Kibali Gold Mine Starts Taking Shape
(firmenpresse) - JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 04/16/12 --
KIBALI GOLD MINE STARTS TAKING SHAPE AS CONSTRUCTION GAINS MOMENTUM
Construction work on the Kibali
project in the Democratic Republic of Congo, which when completed is
expected be one of the largest gold mines in Africa, is proceeding
rapidly as the developers keep their sights firmly set on first
production by the end of 2013.
The plus 10 million ounce gold deposit is owned by Randgold Resources
(45%), AngloGold Ashanti (45%) and the Congolese parastatal, Sokimo
(10%). The project is being developed by Randgold who will also
operate the mine. The completed Kibali operation will comprise an
integrated underground and open pit mine, a twin-circuit sulphide and
oxide plant with a throughput of 6 million tonnes per annum, and four
self-constructed hydropower stations as well as a standby high-speed
thermal power generator for back-up during the dry season.
The project is being constructed in two overlapping phases. Phase 1,
from Q1 2012 to Q4 2013, covers the metallurgical plant, the first
phase of the tailings storage facility, the first of the hydropower
stations, the back-up power plant, all shared infrastructure and the
completion of the resettlement programme. The cost of Phase 1 is
estimated at US$920 million, before provisions, contingencies and
escalation. Phase 2 will include the development of the underground
mine which is expected to deliver first ore in 2014 and to reach steady
state production by 2015, at an estimated cost of US$650 million before
provisions, contingencies and escalation. 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.
Randgold's technical and capital projects executive John Steele says
the experience his team has gained in developing gold mines in Africa
- Kibali is the company's fifth - and its philosophy of partnership
with its host countries and communities are the key factors in the
rapid progress it is making at Kibali, while meeting the challenge of
catering to a variety of interest groups."By the end of March, we had
already shifted 200000 cubic metres of
ground for the foundations of the metallurgy plant and during the
second quarter we plan to move 800000 cubic metres for the bulk
earthworks," says project manager Gary Short. "The construction of the
assay laboratory is scheduled for completion by early May and the three
laydown terraces should be complete by June. The open pit mining
contractor started site establishment in February and its fleet is due
to begin arriving from the end of this month. The earthworks and
civils contractor is also on site and work on the main earthworks
should commence in earnest on schedule at the end of April. During the
current quarter, concrete works are planned to start at the metallurgy
plant and, at the first hydropower plant, earthworks for the decline
box cut are due to get underway and the structural, mechanical and
platework contractor is scheduled to mobilise on site."
Group general manager operations Central and East Africa Willem Jacobs
points out that the project's staff complement has increased almost
tenfold from the end of 2009 and now stands at 2829. In line with
Randgold's policy of favouring nationals of the countries in which it
operates, only 86 of these are expatriates and they are there largely
to transfer skills and build local capacity. Eventually, Kibali's
management team will be almost entirely Congolese."It's also worth noting
that Randgold and AngloGold have to date
already spent more than US$280 million, exclusive of acquisition costs,
on the development of Kibali, much of which has gone into the DRC
economy through subcontractors, taxes and levies. We estimate that
over the life of Kibali, more than 50% of its revenues, after the
capital has been repaid, will go to the DRC State," Jacobs said.
Randgold chief executive Mark Bristow said that at Kibali, as at the
company's other operations, the development had been guided by the
company's partnership philosophy and by the belief that all its
stakeholders, including the communities in which it operates, should
benefit from its activities."A mine such as this is a big economic engine,
and the establishment of
Kibali in the DRC's eastern province will no doubt lift this region, as
we have seen where we operate mines elsewhere in Africa. Local
businesses will develop to supply the mine, the skills base will grow
and jobs and career growth opportunities will be created. The quality
and size of the Kibali asset base will support a sustainably profitable
business, and this in turn will build sustainable benefits for the DRC
and its people," he said.
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 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 2011 which was filed
with the US Securities and Exchange Commission (the 'SEC') on 30 March
2012. 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 72 614 4053 / +27 82 905 6797
Kathy du Plessis
Randgold investor & media relations
+44 20 7557 7738 /
Website:
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Datum: 16.04.2012 - 15:37 Uhr
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