25th Apr 2016 09:16
LONDON (Alliance News) - Randgold Resources Ltd on Monday said it has continued to make progress on developing the Tongon mine in the Ivory Coast.
The FTSE 100-listed gold miner said it has commissioned a fourth-stage crushing circuit at the Tongon mine, completing an extensive capital project designed to boost throughput and gold recovery.
"Tongon is targeting annual production of 290 000 ounces in 2016, but there are still significant challenges in its way. Chief among these is the continued instability of the grid power supply, which has a major impact on the mine's cost structure. The Tongon team is in discussion with the Ivorian power utility to resolve this problem," said Chief Executive Mark Bristow.
Shares in Randgold were down 1.6% at 6,435.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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