Randgold Resources Ld Kibali delivers progress despite challenges (8723M)
19 October 2016 - 2:30AM
UK Regulatory
TIDMRRS
RNS Number : 8723M
Randgold Resources Ld
18 October 2016
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
KIBALI DELIVERS PROGRESS DESPITE CHALLENGES
Kinshasa, Democratic Republic of Congo, 18 October 2016 - 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.
Speaking at a briefing for local media, Bristow said Kibali was
delivering progress on all fronts towards the achievement of its
2016 business plan, with a 'step change' in production expected in
the third and fourth quarters of the year. Throughput was currently
at or above the nameplate specification and there had been a big
improvement in the recovery rate, while costs were also expected to
be better.
He noted that the mine was capable of funding the continued
capital required for the completion of its development with the
full commissioning of its underground operation scheduled for the
second half of 2017. The second of its hydropower stations,
Ambarau, is planning to deliver its first power in November this
year. Construction of the third, Azambi, will start soon with site
preparations underway.
"In line with our policy of supporting local economic
development in our host countries, all the contracts for the work
on Azambi have been awarded to companies with a majority Congolese
shareholding, while the main contractor, who will be working in
partnership with our capital projects team, is 100% locally owned,"
Bristow said.
"Our local supply strategy is evidenced by the fact that in the
year to date Kibali has spent more than $141 million with Congolese
contractors. In addition to construction work, we also rely on
local suppliers for services ranging from catering to
trucking."
Bristow said despite the stresses associated with developing a
project the size of Kibali in a remote part of a country that was
still evolving politically, Randgold had a long term commitment to
a partnership with the DRC and was laying the foundation for
further investment there through its exploration programmes around
the mine and further afield. "We see ourselves continuing to play a
significant role in the growth of the Congolese mining industry,"
he said.
This commitment extended to its support for local economic and
general community development through a range of initiatives. These
include a number of large-scale agribusiness projects which are
designed not only to provide economic activity and a secure food
supply in the near future but also to leave a sustainable legacy to
the community after the mine's eventual closure.
Randgold operates the Kibali mine in north east DRC which is a
joint venture between Randgold (45%), AngloGold Ashanti (45%) and
the Congolese parastatal SOKIMO (10%).
ENQUIRIES:
Mark Bristow Willem Jacobs Kathy du Plessis
Kibali chairman Randgold GM operations Randgold investor
& Randgold CEO Central & East Africa & media relations
+44 788 071 1386 +243 820 678 040 +44 20 7557 7738
/ randgold@dpapr.com
Graham Shuttleworth Cyrille Mutombo
Randgold financial Randgold country manager Website:
director DRC www.randgoldresources.com
+44 779 771 1338 +243 990 104 774 / +243
815 842 990
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for
the historical information contained herein, the matters discussed
in this news release are forward-looking statements within the
meaning of Section 27A of the US Securities Act of 1933 and Section
21E of the US Securities Exchange Act of 1934, and applicable
Canadian securities legislation. Forward-looking statements
include, but are not limited to, statements with respect to the
future price of gold, the estimation of mineral reserves and
resources, the realisation of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
reserve determination and reserve conversion rates. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as 'will', 'plans', 'expects' or
'does not expect', 'is expected', 'budget', 'scheduled',
'estimates', 'forecasts', 'intends', 'anticipates' or 'does not
anticipate', or 'believes', or variations of such words and phrases
or state that certain actions, events or results 'may', 'could',
'would', 'might' or 'will be taken', 'occur' or 'be achieved'.
Assumptions upon which such forward-looking statements are based
are in turn based on factors and events that are not within the
control of Randgold Resources Limited ('Randgold') and there is no
assurance they will prove to be correct. Forward-looking statements
are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of Randgold to be materially different
from those expressed or implied by such forward-looking statements,
including but not limited to: risks related to mining operations,
including political risks and instability and risks related to
international operations, actual results of current exploration
activities, conclusions of economic evaluations, changes in project
parameters as plans continue to be refined, as well as those
factors discussed in Randgold's filings with the US Securities and
Exchange Commission (the 'SEC'). Although Randgold has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Randgold does not undertake
to update any forward-looking statements herein, except in
accordance with applicable securities laws. CAUTIONARY NOTE TO US
INVESTORS: The SEC permits companies, in their filings with the
SEC, to disclose only proven and probable ore reserves. We use
certain terms in this report, such as 'resources', that the SEC
does not recognise and strictly prohibits us from including in our
filings with the SEC. Investors are cautioned not to assume that
all or any parts of our resources will ever be converted into
reserves which qualify as 'proven and probable reserves' for the
purposes of the SEC's Industry Guide number 7.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUWRVRNWARAAA
(END) Dow Jones Newswires
October 18, 2016 11:30 ET (15:30 GMT)
Randgold Resources (LSE:RRS)
Historical Stock Chart
From Apr 2024 to May 2024
Randgold Resources (LSE:RRS)
Historical Stock Chart
From May 2023 to May 2024