SOURCE: Randgold Resources Ld

February 02, 2012 10:07 ET

Randgold - Kibali Project in the Starting Blocks

JERSEY, CHANNEL ISLANDS--(Marketwire - Feb 2, 2012) -

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


Preparatory work has been completed at the Kibali gold project in the Democratic Republic of Congo, where first gold production is scheduled for the end of 2013. Randgold Resources, the project manager and operator, and AngloGold Ashanti each has a 45% stake in Kibali with the DRC parastatal Sokimo owning the balance.

The construction crew has started mobilising on site and should be materially staffed up by the end of February. Long-lead plant and equipment items have been secured, key contractors have been selected and a development management team is being assembled. The relocation programme - a critical component of the predevelopment phase - is progressing smoothly, with two of the 14 affected villages already resettled in the new model village of Kokiza, where five local contractors are building houses at the rate of 300 per month.

Randgold chief executive Mark Bristow says the initial objectives for the development of Kibali have now been achieved. The project is progressing well and the Randgold board has signed off on the development plan, which will be presented for approval to AngloGold Ashanti at the earliest opportunity. In the interim, the Kibali board has approved the next three months' budget of approximately US$80 million to continue the project's impressive momentum."Excellent work done to date is evident by the progress achieved on site and this impetus will be maintained while we tie up the remaining detail required for board approval," says AngloGold Ashanti CEO Mark Cutifani. "Kibali represents a model for partnership in the DRC, with Randgold's field-tested exploration and project development skills complemented by our depth of technical and mine-planning capabilities."

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This information is provided by RNS The company news service from the London Stock Exchange


Contact Information


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

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

    Willem Jacobs
    Randgold GM operations Central &
    East Africa
    +27 72614 4053 / +27 82905 6797

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