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Rangold's Kibali Gold Mine On-Track To Reach Production Targets

Mon, 17th Jul 2017 17:09

LONDON (Alliance News) - Randgold Resources PLC said on Monday that the two remaining components of the Kibali gold mine in the Democratic Republic of Congo is on track to be completed later in 2017, which will bring the mine to nameplate design.

Although the underground shaft system and third hydropower plant is still due for completion, the company said Kibali is still maintaining a stable operational performance, and is well-positioned to meet its production target of 610,000 ounces of gold in 2017, due to an underground ramp up, particularly from the fourth quarter of the year.

Speaking at a local media briefing, Chief Executive Mark Bristow spoke out about the Congolese government considering changes to the country's mining code.

"I am concerned, however, that the government is not engaging in open and inclusive consultations with the industry and appears to be proceeding from a pre-determined position that may put existing and future mining investments at risk," Bristow said.

"The mining industry is the main engine of the Congolese economy. Government and the private sector must work together to find the best way of growing this industry and to avoid potentially damaging short-term actions by realistically considering their consequences," Bristow added.

Shares in Randgold Resources closed up 1.2% at 6,9852.38 pence on Monday

By Dayo Laniyan;

Copyright 2017 Alliance News Limited. All Rights Reserved.

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