Randgold Resources: Kibali Gold Mine to Beat Fiscal Year Production Guidance
October 22 2018 - 11:50AM
Dow Jones News
By Oliver Griffin
Randgold Resources Ltd. (RRS.LN) said Monday that its Kibali
mine in the Congo is on track to significantly outperform its
full-year production guidance of 730,000 ounces of gold.
The mining company said Kibali, which is also part-owned by
AngloGold Ashanti Ltd. (ANG.JO), is expected to post record results
for the quarter to the end of September.
Chief Executive Mark Bristow said the mine is operating at full
capacity and at a steady state. The focus is now on finding fresh
sources to feed the high production rate.
Exploration teams are working on converting resources to
reserves, as well as finding new mineral resources.
Randgold also said the mine has reached an agreement with the
Congo's Ministry of Finance for a reimbursement of value-added tax
worth $218 million.
The agreement allows for $40 million to be paid upfront, while
the balance will be settled on an offset basis.
The ministry has also agreed to exempt local goods and services
purchased by the Kibali mine from the value-added tax.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
October 22, 2018 11:35 ET (15:35 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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