PERSEVERANCE THROUGH TOUGH TIMES DELIVERS NEW GOLD MINE IN COTE
D'IVOIRE
Abidjan, Cote d'Ivoire, 17 July 2009 - Development of Randgold
Resources' new gold mine at Tongon in the Cote d'Ivoire is on track for
first production in the fourth quarter of 2010, chief executive Mark
Bristow said today.
Speaking at a media day here, Bristow said work on site had stepped up
a gear with the start of the major civil programmes for the process
plant. Excavation has been completed and some 1 000m3 of a project
total of 27 000m3 of concrete has already been poured.
Mechanical work on the CIL tank assembly has started and the earthworks
are also progressing with the completion of the first phase of the main
water storage dam. The dam is a major structure which, when completed,
will have a capacity of 24 million m3 and supply the mine's total water
requirement. At its current stage of development, it holds more than
enough water for construction purposes and the mine's start-up phase.
Logistics are running on schedule through the port of Abidjan with 83
containers and 87 break bulk packs from an approximate project total of
1 000 having already arrived on site. The manpower level is also
ramping up as the project gains momentum, with 584 people out of an
estimated peak of 1 500 currently on site. In keeping with Randgold
Resources' commitment to localisation, expatriate personnel recruitment
is being kept to a minimum and some 85% of the workforce will be drawn
from the villages around Tongon.
Bristow said the Tongon project represented the triumph of patience and
perseverance over considerable adversity, and reflected the company's
long-term focus on the discovery and development of sustainably
profitable gold projects, as well as its partnership approach to host
countries."Tongon was in fact one of our early discoveries and it was in
line for
development before our Loulo complex in Mali, which has now been in
production for several years. The intervention of a period of civil
unrest forced us to delay it, but throughout that trying time we never
lost confidence in the project or the country. We maintained our
presence there, stayed in touch with the various authorities and
monitored the situation closely. Our experience in managing Africa's
often dynamic environments stood us in good stead in these
circumstances, and last year we could see that the time was right to
move ahead with the project," Bristow said."Tongon is now a plus 3 million
ounce deposit, and continuing
exploration is focused on expanding its resource base further. Together
with our other holdings in the country, it gives us a strong foothold
in Cote d'Ivoire, a highly prospective region which boasts one of the
best infrastructures in West Africa and is rapidly returning to
normality. We believe it will more than justify our decision to make a
substantial investment here - the mine is being built at a capital cost
of USUSD280 million - and will in time also make a significant
contribution to Cote d'Ivoire's full recovery from the years of
conflict."
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive Group Regional Manager Investor & Media Relations
Dr Mark Bristow West Africa Kathy du Plessis
+223 6675 0122 or Mahamadou Samake +44 20 7557 7738
+44 788 071 +223 6675 6136 randgoldresources@dpapr.com
1386
