to challenge Mark Bristow's trouble-shooting skills even before he takes over as CEO of the enlarged company.
The combined miner plans to focus on Tier 1 assets, those producing at least 500,000 ounces of gold annually, with a mine life of more than 10 years and low costs.
BMO Capital Markets has flagged a total of 13 mines that could be sold following the $6-billion merger.
Few gold mines can operate profitably below 1 gram a ton which is equivalent to extracting two teaspoons of gold from a Statue of Liberty’s worth of ore.
The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.
Randgold Resources is not yet paying the higher royalties and taxes required by the Democratic Republic of Congo's new mining code as the gold miner is still negotiating with the government.
Mali's government has granted Randgold Resources a 50% corporate tax reduction for the next 4 years at its Gounkoto mine.
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.
Labour action has brought gold production to a halt.
The strike at the company’s Loulo and Gounkoto mines is related to the payment of bonuses and will continue until the issue is resolved.
Recurrent industrial action by the workforce of a subcontractor it's jeopardizing Tongon's 290,000-ounce production forecast.
“The one thing this industry does very well is mine gold at a loss,” Randgold Resources CEO Mark Bristow told analysts at a breakfast meeting on Friday.
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.
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.
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.