Labour action has brought gold production to a halt.
Randgold Resources Mining News
After six months of lobbying, companies including Glencore and Randgold Resources have got nowhere in their battle to push back against a new mining law that voids existing agreements and increases their costs.
Congo's prime minister wants to immediately implement the new mining code without any concessions to industry demands that key provisions be amended.
Company said new technology will help the DRC mine achieve its 2018 production guidance of 730,000 ounces, despite challenges posed by the country's new mining code.
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.
At year-end, the company had net cash of more than $700 million and no debt.
Mining companies operating in the country vigorously oppose new code to be signed into law.
Democratic Republic of Congo President Joseph Kabila's plan to discuss proposed changes to mining royalties with mining company representatives on Tuesday has been postponed by a day.
Randgold boosted divvy to $2 a share, after a year of record production and soaring profits, but warned the good times may be over soon as it’s now facing demanding new regulations in Congo, one of its key jurisdictions.
Mark Bristow says the law will “severely limit the growth of the mining industry in the DRC as well as the country's own economic prospects.”
Mine is on track to produce its target of 700,000 ounces of gold in 2018.
Industrial gold production in Mali, Africa's third biggest producer, is on track to exceed earlier forecasts for this year, says government official.
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.
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.
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.