Gounkoto convention signed
(firmenpresse) - JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 03/21/12 --
GOUNKOTO CONVENTION MARKS NEW MILESTONE IN PARTNERSHIP WITH MALI
Bamako, Mali, 21 March 2012 - The convention for Randgold Resources'
new Gounkoto mine in Mali was today signed here by Malian Minister of
Mines Amadou Cisse and Randgold chief executive Mark Bristow.
Discovered in 2009, the 5.5 million ounce Gounkoto deposit began
production in June 2011. It lay within Randgold's Loulo concession,
which also hosts the company's flagship Loulo complex, and the ore from
Gounkoto is toll treated at the Loulo plant, some 25 kilometres away.
It was nevertheless agreed that the size of the Gounkoto deposit
merited a standalone operation with its own fiscal regime and
exploitation permit, as defined by the new convention and a separate
company, Gounkoto SA, has been established to exploit the deposit. It
is owned in the same proportions as Loulo, with Randgold holding 80%
and the State of Mali 20%, and Randgold has funded the capital
development cost of more than US$100 million."Both partners gain from the
establishment of Gounkoto as a separate
corporate entity. The State of Mali will be entitled to a preferential
dividend while Randgold will enjoy an initial corporate tax exoneration
of two years with an opportunity to extend this to five years in the
event of further investment, like an underground mine," Bristow said.
He noted that the Gounkoto convention was the latest milestone in the
long and mutually beneficial partnership between the State of Mali and
Randgold."This relationship dates back to 1996 when we acquired BHP Mali
and
with it our first mine in the shape of Syama. This was followed in
2000 with the commissioning of Morila, which not only provided the
foundation on which Randgold was built but established Mali as a major
gold-producing region. Then came Loulo, which is still growing,
followed by Gounkoto, which together form a long-life, world-class gold
mining operation," he said."We bought Syama and developed Morila at a time
when the gold price was
at an all-time low and foreign investors were loath to look at West
Africa. Thanks to our long term vision and strategy, and our
confidence in the prospectivity and stability of Mali, the investments
we made at that time are now producing handsome returns for all our
stakeholders."
Bristow pointed out that Randgold had over the years invested more than
US$1 billion in Mali and had paid out a similar amount to the country's
government in the form of taxes, royalties and dividends. The company
had created jobs for some 6 000 people and opened up economic
opportunities for many more. "And we have by no means reached the
limit of our ambitions here: our exploration teams are still out in the
field, hunting for more world-class deposits."
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 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 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.
Contacts:
RNS
Customer
Services
0044-207797-4400
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Datum: 21.03.2012 - 16:30 Uhr
Sprache: Deutsch
News-ID 127193
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Town:
JERSEY, CHANNEL ISLANDS
Kategorie:
Mining & Metals
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