Randgold Resources-Gounkoto boosts Loulo complex
24.01.2012 | Marketwire
JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 01/24/12 --
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
GOUNKOTO BOOSTS LOULO COMPLEX AS DEVELOPMENT CONTINUES
Loulo, Mali, 24 January 2012 - A robust contribution from the new
Gounkoto mine enhanced the capacity and flexibility of Randgold
Resources' Loulo complex to increase gold production in 2011 despite
the substantial challenges presented by the development of two
underground mines and the plant expansion.
Gounkoto accounted for a significant part of the complex's annual
production, giving Loulo the capacity to grow overall output while
getting its Yalea underground mine on track and pressing ahead with the
Gara underground development. Because it accesses the Loulo
infrastructure on a toll basis, Gounkoto is expected to recoup its
relatively low capital cost by the end of the first quarter of 2012.
This means among other things that the State of Mali, a 20%
shareholder, will get the benefit of an early dividend as well as full
ownership of its stake.
The Mali government has agreed to split the Loulo mining permit, making
Gounkoto a standalone operation. Chief executive Mark Bristow said
this was a further instance of the importance of Randgold's philosophy
of fostering mutually beneficial partnerships with its host countries.
Bristow also said the Loulo complex represented a textbook illustration
of the effectiveness of Randgold's strategy of creating value through
discovery and development, as well as of its commitment to building
sustainably profitable businesses.'The complex has grown from an 800000
ounce resource to a fully
integrated, long-life opencast and underground operation, targeting
production of 500000 ounces this year. With 9 million ounces of
reserves, significant grades and a huge upside, it will be profitable
at any realistically conceivable gold price,' he said.
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RANDGOLD RESOURCES ENQUIRIES:
Chief Executive Financial Director
Mark Bristow Graham Shuttleworth
+44 788 071 1386 +44 1534 735 333
+223 66 75 01 22 +44 779 771 1338
Group Operations Manager: West Africa Investor & Media Relations
Samba Toure Kathy du Plessis
+223 66 75 77 41 +44 20 7557 7738
+223 20 20 16 94 randgoldresources@dpapr.com
Website: www.randgoldresources.com
This information is provided by RNS The
company news service from the London Stock Exchange
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