8th Oct 2018 14:31
LONDON (Alliance News) - Randgold Resources Ltd said on Monday that the Morila joint venture's agribusiness project has been given approval by the government of Mali.
The project is for the replacement of mining with another economic activity when the operation closes in around two years. Morila is 40% owned by Randgold, with JSE-listed Anglogold Ashanti holding another 40% stake and the State of Mali itself holding the remaining 20%.
In a ceremony at Morila, Chief Executive Mark Bristow said the project would promote the agricultural sector, supporting the government's dive to reduce poverty.
Bristow also said that the government should make a strategic investment to promote a "stimulating business environment" for the project.
"Converting Morila's infrastructure into a base for an agri-industrial zone will not only develop an alternative economy in this region but will also create a centre of excellence for agriculture in Mali. This is a very complex project which has already brought together entrepreneurial experts in agriculture and will continue to do so. Through its project partner Songhai of Benin, Morila will work with these parties to attract businesses to Morila," Bristow said.
Shares in Randgold Resources were down 1.2% at 5,326.00 pence on Monday.
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