19th Jul 2016 15:39
LONDON (Alliance News) - Randgold Resources Ltd said Tuesday that development of the underground mine at Kibali, in the Democratic Republic of Congo, is on track.
Chief Executive Mark Bristow said Kibali will remain a work in progress until the underground mining component is completed towards the end of 2017, but in the meantime management is making progress in dealing with transitional challenges.
"Development of the underground mine is on track, and the shaft is currently being integrated with the decline section. Commissioning is scheduled for July 2017. In the meantime, the team is also focusing on opening two high-grade satellite pits in 2016 and 2017 which will greatly improve operational flexibility," Bristow said in a statement.
"Elsewhere on site, construction of the Ambarau hydropower station is back on track and is expected to start generating electricity in the fourth quarter of this year. Work is already underway on Azambi which will be Kibali's third hydropower station. Notwithstanding the operational challenges, management has continued to focus on developing a team consisting entirely of host country nationals, as at our other mines, as well as building up a strong corps of local contractors and suppliers," Bristow added.
Shares in Randgold were up 1.6% at 8,940.00 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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