TIDMRRS
RNS Number : 5687C
Randgold Resources Ld
22 January 2018
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
DEVELOPMENT SUCCESSFULLY COMPLETED, KIBALI HEADS FOR INCREASED
PRODUCTION IN 2018
Kinshasa, DRC, 22 January 2018 - Eight years and $2.5 billion
after Randgold Resources started developing Kibali, the giant gold
mine is expected to be in full production this year following the
successful commissioning of its underground operation's integrated
automated ore handling and hoisting system.
Randgold chief executive Mark Bristow told local journalists
here today that the mine was on track to produce its targeted plus
700 000 ounces of gold in 2018, making it one of the largest of its
kind in the world.
Its high level of mechanisation, which features multiple
driverless loaders operating with full automation as well as a
single haulage drive with a high-strength surface, is believed to
be a first for the gold mining industry in Africa.
"The past quarter has been a particularly busy one for Kibali.
In addition to completing the underground haulage and hoisting
system, the team has settled the processing challenges, improving
the recovery while keeping throughput above the plant's nameplate
design level. At the same time, the mine's conversion to the latest
ISO 14001:2015 environmental standard was successfully certified
and it readied itself for alignment with the new, and yet to be
published, ISO 45001 safety standards," Bristow said.
"All that now still remains to be done is to ramp-up the
underground production and complete the construction of Azambi,
Kibali's third new hydropower station, which is scheduled to be
plugged into the grid by the middle of this year."
Bristow noted that with development expenditure tapering off,
Kibali should now be in a position to start repaying its capital
loans. Unfortunately, due to the continued non-repayment of tax
credits to the tune of $192 million, Kibali's shareholders have had
to inject more money into the operation during the past year to
enable the mine to pay its creditors.
"Over the past eight years, while Kibali was still a work in
progress, it has paid $2.25 billion to the state and people of the
DRC in the form of taxes, permits, infrastructure, salaries and
payments to local suppliers. Its shareholders, on the other hand,
have not as yet received a return on their investment," Bristow
said.
"The surprise re-tabling of the controversial new draft mining
code, which takes no account of the industry's very serious
concerns about the negative impact it will have on any prospect of
further investment in this sector, is particularly disappointing. I
appeal again to the government to engage with the industry in the
formulation of a code that will stimulate this key component of the
DRC's economy instead of crippling it."
Bristow stressed that Randgold remained committed to a future in
the DRC, and was already hunting for new development opportunities
there. In the DRC as in its other host countries, Randgold regarded
itself as a partner of the government and the people, and its view
on this issue should be seen not as unconsidered criticism but as a
plea, from a major investor, for an outcome that will benefit all
these partners equitably.
ENQUIRIES:
Mark Bristow Willem Jacobs Kathy du Plessis
Kibali chairman Randgold GM Randgold investor
& Randgold CEO operations Central & media relations
+44 788 071 1386 & East Africa +44 20 7557 7738
+243 820 678 / randgold@dpapr.com
040
Graham Shuttleworth Cyrille Mutombo
Randgold financial Randgold country Website:
director manager 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
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