Randgold Resources Ld Delivering world-class DRC mining industry (0406J)
23 June 2017 - 11:30PM
UK Regulatory
TIDMRRS
RNS Number : 0406J
Randgold Resources Ld
23 June 2017
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
PUBLIC-PRIVATE SECTOR PARTNERSHIP CAN DELIVER WORLD-CLASS MINING
INDUSTRY IN DRC
Lubumbashi, DRC, 23 June 2017 - The Democratic Republic of Congo
has all the ingredients of a sustainable mining industry but the
development of that potential will require a mutually beneficial
partnership between the country's government and the mining sector,
Randgold Resources chief executive Mark Bristow said here
today.
Speaking during the DRC Mining Week, Bristow said the industry
would welcome a review of the DRC's existing mining code, provided
it took the form of an inclusive debate, with government and the
mining companies agreed on their needs and objectives, and
committed to a long term growth strategy where the main criterion
was the profitability of the mines and not their size.
"We trust government will not take the path of two years ago,
when it first devised a new code without reference to the industry
and then withdrew it when the implications of offering investors a
zero return sank in," he said.
"The DRC has an enormous natural endowment, hard-working people,
and an abundance of largely untapped hydropower potential. In fact,
it holds all the ingredients for a world-class and
continent-leading mining industry which can transform its
agriculture-based economy and change the lives and prospects of its
people for the better. But the industry is still very young and we
will have to work together in a spirit of a long term partnership
to make sure that this promising infant is not strangled in its
cradle."
To achieve their objectives, Bristow said, government and
industry must each accept and deliver on their specific
responsibilities. Government must provide and honour enabling
legislation with embedded stability clauses; must invest in
infrastructural development or provide tax incentives for this;
must manage its resource inventory optimally; and must build the
administrative capacity to manage the application of the code
effectively and to vet the viability of the projects presented to
it. For its part, the industry must invest in exploration, must
prove the profitability and life of its projects and must continue
to replace its reserves as they are depleted by mining to ensure
all stakeholders benefit from the projects on a sustained basis.
Equally important is the industry's responsibility to invest in the
upskilling and empowerment of its host country's people, so that
its mines can be operated and managed by local nationals. It must
also secure its social licence as a corporate citizen of the
country by investing in meaningful community upliftment
initiatives, including the development of post-mining commercial
projects.
RANDGOLD ENQUIRIES:
Chief Executive Financial Director Randgold Country Investor & Media
Mark Bristow Graham Shuttleworth Manager DRC Relations
+44 788 +44 1534 735 Cyrille Mutombo Kathy du Plessis
071 1386 333 +243 990 104 774 +44 20 7557
+44 779 +44 779 771 +243 815 842 990 7738
775 2288 1338 Email: randgold@dpapr.com
Website: www.randgoldresources.com
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
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