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
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
The idea behind this session is my blog post - 5 Logstash Alternatives - which is unfortunately too short to do the presented log shippers justice. In his session at @DevOpsSummit at 20th Cloud Expo, Radu Gheorghe, Software Engineer at Sematext Group, will talk more about the things that matter: kinds of buffers, protocols, ways of parsing, correlating and de-duplicating messages, as well as supported inputs and outputs. And of course performance. All this should let you know which log shipper...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
"Splunk basically takes machine data and we make it usable, valuable and accessible for everyone. The way that plays in DevOps is - we need to make data-driven decisions to delivering applications," explained Andi Mann, Chief Technology Advocate at Splunk and @DevOpsSummit Conference Chair, in this SYS-CON.tv interview at @DevOpsSummit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.