|By Marketwired .||
|May 2, 2014 05:00 AM EDT||
JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 05/02/14 -- 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
KIBALI SUCCESS A TRIUMPH FOR PARTNERSHIP PHILOSOPHY
Kibali, DRC, 2 May 2014 - The Democratic Republic of Congo's Minister of Mines, Martin Kabwelulu, today officially opened the Kibali gold mine on behalf of the country's president, Joseph Kabila Kabange, in a ceremony attended by Province Orientale governor Jean Bamanisa Saidi, DRC cabinet ministers, ambassadors of various countries and local dignitaries.
Kibali, which will rank as one of the largest gold mines in Africa when it is in full production, is owned by Randgold Resources and AngloGold Ashanti, each with a 45% stake, and the DRC state gold mining company, Société Miniere de Kilo-Moto (SOKIMO). Kibali is being operated and developed by Randgold, and represents an investment of more than $2.5 billion by Randgold Resources and AngloGold Ashanti.
While still a work in progress - it is both an operating mine and a development project - Kibali produced 88 200 ounces of gold and made a profit from mining, before interest, tax and depreciation, of $68.3 million in the three months to December, its first production quarter. Current production is from its open pit mine and an oxide circuit. Commissioning of the sulphide circuit started during the past quarter and development of the underground mine remains on track with the vertical shaft reaching the halfway mark and the first underground ore accessed. The first of four hydropower stations is currently being commissioned and, with a capacity of 22 megawatt, it is the largest of its kind in the Province Orientale.
Speaking at the opening, Randgold chairman Philippe Liétard said the successful development of Kibali in the face of many infrastructural and other challenges was a triumph for the company's partnership philosophy.
To view the full announcement please click on the following link