London, 28 March 2013 - After a year in which it drove production and profit to record heights, Randgold Resources is rapidly advancing its further growth projects and examining new joint-venture opportunities generated by stress in the gold mining industry’s junior sector, says chief executive Mark Bristow.
Writing in Randgold’s 2012 annual report, published today, Bristow says the company’s top priority is to deliver on its promise to pour first gold at the giant Kibali project in the Democratic Republic of Congo before the end of 2013. Other focus areas include ramping up production at Randgold’s flagship Loulo-Gounkoto complex in Mali and completing a feasibility study on a new underground mine at Gounkoto.
Despite capital expenditure of US$562.3 million last year, mainly on Kibali, Randgold’s cash and gold on hand at the end of 2012 totalled US$403 million, which means the company is well placed to fund its future growth, Bristow says.
“Our exploration teams are hunting for additional resources for our mines as well as fresh targets that will produce our next big discovery. Throughout the group, we will sustain a strong emphasis on growing production and containing costs, and our overall objective remains the creation and delivery of value to all our stakeholders,” he says.
“At the corporate level, we are looking at joint venture opportunities generated by the current state of the industry. We also intend to continue to work with the governments of our host countries, guided by our partnership philosophy, to head off short-sighted changes to their mining codes.”
Also in the report, chairman Philippe Liétard notes that the partnership philosophy is an integral part of everything Randgold does.
“Over the past year it again showed its merit by cushioning the company against the upheavals in Mali, providing a supportive environment for its operations and helping Kibali to advance rapidly. Like all close relationships, Randgold’s partnerships with its host governments are occasionally strained but these moments are invariably overcome when the overriding considerations of common interests and shared values reassert themselves,” he says.
The 2012 annual report has been posted to shareholders and is available for viewing and/or downloading from Randgold’s website at www.randgoldresources.com. A copy of the 2012 annual report has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do. A copy of the 2012 annual report will also be submitted to Randgold’s annual general meeting to be held on 29 April 2013.
Once Randgold has filed its annual report on Form 20-F for the 12 months ended 31 December 2012 with the US Securities and Exchange Commission, expected later today, that report will also be available for viewing and/or downloading from Randgold’s website and at www.sec.gov.