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.
Randgold Resources Mining News
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.
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.
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.
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.
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.
Randgold Resources’ Tongon mine has completed the final phase of its extensive crusher expansion and mill circuit upgrade project.
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’s fundraising motorbike safari from the east to west across mid-Africa has so far raised more than $2 million, with a little under half way to go to the end.
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.
Kinshasa, the Kibali gold mine in the Democratic Republic of Congo was the star performer in Randgold’s portfolio of operations in 2015, exceeding its target by 7% to contribute 642 720 ounces to the group’s record production for the 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.
Once deal is completed, Randgold would fund all costs, including the completion of a pre-feasibility study on over the former's Kossanto West Gold Project in Western Mali.
Randgold Resources chief executive Mark Bristow said the mine’s expansion and upgrade projects had now been completed.