Kibali, DRC (FSCwire) - The successful commissioning of the automated
materials handling system at Kibali gold mine's underground operation is supporting the planned ramp-up in production, Randgold
Resources' chief executive Mark Bristow said here today.
Bristow told a briefing for local media that Kibali was on track to achieve its 2018 production guidance of
730 000 ounces, a 22% increase on the previous year's output. Aside from the continuing optimisation of the
underground system and the construction of the mine's third hydropower station, scheduled for commissioning towards the middle of
this year, the giant Kibali project is now complete. Later this year, Kibali will move from underground mining by
contractors to owner-mining, as has already happened at Randgold's Loulo mines in Mali.
Kibali ranks as one of the most automated underground gold mines in Africa and the third-largest open-stoping gold
mine in the world. Bristow noted that it represented an investment of more than $2.7 billion over an eight year period,
demonstrating the importance of providing investors in a long term industry such as mining with reliable tax and fiscal stability
guarantees.
"The investment in Kibali was motivated by the stability provision in the 2002 mining code, which in our
view has been triggered by the recent promulgation of the 2018 code. We trust we shall be able to reach consensus on
this issue with the government, which we believe is critical to future investment in the country," he said.
Despite challenges, Kibali remains committed to advancing the development of its remote region and continues to
invest in the employment and upskilling of local people. More than 90% of its employees are Congolese nationals, and so far
this year it has spent almost $50 million with local contractors. Over the total project period this totalled
$1.6 billion.
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Source: Randgold Resources Limited (LSE:RRS, NASDAQ:GOLD, OTC Pink:RGORF, FWB:RGR1)
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