SOURCE: Randgold Resources

October 20, 2014 12:55 ET

As Kibali Nears Operational Steady State, Randgold Urges DRC to Facilitate Further Investment

KINSHASA, DEMOCRATIC REPUBLIC OF CONGO--(Marketwired - Oct 20, 2014) - Randgold Resources (LSE: RRS) (NASDAQ: GOLD) -- The Kibali gold mine is approaching operational steadiness as it continues to ramp up mining and production, and it is well positioned to achieve its goal of delivering an average of 650 000 ounces of gold per annum over the next 10 years, says Randgold Resources chief executive Mark Bristow. Randgold is developing and operates the mine, in which it has a 45% stake.

Speaking at an update for local media here today, Bristow said the quarter to June had seen major advances in the mine's development, including the commissioning of the first of four hydropower plants, the completion of the secondary crushing, flotation and concentrate recovery circuits, and the accessing of the underground ore. The emphasis now was on completing the development of the underground mine, commissioning the second hydropower plant, and fine-tuning the process to ensure that it consistently achieves its design targets. Another focus area was the continuing Congolisation of the Kibali management team.

Bristow noted that to date the development of Kibali had injected $600 million directly into the Congolese economy. It was also benefiting the surrounding communities by supporting the growth of a local economy -- recent months have seen the establishment of banks, shops, service stations and mobile phone operations there -- and by providing health and educational resources to towns and villages in the area.

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Contact Information

    Mark Bristow
    Kibali chairman & Randgold Resources CEO
    +44 788 071 1386

    Willem Jacobs
    Randgold GM operations Central & East Africa
    +243 991 001 222

    Kathy du Plessis
    Randgold investor & media relations
    +44 20 7557 7738

    Graham Shuttleworth
    Randgold financial director
    +44 779 771 1338

    Louis Watum
    GM Kibali Goldmine
    +243 994 035 464
    +243 817 153 062