20th Jan 2014 16:17
LONDON (Alliance News) - Randgold Resources Limited Monday urged the government of the Democratic Republic of Congo to take care that its proposed revision of the Mining Code does not deter further investment in the development of the country's mineral wealth, following the success of its Kibali gold mine.
The Kibali gold mine, which last month completed its first quarter of operation, has more than met the objectives set for it at the time of its acquisition in September 2009, Chief Executive Mark Bristow said at a media briefing Monday.
He said the gold mine will make a major contribution to the country's economy as well as a significant improvement in the local quality of life.
Birstow said the site is still a work in progress having poured its first gold in September 2013.
The first of four hydropower stations are due to be commissioned at the site while the remaining sulphide circuit is scheduled for completion at the end of the first quarter of 2014.
"Kibali is nevertheless expected to exceed its gold production for its first full quarter of operation, the three months to December, and meet its forecast of 550 000 ounces for the current year," Bristow said.
The site should also make a net profit in its first quarter, it said.
The stock was trading at 4,194.00 pence Monday afternoon, up 239.00 pence or 6.0%.
By Anthony Tshibangu; [email protected];
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Randgold Resources