Profile: Randgold Resources Ltd (GOLD.O)
17 May 2013
Randgold Resources Limited, incorporated in August 1995, is engaged in gold mining, exploration and related activities. The Company’s activities are focused on West and Central Africa. In Mali, it has an 80% controlling interest in the Loulo mine through Somilo SA. As of December 31, 2011, the Loulo mine was mining from one large open pit, several smaller satellite pits and two underground mines. It also has an 80% controlling interest in the Gounkoto mine through Societe des Mines de Gounkoto S.A. The Company owns 50% of Morila Limited, which in turn owns 80% of Morila SA, the owner of the Morila mine in Mali. In addition, it own an effective 89% controlling interest in the Tongon mine located in the neighboring country of Cote d’Ivoire. It also owns an effective 83.25% controlling interest in the Massawa project in Senegal. The Company has a portfolio of exploration projects in both West and Central Africa.
The Company is exploring in five African countries with a portfolio of 302 targets on 13,892 square kilometers of ground holding. The Company also has exploration permits and licenses covering substantial areas in Burkina Faso, Cote d’Ivoire, Democratic Republic of the Congo, Mali, and Senegal. As of December 31, 2011, it declared proven and probable reserves of 16.28 million ounces attributable to its percentage ownership interests in Loulo, Morila, Tongon, Gounkoto, Massawa and Kibali.
During the year ended December 31, 2011, the Loulo mine produced 208,424 ounces of gold. During 2011, mining was ceased in the Gara open pit. During 2011, ore from Gounkoto was processed through the Loulo processing plant following the conclusion of a toll-treatment agreement concluded between the two mines.
Gounkoto is located approximately 25 kilometers south of Loulo’s plant. In January 2011, mining commenced at Gounkoto. In June 2011, the Loulo plant started to treat Gounkoto ore. A total of 949,000 tons of ore at a grade of 5.1 gram of gold per metric ton was processed, during 2011, and 137,755 ounces were produced.
During 2011, Morila’s total production was 248,635 ounces. During 2011, a full feasibility study on the viability of treating the Morila Tailings Storage Facility (TSF) material, marginal ore and mineralized waste stockpiles was completed.
The Tongon project is located within the Nielle exploitation permit in the north of Cote d’Ivoire, 55 kilometers south of the border with Mali. During 2011, the Company produced 250,390 ounces.
The Company’s interest in the Kibali project was acquired following the acquisition of Moto Goldmines, in conjunction with AngloGold Ashanti Limited (AngloGold Ashanti) and the further acquisition of a 20% interest from Sokimo on behalf of the joint venture. The Kibali project is located approximately 560 kilometers northeast of the city of Kisangani and 180 kilometers west of the Ugandan border town of Arua in the northeast of the Democratic Republic of the Congo.
The Company’s Massawa project consists of a greenfields exploration find located in eastern Senegal. The Massawa target was identified in 2007 and is located approximately 60 kilometers west of the Malian border.
Randgold Resources Ltd
Unity Chambers, 28 Halkett Stree
SAINT HELIER JE2 4WJ