EDITOR: | September 24th, 2013

Randgold Resources Ltd: Major effort delivers early start-up for Kibali

| September 24, 2013 | No Comments
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September 24, 2013 (Source: Marketwired) — The giant Kibali gold project in the Democratic Republic of Congo today officially poured its first bar of gold in a ceremony attended by Congolese officials including representatives from the Provincial Government and various ministries and the offices of the President and Prime Minister, traditional leaders as well as executives of the parastatal SOKIMO and the joint venture partners Randgold Resources and AngloGold Ashanti.

The mine has been brought into production ahead of schedule after a massive operation which included the resettlement of more than 4000 families to a new model village and the substantial upgrading of the local infrastructure. The construction process alone has required a team of more than 7000 people on site at one time.

Randgold is developing and operating the mine, which with a projected annual production of some 600000ounces of gold, reserves of 11millionounces and resources of 21millionounces will rank as one of the largest of its kind in Africa. The mine is being developed in two concurrent phases at an estimated initial cost of US$1.7billion, starting as an open pit operation, with the underground mine, already well advanced, scheduled to access ore in 2015.

Speaking at the ceremony, Randgold’s general manager operations for Central and East Africa, Willem Jacobs, said that in line with Randgold’s partnership philosophy, the mine was destined to be an enormous economic boon to its Congolese stakeholders: the state, which has a 10% interest in Kibali through SOKIMO, the Province Orientale, where Kibali is located, and the local community.


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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