SOURCE: Randgold Resources

April 20, 2015 13:25 ET

Randgold Resources: One-Year-Old Kibali Already Looks to Its Future

JERSEY, CHANNEL ISLANDS--(Marketwired - Apr 20, 2015) - Randgold Resources (LSE: RRS) (NASDAQ: GOLD) -- The ongoing search for additional reserve ounces at Kibali will secure its future as a long-life mine and one of Africa's largest gold producers, Randgold Resources chief executive Mark Bristow said here today. Randgold develops and operates the mine, which it owns in partnership with AngloGold Ashanti and the Congolese parastatal SOKIMO.

In 2014, its first full year of operation, Kibali produced 526 627 ounces of gold at a total cash cost of $573/oz and Bristow told a media briefing here that production and cost for the first quarter of 2015 were likely to be within guidance.

"When you're producing gold at the rate of around 600 000 ounces per year, the need to replace the reserves that are consumed is of critical importance," he said. "We believe Kibali's KZ structure hosts significant additional resources, and our continuing exploration is confirming this potential. A number of targets have been identified and the Kalimva-Ikamva and Kanga sud targets have been prioritised for in-depth investigation."

Kibali is still a work in progress, with its third open pit now operational and the development of its underground mine ahead of schedule. Ore from its stopes is already being delivered to the plant but the underground mine is only expected to be in full production by 2018. The first of the mine's three hydropower plants was commissioned last year and work on the second is well underway. The metallurgical plant is operating at its design capacity and construction of the paste plant is nearing completion. Despite the high level of production and development activity -- some 5 000 people are employed on site -- Kibali is maintaining a good safety record, with the lost-time injury rate reduced by 16% last year.

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