RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
("Randgold Resources" or the "Company")
DEVELOPMENT, NOT EXPLOITATION, THE KEY TO MINING SUCCESS IN AFRICA
Bamako, Mali, 22 October 2007 - Responsible mining is capable of creating
general economic welfare for its host communities in Africa which could long
survive the mines themselves, says Randgold Resources chief executive Mark
Bristow.
Speaking at a media briefing here today, Bristow said the utilisation of natural
resources was often the best and sometimes the only way of alleviating the
pressing problem of poverty in much of Africa. For the full benefit to be
spread throughout the affected communities, however, mining companies had to
take an enlightened long-term view of their activities, give priority to the
development of sustainable operations, and build mutually rewarding partnerships
with the governments and people of their host countries.
"If you're driven only by dollars, you shouldn't be mining in Africa," Bristow
said. "Here, you must accept that you have to invest in the future and that you
also have a responsibility to make a tangible contribution to such things as
infrastructural development and social upliftment programmes.
Bristow said Mali presented an outstanding example of what this approach could
achieve. He noted that over the past 10 years, Randgold Resources alone had
invested and reinvested more than US$1 billion there. During that time, the
mines it developed at Morila and Loulo - in areas where there had been little
economic activity other than subsistence farming - had paid US$500 million
directly to the government in taxes, royalties and dividends. It was the
largest single taxpayer in the country as well as its largest private-sector
employer, having provided more than 3 000 Malians with skills and careers.
These in turn are estimated to have generated economic benefit for a further 60
000 local people. In line with its policy of local empowerment, the company's
general manager for Mali, the general manager of Loulo mine and a substantial
proportion of the management team were all Malian nationals.
"Randgold Resources is also committed to the integration of environmental and
social impact management into its business activities, and operates to
international standards in this regard. On the social responsibility front,
Morila last year spent more than US$160 000 on direct community development
while Loulo spent more than US$240 000 on projects ranging from building and
equipping schools to malaria control programmes," he said.
"These initiatives are not undertaken unilaterally but are the products of close
consultation with the local communities. We have also consulted a range of NGOs
and aid organisations about our approach to social and environmental management
and will continue to do so."
Bristow noted that in Mali, as in the other African countries in which Randgold
Resources operates, the mining industry is in fact closely regulated by the
relevant authorities.
"In Africa, it is not enough for a company to be profitable - it also has to
be a responsible corporate citizen and a good neighbour, with a demonstrable
long-term commitment to its host country," he said.
"Randgold Resources has put its money where its mouth is. Given a commensurate
commitment to investment, development and constructive cooperation by the other
parties with an interest in the welfare of this region - and that includes not
only mining companies and governments but also aid organisations - I believe
we can create economic welfare capable of long outliving the mines on which it
was based. And that is the antithesis of exploitation."
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive Financial Director General Manager Mali
Dr Mark Bristow Graham Shuttleworth Mahamadou Samake
+223 675 0122 +44 779 614 4438 +223 220 8232
+44 788 071 1386 +44 20 7557 7730
+44 779 775 2288
Investor & Media Relations
Kathy du Plessis
+44 20 7557 7738 or +27 83 266 5847
Email: randgoldresources@dpapr.com
Website: www.randgoldresources.com
DISCLAIMER:
Statements made in this document with respect to Randgold Resources' current
plans, estimates, strategies and beliefs and other statements that are not
historical facts are forward-looking statements about the future performance of
Randgold Resources. These statements are based on management's assumptions and
beliefs in light of the information currently available to it. Randgold
Resources cautions you that a number of important risks and uncertainties could
cause actual results to differ materially from those discussed in the
forward-looking statements, and therefore you should not place undue reliance on
them. The potential risks and uncertainties include, among others, risks
associated with: fluctuations in the market price of gold, gold production at
Morila, the development of Loulo and estimates of resources, reserves and mine
life. For a discussion on such risk factors refer to the annual report on Form
20-F for the year ended 31 December 2006 which was filed with the United States
Securities and Exchange Commission (the 'SEC') on 25 June 2007. Randgold
Resources sees no obligation to update information in this release. 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
Randgold Resources announces Development key to success
| Source: Randgold Resources
Jersey, Channel Islands--(Marketwire - October 22, 2007) -