UPDATE 1-Randgold, AngloGold up stake in Moto gold project

* To buy 20 pct stake for about $113.6 million

* Buying stake from Congo partially state owned OKIMO

* Companies take holding in Moto gold project to 90 pct

* Randgold shares rise 4.4 pct, Anglogold up 2.5 pct (Adds details, share price, analyst comment)

By Julie Crust

LONDON, Nov 2 (Reuters) - African miners Randgold Resources (RRS.L) and AngloGold Ashanti said they agreed to buy an additional 20 percent in the Moto gold project in the mineral-rich Democratic Republic of Congo for about $113.6 million.

The purchase is part of a wider move by miners looking to invest in some of Africa's politically riskier countries to gain access to their natural resources. Randgold already operates in Ivory Coast, which is still recovering from a civil war in 2002-2003. [ID:nLN609773]

"We see political risk and project infrastructure as the key risks to the Moto project," said Numis Securities in a note.

The companies said they have secured certain undertakings and commitments from the government of the DRC in respect of exploitation permits and licenses.

Shares in Randgold were up 4.4 percent, while Anglogold was up 2.5 percent at 1010 GMT.

The acquisition will be funded equally by Randgold and AngloGold from existing cash resources and takes their holdings in the project to 90 percent.

On Oct 15, Randgold and AngloGold Ashanti (ANGJ.J), the world's third-biggest mining group, completed the acquisition of Moto Goldmines MGL.TO, owner of 70 percent of the Moto gold project.

Randgold plans to announce a timeline for the development of the project, now renamed Kibali, by January 2010.

A feasibility study in March envisaged an operation with probable mineral reserves of 5.5 million ounces, which is planned to produce about 2.4 million ounces of gold in its first five years of production. (Editing by Hans Peters)