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.
Randgold Mining News
DRC's Kibali is moving from underground mining by contractors to owner-mining, as has already happened at the company’s Loulo mines in Mali.
Labour action has brought gold production to a halt.
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.
Massawa was discovered by Randgold in 2007 and is one of the larger undeveloped gold deposits in West Africa.
The mining companies insist the government reinsert a stability clause, present in the former code.
Randgold Resources said today its 2018 production guidance remained intact despite a softer first quarter in which it contended with multiple challenges.
Seven mining companies submitted a proposal to the Mines Ministry insisting that the government reinsert a stability clause, contained in the 2002 code.
Under the agreement begun in February 2016, Randgold held a 65 percent stake in the Kossanto West Gold Project licences, which will revert to Cradle Arc, now the 100 percent owner.
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.
“A contributor to this performance in 2018 has been the underperformance of the royalty companies, which the fund has some exposure to."
Recurrent industrial action by the workforce of a subcontractor it's jeopardizing Tongon's 290,000-ounce production forecast.
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.
Flush with cash, Randgold is on the hunt for gold mines outside Africa.
Glencore and Randgold are clubbing together in a bid to stop sweeping legal reforms, claiming their interests were poorly served by the industry body.
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.
Mine is on track to produce its target of 700,000 ounces of gold in 2018.
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.
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.