TIDMRRS
RNS Number : 8053L
Randgold Resources Ld
24 July 2017
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
TONGON SUSTAINS PERFORMANCE IMPROVEMENT
AS IT SEEKS TO EXTEND LIFE OF MINE
Abidjan, Côte d'Ivoire, 22 July 2017 - Randgold Resources'
Tongon gold mine in Côte d'Ivoire continues to ramp up production
as it tracks its 2017 target of 285 000 ounces, chief executive
Mark Bristow said today.
Speaking at a media briefing, Bristow said with Tongon now
operating to plan, its focus had shifted to finding additional
reserves and resources to replace depleted ounces and extend the
mine's life beyond its current four-year horizon. At the same time,
the mine has continued its engagement with employees and other
regional stakeholders.
Elsewhere in Côte d'Ivoire, Randgold's exploration programmes
have defined a large target at Boundiali in the Fonondara corridor,
which Bristow described as potentially the most exciting gold
prospect in West Africa. The company has just completed its annual
review of its exploration targets, which Bristow said had also
highlighted very positive results from its other holdings in the
country, underlining again Côte d'Ivoire's exceptional
prospectivity.
"The success of Côte d'Ivoire's growing gold mining industry is
a tribute to the vision and commitment shared by the government and
the industry, and to a mining code which is fair to both parties,"
Bristow said.
"We cannot rest on past achievements, however, and the future of
the industry depends on new discoveries and developments. There
have been some project failures recently and these I believe have
shown the need for greater resolve and engagement by the
government, particularly in the north of the country, where the new
opportunities are located."
Bristow said the single biggest challenge facing the industry
was the increasing and unhindered encroachment of illegal mining,
as was happening at Boundiali. While all stakeholders should
address this growing problem, it was ultimately the government's
responsibility to assert the rule of law. The delivery of new
projects was also being impeded by delays and difficulties in the
permitting process, but the new mining cadastre system recently put
in place by the Ministry in charge of mines gave hope that these
problems would be resolved very soon, he said.
He noted that Randgold's $28 million (FCFA 14 billion)
contribution to a public-private partnership investment in the
power infrastructure had not yet been settled despite the Ivorian
power utility having earned almost $100 million (FCFA 50 billion)
from supplying the mine and surrounding communities.
Tongon last quarter declared its second dividend, of which the
government's share, including taxes, was $20 million (FCFA 12
billion). In total, the Tongon mine has contributed just under $1
billion (FCFA 520 billion) to the Ivorian economy in the form of
royalties, taxes, dividends, salaries, payments to local suppliers
and community investments since it started production in 2010.
ENQUIRIES:
Chief Executive Financial Director Group Regional Investor & Media
Mark Bristow Graham Shuttleworth Manager Relations
+44 788 071 +44 779 771 West Africa Kathy du Plessis
1386 1338 Mahamadou Samaké +44 20 7557 7738
+223 66 75 01 +223 66 75 61 randgold@dpapr.com
22 36
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 release, 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
MSCFMGZNKMNGNZM
(END) Dow Jones Newswires
July 24, 2017 02:00 ET (06:00 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