Randgold - Kibali Project in the Starting Blocks
(firmenpresse) - JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 02/02/12 --
KIBALI PROJECT IN THE STARTING BLOCKS
Preparatory work has been completed
at the Kibali gold project in the Democratic Republic of Congo, where
first gold production is scheduled for the end of 2013. Randgold
Resources, the project manager and operator, and AngloGold Ashanti each
has a 45% stake in Kibali with the DRC parastatal Sokimo owning the
balance.
The construction crew has started mobilising on site and should be
materially staffed up by the end of February. Long-lead plant and
equipment items have been secured, key contractors have been selected
and a development management team is being assembled. The relocation
programme - a critical component of the predevelopment phase - is
progressing smoothly, with two of the 14 affected villages already
resettled in the new model village of Kokiza, where five local
contractors are building houses at the rate of 300 per month.
Randgold chief executive Mark Bristow says the initial objectives for
the development of Kibali have now been achieved. The project is
progressing well and the Randgold board has signed off on the
development plan, which will be presented for approval to AngloGold
Ashanti at the earliest opportunity. In the interim, the Kibali board
has approved the next three months' budget of approximately US$80
million to continue the project's impressive momentum."Excellent work done
to date is evident by the progress achieved on
site and this impetus will be maintained while we tie up the remaining
detail required for board approval," says AngloGold Ashanti CEO Mark
Cutifani. "Kibali represents a model for partnership in the DRC, with
Randgold's field-tested exploration and project development skills
complemented by our depth of technical and mine-planning capabilities."
As guided by Randgold this time last year, it is currently envisaged
that the Kibali mine will comprise an integrated open pit and
underground mining operation, feeding a larger 6Mtpa processing plant
which will include a full flotation section for treating sulphide ore.
The complex will ultimately be supplied by four hydropower stations
supported by a thermal power station for low rainfall periods and
back-up. The core capital programme is scheduled to run over the next
four years.
Phase 1, required to deliver first gold production, will cover the
metallurgical facility, one hydropower station and the back-up thermal
power facility, construction of the tailings storage facility,
relocation of villages, open pit mining and all shared infrastructure.
This will run over a two year period. The Phase 2 programme, which
will run concurrently with Phase 1 but will extend over four years, is
focused primarily on the underground development and includes a twin
decline and vertical shaft system as well as three hydropower
stations. This is expected to bring the underground into first
production by the end of 2014, with steady state production targeted
for the end of 2015. The current Life of Mine plan envisages average
annual production of approximately 600 000 ounces for the first 12
years, with an average grade of 4.1g/t."Since we acquired Kibali, then
known as Moto, just over two years ago,
we've moved rapidly to optimise and advance the project. Among other
things, we've doubled the reserve to more than 10 million ounces,
obtained the community's buy-in for the relocation programme, created a
road network which includes a link with international ports, acquired
four hydropower licences which will form the basis of an affordable
electricity supply and finalised the operational strategies," said
Bristow."With the groundwork now done, thanks to the support and
cooperation of
all stakeholders, including the central and regional governments, the
local community and our partners, everything is in place for us to
start building what is expected to be one of the largest gold mines in
Africa."
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for the
historical information contained herein, the matters discussed in this
news release are forward-looking statements within the meaning of
Section 27A of the US Securities Act of 1933 and Section 21E of the US
Securities Exchange Act of 1934, and applicable Canadian securities
legislation. Forward-looking statements include, but are not limited
to, statements with respect to the future price of gold, the estimation
of mineral reserves and resources, the realisation of mineral reserve
estimates, the timing and amount of estimated future production, costs
of production, reserve determination and reserve conversion rates.
Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as 'will', 'plans', 'expects'
or 'does not expect', 'is expected', 'budget', 'scheduled','estimates',
'forecasts', 'intends', 'anticipates' or 'does not
anticipate', or 'believes', or variations of such words and phrases or
state that certain actions, events or results 'may', 'could',
'would','might' or 'will be taken', 'occur' or 'be achieved'. Assumptions
upon
which such forward-looking statements are based are in turn based on
factors and events that are not within the control of Randgold and
there is no assurance they will prove to be correct. Forward-looking
statements are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Randgold to be materially different from
those expressed or implied by such forward-looking statements,
including but not limited to: risks related to operating the Tongon
mine in Cote d'Ivoire, the integration of Randgold and Moto, risks
related to mining operations, including political risks and instability
and risks related to international operations, actual results of
current exploration activities, conclusions of economic evaluations,
changes in project parameters as plans continue to be refined, as well
as those factors discussed in Randgold's filings with the US Securities
and Exchange Commission (the 'SEC'), including in the section entitled'Risk
Factors' in Randgold's annual report on Form 20-F for the year
ended 31 December 2010 which was filed with the US Securities and
Exchange Commission (the 'SEC') on 31 March 2011. Although Randgold
has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Randgold does not undertake to update any
forward-looking statements herein, except in accordance with applicable
securities laws.
CAUTIONARY NOTE TO US INVESTORS: the SEC permits companies, in their
filings with the SEC, to disclose only proven and probable ore
reserves. We use certain terms in this release, such as 'resources',
that the SEC does not recognise and strictly prohibits us from
including in our filings with the SEC. Investors are cautioned not to
assume that all or any parts of our resources will ever be converted
into reserves which qualify as 'proven and probable reserves' for the
purposes of the SEC's Industry Guide number 7.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ENQUIRIES:
Mark Bristow
Kibali chairman & Randgold
Resources CEO
+223 6675 0122 / +44 788 071 1386
Louis Watum
GM Kibali Goldmines
+243 994 035464 / +256 782 239767
Willem Jacobs
Randgold GM operations Central &
East Africa
+27 72614 4053 / +27 82905 6797
Kathy du Plessis
Randgold investor & media relations
+44 20 7557 7738
Website:
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Datum: 02.02.2012 - 15:08 Uhr
Sprache: Deutsch
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JERSEY, CHANNEL ISLANDS
Kategorie:
Mining & Metals
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