25th Jul 2018 17:07
LONDON (Alliance News) - Randgold Resources Ltd said Wednesday it is on track to beat its guideline gold production for the year due to the optimisation of its underground operation at the Kibali mine.
The FTSE 100-listed gold mining company said it expects to exceed its annual guidance of 730,000 ounces of gold for the current year now that it has optimised the automated operations at its Kabali mine in the Democratic Republic of Congo.
Kibali has also transitioned from contract mining to owner mining this month, Randgold said, akin to its Loulo underground mines in Mali.
"Kibali hosts one of the world's largest underground gold mines and the aim of owner mining is to give us complete control over the day-to-day operations, with everyone focused on the same goal and compliance with the mining plan," said Randgold Chief Executive Mark Bristow.
Randgold has commissioned Azambi, its third and final power station and last significant capital project. It is expected to begin delivering power to the grid in the next month.
"During the past quarter alone we have spent USD43.8 million with local contractors and suppliers," the company said.
Randgold said it had some concerns about the new mining code in the DRC with Bristow cautioning that the code could deter future sector investment.
Shares in Randgold closed flat at 5,542.00 pence on Wednesday.
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