Randgold Resources has signed three joint venture (JV) agreements with junior miners to explore potential gold deposits in northeastern Democratic Republic of Congo, its chief executive Mark Bristow said recently. Randgold already operates the Kibali mine in northeastern Congo, a joint venture with AngloGold Ashanti and state miner Sokimo. It also has a joint venture with Kilo Goldmines to explore for gold in the area. The new joint ventures with the Toronto-listed Kilo, Deveron Resources and Loncor Resources more than double the size of Randgold’s landholdings in Congo.
“We have offered them to take over their ground,” Bristow told reporters in the Congo capital of Kinshasa. “If we discover any deposits and are able to deliver a pre-feasibility study, we get 65% of the joint venture.”
Kibali and other new gold mines opened by companies like Banro Corporation have boosted Congo’s gold output from near zero in 2011 to an expected 26 tonnes in 2015. Randgold also announced that Kibali, which poured its first gold in 2013, was likely to exceed its 2015 production target of 600,000 ounces.
Congo, which hopes to become one of Africa’s leading gold producers, increased output 69% in the first half of 2015 compared to the same period in 2014 despite falling gold prices.
Randgold Resources is a gold mining business operating mainly in Mali. Headquartered in Jersey, Channel Islands. The company was established in 1995 and was first listed on the London Stock Exchange in 1997. In 2000 it commissioned the Morila Gold Mine and in 2005 commissioned the Loulo-Gounkoto mine complex, both in Mali.
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