22nd Oct 2007 17:00
Randgold Resources Ld22 October 2007 RANDGOLD RESOURCES LIMITEDIncorporated in Jersey, Channel IslandsReg. No. 62686LSE Trading Symbol: RRSNasdaq Trading Symbol: GOLD("Randgold Resources" or the "Company") DEVELOPMENT, NOT EXPLOITATION, THE KEY TO MINING SUCCESS IN AFRICA Bamako, Mali, 22 October 2007 - Responsible mining is capable of creatinggeneral economic welfare for its host communities in Africa which could longsurvive the mines themselves, says Randgold Resources chief executive MarkBristow. Speaking at a media briefing here today, Bristow said the utilisation of naturalresources was often the best and sometimes the only way of alleviating thepressing problem of poverty in much of Africa. For the full benefit to bespread throughout the affected communities, however, mining companies had totake an enlightened long-term view of their activities, give priority to thedevelopment of sustainable operations, and build mutually rewarding partnershipswith the governments and people of their host countries. "If you're driven only by dollars, you shouldn't be mining in Africa," Bristowsaid. "Here, you must accept that you have to invest in the future and that youalso have a responsibility to make a tangible contribution to such things asinfrastructural development and social upliftment programmes. Bristow said Mali presented an outstanding example of what this approach couldachieve. He noted that over the past 10 years, Randgold Resources alone hadinvested and reinvested more than US$1 billion there. During that time, themines it developed at Morila and Loulo - in areas where there had been littleeconomic activity other than subsistence farming - had paid US$500 milliondirectly to the government in taxes, royalties and dividends. It was thelargest single taxpayer in the country as well as its largest private-sectoremployer, having provided more than 3 000 Malians with skills and careers.These in turn are estimated to have generated economic benefit for a further 60000 local people. In line with its policy of local empowerment, the company'sgeneral manager for Mali, the general manager of Loulo mine and a substantialproportion of the management team were all Malian nationals. "Randgold Resources is also committed to the integration of environmental andsocial impact management into its business activities, and operates tointernational standards in this regard. On the social responsibility front,Morila last year spent more than US$160 000 on direct community developmentwhile Loulo spent more than US$240 000 on projects ranging from building andequipping schools to malaria control programmes," he said. "These initiatives are not undertaken unilaterally but are the products of closeconsultation with the local communities. We have also consulted a range of NGOsand aid organisations about our approach to social and environmental managementand will continue to do so." Bristow noted that in Mali, as in the other African countries in which RandgoldResources operates, the mining industry is in fact closely regulated by therelevant authorities. "In Africa, it is not enough for a company to be profitable - it also has tobe a responsible corporate citizen and a good neighbour, with a demonstrablelong-term commitment to its host country," he said. "Randgold Resources has put its money where its mouth is. Given a commensuratecommitment to investment, development and constructive cooperation by the otherparties with an interest in the welfare of this region - and that includes notonly mining companies and governments but also aid organisations - I believewe can create economic welfare capable of long outliving the mines on which itwas based. And that is the antithesis of exploitation." RANDGOLD RESOURCES ENQUIRIES: Chief Executive Financial Director General Manager MaliDr Mark Bristow Graham Shuttleworth Mahamadou Samake+223 675 0122 +44 779 614 4438 +223 220 8232+44 788 071 1386 +44 20 7557 7730+44 779 775 2288 Investor & Media RelationsKathy du Plessis+44 20 7557 7738 or +27 83 266 5847Email: [email protected]: www.randgoldresources.com DISCLAIMER:Statements made in this document with respect to Randgold Resources' currentplans, estimates, strategies and beliefs and other statements that are nothistorical facts are forward-looking statements about the future performance ofRandgold Resources. These statements are based on management's assumptions andbeliefs in light of the information currently available to it. RandgoldResources cautions you that a number of important risks and uncertainties couldcause actual results to differ materially from those discussed in theforward-looking statements, and therefore you should not place undue reliance onthem. The potential risks and uncertainties include, among others, risksassociated with: fluctuations in the market price of gold, gold production atMorila, the development of Loulo and estimates of resources, reserves and minelife. For a discussion on such risk factors refer to the annual report on Form20-F for the year ended 31 December 2006 which was filed with the United StatesSecurities and Exchange Commission (the 'SEC') on 25 June 2007. RandgoldResources sees no obligation to update information in this release. Cautionarynote to US investors; the 'SEC' permits companies, in their filings with the 'SEC', to disclose only proven and probable ore reserves. We use certain termsin this release, such as "resources", that the 'SEC' does not recognise andstrictly prohibits us from including in our filings with the 'SEC'. Investorsare cautioned not to assume that all or any parts of our resources will ever beconverted into reserves which qualify as 'proven and probable reserves' for thepurposes of the SEC's Industry Guide number 7. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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