21st Jul 2014 16:47
LONDON (Alliance News) - Randgold Resources PLC Monday said its Kibali gold mine in the Democratic Republic of Congo is continuing to make steady progress towards its production target for its first full-year in operation.
Randgold is the developer and operator of the project, which it owns in partnership with AngloGold Ashanti Ltd and the Congolese state-owned firm SOKIMO. Randgold and AngloGold Ashanti each hold 45% of the mine, while SOKIMO holds 10%.
The site was officially opened two months ago.
Chief Executive Mark Birstow said the Kibali mine is on track to deliver the 550,000 ounces of gold forecast for 2014.
"The current focus is on ensuring that the metallurgical plant will achieve its designed throughput and recovery rates, and with the secondary sulphide circuit now being commissioned and optimised, we're almost there," Birstow said.
"We have also completed the Nzoro hydropower facility, with the first two turbines running and the remaining two expected in the third quarter. The focus is now on synchronising it with the diesel power plant," he added.
Randgold said that while open-pit mining is proceeding as planned, development of the underground mine also is progressing well, and the first ore has been accessed slightly ahead of schedule.
"It's worth noting that despite the scale and pace of the on-site activities, Kibali is maintaining its exemplary safety record, with only one lost-time injury in the first six months of the year," the company said.
The company also said it is in talks with the Congolese government regarding the country's mining code.
"The DRC's gold mining industry is still in its infancy and requires patient nurturing for its enormous potential to be fully realised," Birstow said. "Kibali's success could be used as a foundation on which to encourage further investment and open a new mining frontier to rival the copper rich Katanga province, but only if the DRC maintains an investor-friendly fiscal and regulatory regime."
Randgold shares closed up 0.8% at 5,105.00 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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