[UAH] THE BOERS GOT WHAT THEY WANTED FROM DRC

Randgold To Produce Gold In DRC's Kibali Mine – CEO

Posted on July 12, 2013 05:26 am under Business, Mining, Strategies & Solutions

VENTURES AFRICA – Mining firm Randgold Resources on Thursday said it is poised to generate gold for the first time from its DRC's Kibali mine later this year.

Mark Bristow, the CEO of Randgold Resources, disclosed this in Johannesburg this week.

Randgold gained almost nine percent on the Nasdaq Gold as the market liked the news, among other things

The operation is a combined business venture between Randgold Resources and another JSE-listed gold miner, AngloGold Ashanti.

"(Randgold is) now substantially larger market-cap-wise than AngloGold and I think there's a clear message in the fact that we run only four operations," Business Day quoted Bristow as saying.

Kibali is set to generate 30,000oz of gold in the next six months before going full steam ahead with production output of 700,000oz a year in the next four years.

According to Business Day, Bristow said he had "a bet in place" with Mark Cutifani, the current CEO of Anglo American. Cutifani is the former CEO of Anglogold.

The gamble was over the scheduling of the first gold output at the Kibali mine.

"Mark publicly said he was not sure whether Kibali would produce gold during 2013. He said he would give me a bottle of good Australian wine of my choice if I (brought) the mine into production during 2013 and a bottle of good South African wine if I (did) it during 2014," Business Day quoted Bristow as saying.

"I replied that was actually a huge disincentive for me so we switched the nationality of the wines around. I am having a South African wine specially grown. It will cost him a heap and this will be a public event."

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Gwokto La'Kitgum

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