Randgold offers to buy a stake in Fleurette Group’s Moku-Beverendi project

12 February 2015 (Last Updated February 12th, 2015 18:30)

Gold mining company Randgold Resources (RRS) has offered to purchase a majority stake in Fleurette Group's Moku-Beverendi project.

Randgold Resources (RRS) has made an offer to purchase a majority stake in Fleurette Group's Moku-Beverendi project.

Located in the north-east of the Democratic Republic of Congo, the project, which has exploration permits adjoining the company's Kibali gold mine, is expected to contain around five million ounces (Moz) of gold.

Randgold CEO Mark Bristow told Bloomberg: "It's of interest to us.

"We've had discussions in the past and made proposals."

London-based Randgold is expected to buy the stake in exchange for financing a feasibility study.

"If we don't find anything, well, tiddly pop."

"If we don't find anything, well, tiddly pop," Bristow said.

The Moku-Beverendi gold exploration project is said to cover 1,270km² of north-eastern Congo.

In an email statement Fleurette Group said: "This is an outstanding asset with real potential, into which we have already invested over $40m."

Bordering Randgold Resources and AngloGold Ashanti's Kibali gold project, Moku-Beverendi is a joint venture between Fleurette's Switzerland-based Moku Gold and Sokimo, a state-owned gold miner.

According to Randgold, Kibali may eventually produce 550,000oz a year and has 11Moz of reserves and 21Moz of resources.

Randgold Resources, which is operates mainly in Mali, commissioned the Morila mine in 2000 and the Loulo mine in 2005.