New York, 15 May 2006 (LSE:RRS)(Nasdaq:GOLD) - London and Nasdaq listed gold miner Randgold Resources today announced the appointment of two eminent international business leaders, Norborne P Cole, Jr and Karl Voltaire, as non-executive directors.
Mr Cole, who is based in San Antonio, Texas, spent more than 30 years with the Coca-Cola Company, starting as a field representative and advancing to chief executive of Coca-Cola Amatil, the second-largest Coca-Cola bottler in the world. Dr Voltaire, a French national, is a mineral resources engineer with a PhD in finance from the University of Chicago. From 1981 to 2003 he was employed by the World Bank and the International Finance Corporation, where among other things he oversaw the development of a number of major mining projects throughout Africa.
Chairman Philippe Liétard said the new directors were exceptionally qualified to broaden the board's international dimensions and enhance its capacity to deal with an increasingly complex legal and commercial environment.
"We believe in investing in our future growth, not just through the expansion of our physical assets but also of our intellectual base. Mr Cole and Dr Voltaire join us as we prepare for our next growth phase and will, we believe, add considerable impetus to our efforts," he said.
Meanwhile chief executive Dr Mark Bristow, speaking at the New York Hard Assets Investment Conference today, noted that since its establishment 10 years ago Randgold Resources had discovered more than 18 million ounces of gold, developed two world-class gold mines at Morila and Loulo in Mali, and built up one of the most prospective project portfolios in Africa. In addition, it had initiated the development of an underground mine at Loulo to complement the existing open-pit operation and was in the process of resuming work on the prefeasibility-stage Tongon project in Côte d'Ivoire.
"The gold price will go up and down and so will the gold companies' share prices. Ultimately, however, I believe Randgold Resources' success is sustainable into the long-term because it is the product of our unwavering commitment to investing in our future," he said.
"Between 2000 and 2005 we made profits of more than US$200 million, much of which has been reinvested in growth opportunities. Our latest balance sheet shows total assets of US$471 million, representing the capital that has been invested in the development of Morila and Loulo. The Loulo underground project will cost a further US$100 million over the next five years and the Tongon project has an estimated life-of-mine capital of US$111 million. Since our establishment we have spent US$140 million on exploration over a period when industry expenditure on this critically important function virtually dried up. And we have contributed more than US$1 billion to the economies of the countries in which we operate, forging productive partnerships with their governments and people, and creating an environment in which Randgold Resources can continue to create value in the future as it has in the past."