SOURCE: Randgold Resources Ld

April 16, 2012 11:57 ET

Kibali Gold Mine Starts Taking Shape

JERSEY, CHANNEL ISLANDS--(Marketwire - Apr 16, 2012) -

Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD


Kinshasa, DRC, 16 April 2012 - Construction work on the Kibali
project in the Democratic Republic of Congo, which when completed is
expected be one of the largest gold mines in Africa, is proceeding
rapidly as the developers keep their sights firmly set on first
production by the end of 2013.

The plus 10 million ounce gold deposit is owned by Randgold Resources
(45%), AngloGold Ashanti (45%) and the Congolese parastatal, Sokimo
(10%). The project is being developed by Randgold who will also
operate the mine. The completed Kibali operation will comprise an
integrated underground and open pit mine, a twin-circuit sulphide and
oxide plant with a throughput of 6 million tonnes per annum, and four
self-constructed hydropower stations as well as a standby high-speed
thermal power generator for back-up during the dry season.

The project is being constructed in two overlapping phases. Phase 1,
from Q1 2012 to Q4 2013, covers the metallurgical plant, the first
phase of the tailings storage facility, the first of the hydropower
stations, the back-up power plant, all shared infrastructure and the
completion of the resettlement programme. The cost of Phase 1 is
estimated at US$920 million, before provisions, contingencies and
escalation. Phase 2 will include the development of the underground
mine which is expected to deliver first ore in 2014 and to reach steady
state production by 2015, at an estimated cost of US$650 million before
provisions, contingencies and escalation. The current Life of Mine
plan envisages average annual production of approximately 600 000
ounces for the first 12 years, with an average grade of 4.1g/t.

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Contact Information


    Mark Bristow
    Kibali chairman & Randgold Resources CEO
    +223 6675 0122 / +44 788 071 1386

    Willem Jacobs
    Randgold GM operations Central & East
    +27 72 614 4053 / +27 82 905 6797

    Louis Watum
    GM Kibali Goldmines
    +243 994 035464 /
    +256 782 239767

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