Welcome!

News Feed Item

Randgold's Resource Base Expands

JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 03/28/14 -- Randgold Resources (LSE: RRS) (NASDAQ: GOLD)

RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD

RANDGOLD'S RESOURCE BASE EXPANDS, AS IT PLANS FOR THE NEXT 10 YEARS

London, 28 March 2014 - Randgold Resources increased its total attributable mineral resources in 2013 despite depletion from mining in a year that delivered record production. The company's annual resource and reserve declaration, published today as part of its annual report for 2013, shows attributable resources up by 5% to 28.6million ounces while reserves, reflecting depletion, decreased by 8% to 15 million ounces.

Randgold reserve and resource management executive Rod Quick said all the group's mines were ramping up both production and grade, which inevitably impacted on its reserve inventory."We are confident, however, that we can replenish our reserves through ongoing exploration as well as resource conversion" he said. "This confidence is based on the robustness of our current five year plan as well as the prospectivity of the regions where we operate, as demonstrated by our growing resources."

At Kibali, the giant gold mine Randgold is developing in the Democratic Republic of Congo, total reserves now stand at 11.6million ounces at 4.0g/t, up from 10.9 million ounces at 4.1g/t as a result of an updated mine design on a resource base which grew to 22 million ounces.

At Loulo in Mali, reserves decreased to 5.3 million ounces due to mining depletion, completion of the Yalea open pit and the redesign of the Gara underground mine to secure continued profitability by reducing capital development. The neighbouring Gounkoto open pit mine also reported lower reserves as a result of mining depletion, lower grades due to a change in the footwall modelling and the addition of some lower grade footwall and hanging wall gains. A drilling programme following up on the recently announced wide and high grade intersections will test the validity of the new model. Meanwhile, the latest results from the ongoing underground feasibility study at Gounkoto have confirmed a mineral resource of over a million ounces at more than 6.0g/t. Current indications are that the optimal exploitation of the underground resource will be from a decline position lower in the open pit.

In Cote d'Ivoire, Tongon's resources and reserves were depleted by mining and ongoing infill grade control drilling. Deeper drilling has highlighted the potential for higher grades below the southern zone pit and further drilling is planned to test the depth extensions. Based on current pay limits and the fact that Tongon is scheduled to repay its capital next year, exploration is focused on near-mine low grade resources which could extend the mine's life beyond the current seven
years.

Chief executive Mark Bristow said that, unlike most of the gold mining industry, Randgold had not needed to write down its reserves and resources as the gold price dropped because it had calculated its reserves at USUSD1000/oz and its resources at USUSD1500/oz for the past three years."We have looked closely at all our mines to ensure that they will still be profitable at USUSD1000/oz and we'll continue to review our operations against a range of gold price scenarios. We've also put a solid budget in place for 2014, kept our rolling five year plan intact and are now building this into a ten year plan" he said."A key feature of the 10 year plan is that the second half only requires sustaining capital. Kibali has a reserve based plan that goes beyond 10 years at around 600000 ounces per annum. The Loulo-Gounkoto complex is currently scheduled to drop below 700000 ounces from 2020 but with the potential for resource conversion from its Yalea and Gara operations as well as from the high grade underground project at Gounkoto, we believe the complex can deliver more than 600000 ounces per year for the 10 years. Together with the Tongon life of mine extension programme, these potential reserve extensions should give us time to deliver a new world class discovery from our portfolio of quality greenfields projects spanning four of Africa's major gold regions."

Please click on the following link to view the full announcement.

http://www.rns-pdf.londonstockexchange.com/rns/4272D_1-2014-3-28.pdf

This information is provided by RNS
The company news service from the London Stock Exchange

Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to great conferences, helping you discover new conferences and increase your return on investment.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...