29th Jan 2014 10:38
LONDON (Alliance News) - Randgold Resources Ltd Wednesday said its Loulo-Gounkoto gold mining complex in Mali is expected to beat its revised production target for 2013.
Chief Executive Mark Bristow announced the achievement at a briefing for international investors and the local media in Mali.
Bristow also announced that guidance for 2014 would remain at 640,000 ounces of gold for the Loulo-Gounkoto gold mining complex.
He said that the Loulo-Gounkoto team was delivering on all operational objectives, on the back of higher grades and a range of efficiency projects.
The complex comprises three world-class ore bodies and ranks as one of the largest of its kind in Africa. It holds three mines - two underground and one open pit - and a plant which processes 4.4 million tonnes of ore of ore per year.
"We expect gold production to keep rising while costs should start coming down. This trend should be accelerated by other new projects, including the paste backfill plant which, when completed, will unlock substantial mineable reserves underground and cut capital costs by reducing the required development rate," Bristow said.
Randgold Resources shares were up 1.8% to 4,179.00 pence, putting it in the top ten FTSE 100 movers Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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