16th Oct 2015 16:06
LONDON (Alliance News) - Randgold Resources Ltd said Friday that its Kibali gold mine in the Democratic Republic of Congo "at this point" looks set to exceed its 2015 production target of 600,000 ounces of gold.
Chief Executive Officer Mark Bristow said that the recent completion of vertical shaft sinking ahead of schedule "market a major advance" in the development of the underground mine, which will complement its existing open put operation.
"With the mine settling down, we have been able to intensify our focus on sustainability issues such as the mine's ISO certifications in the field of the environment, health and safety," Bristow said.
Additionally, Bristow said he hoped the projects would be backed by the state, and noted that the delay in implementing the Democratic Republic of Congo's current move to a more federal structure was "causing some dysfunction in the provincial administration" and appealed for this issue to be addressed.
"Together with the other mining companies operating in the DRC we applaud the government's decision to take another look at the proposed changes to the country's mining code, which in our view are deeply flawed. The DRC possesses enormous mineral resources, and has the potential to become one of Africa's wealthiest countries. With the drop in commodity prices, however, international capital providers will need the security of a transparent and equitable mining code before they invest further in what we believe could grow into a world-class mining industry," Bristow added.
Share sin Randgold closed up 1.5% at 4,561.79 pence Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Randgold Resources