Kibali Plant

Randgold Resources has signed an agreement with government-owned Société Minière de Kilo-Moto (SOKIMO) and Moku Goldmines to develop the Moku-Beverendi gold project in Congo.

Randgold Resources CEO Mark Bristow said that the company can earn a stake of minimum 51% in the project under the deal by the way of funding as well as by carrying out exploration and completing a pre-feasibility study.

A 20% non-contributing stake in the project would be held by SOKIMO.

The Moku-Beverendi gold mine has exploration permits that are located next to Randgold’s Kibali gold mine, which is partly-owned by AngloGold Ashanti.

"The latest addition to Randgold’s portfolio will extend its exploration footprint in Congo to 7,824km²."

The latest addition to Randgold’s portfolio will extend its exploration footprint in Congo to 7,824km².

Meanwhile, the company’s Kibali gold mine in Congo exceeded its target by 7% to contribute 642,720 ounces to the group’s production for 2015.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Bristow said: "Kibali is going to make a major impact on the Congolese economy, as it has already spent more than $1 billion with local service and goods providers, and I believe it will also be the flagship for the development of a major gold mining industry in this country."

"The next two years will be particularly tough, as Kibali continues to ramp up its underground production within the constraints of a lower grade and the consequent need for a higher throughput, and we are therefore forecasting an output of 610,000 ounces for 2016 and 620,000 ounces for 2017."


Image: Randgold’s Kibali gold mine is partly-owned by AngloGold Ashanti. Photo: courtesy of Randgold Resources Limited.

Mining Technology Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Mining Technology Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now