SOURCE: Randgold Resources

June 05, 2016 05:00 ET

Randgold Resources: Kibali Shows Mining Can Help Make a Better Africa

JERSEY, CHANNEL ISLANDS--(Marketwired - Jun 5, 2016) - RANDGOLD RESOURCES LIMITED (LSE: RRS) (NASDAQ: GOLD)

RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD

KIBALI SHOWS MINING CAN HELP MAKE A BETTER AFRICA

Kibali Gold mine, Democratic Republic of Congo, 5 June 2016  -  The successful development of the giant Kibali gold mine in the northeast province of the DRC has demonstrated the capacity of mining to boost the economies of African countries and improve the lives of their people, says Randgold Resources chief executive Mark Bristow.

Bristow was speaking to local media on a facility visit to the mine shortly after arriving there with his BoyzonBikes fundraising motorbike ride. Titled Safari Kwa Bora Afrika -- Swahili for Journey for a Better Africa -- the more than 8 000 kilometre charity ride is crossing the continent from the east coast of Kenya to the west coast of the DRC through dense equatorial jungle. The fourth of its kind Bristow has undertaken, it aims to raise $3 million for the independent charitable foundation Nos Vies en Partage which Randgold established in 2014. The foundation plans to donate this to programmes which support neglected children and abused women across Africa, with this year's focus being the widows and orphans of past conflicts and the rehabilitation of child soldiers.

With a resource base of 20 million ounces of gold and reserves of 11 million ounces, the Kibali mine ranks as one of the largest gold mining projects in the world. While it will only be completely developed by 2018, when its underground operation comes into full production, it is already producing more than 600 000 ounces of gold annually and employs more than 4 000 people, almost all Congolese nationals.

Bristow said Kibali represents an investment of $1.8 billion to date of which some $1 billion has already been spent with Congolese contractors and suppliers, many of whom have established local operations leading to the creation of a new economic frontier in this remote region of the country.

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