header_kitco_fact_sheet
Incorporated in Jersey,
Channel Islands
4 August 1995
Listed on LSE
Trading symbol -
RRS
Listed on
NASDAQ

Trading symbol - GOLD
Shares in issue
(at 31 December 2015
)
93.2 million

Randgold Resources is an African focused gold mining and exploration company.

Major discoveries to date include the 7.5Moz Morila deposit, the 7.2Moz Yalea deposit and the 5.9Moz Gounkoto deposit, in Mali, the 4.9Moz Tongon deposit in Côte d’Ivoire and the 3.7Moz Massawa deposit in eastern Senegal. Randgold Resources Limited (Randgold) financed and built the Morila mine which, since October 2000, has produced more than 6Moz of gold and distributed more than $2 billion to stakeholders. It also financed and built the Loulo operation which started as two open pit mines in November 2005. Since then, two underground mines have been developed at the Yalea and Gara deposits.

The company’s Tongon mine in Côte d’Ivoire poured its first gold in November 2010.

Production from the Gounkoto open pit operation, south of Loulo, began in 2011 and a recently completed feasibility study has confirmed the viability of an underground mine planned to start in 2018.

In 2009, Randgold acquired a 45% interest in the Kibali project in the Democratic Republic of Congo (DRC). Since the acquisition, Randgold’s geologists have been instrumental in more than doubling the mine’s ore reserves to 11Moz making it one of the largest gold deposits in Africa. The mine was developed and is being operated by Randgold. First gold was poured in the third quarter of 2013.

Randgold also has a major project at Massawa in Senegal and an extensive portfolio of organic growth prospects, supported by intensive exploration programmes in Côte d’Ivoire, DRC, Mali and Senegal. The company is listed on the London Stock Exchange (RRS) and on NASDAQ (GOLD).

KEY ASSETS
Gold Mines  
LOULO-GOUNKOTO MINING COMPLEX - Mali KIBALI GOLD MINE - DRC
loulo
OWNERSHIP
80% equity ownership

2015 PRODUCTION (100%)
630 167oz

kibali
OWNERSHIP
45% equity
ownership

2015 PRODUCTION (100%)
642 720oz

Randgold’s flagship operation currently comprises the Loulo underground mines, Yalea and Gara, and the Gounkoto open pit mine.

Production from open pit operations started at Loulo in 2005. This was followed by the development of the underground mines. Gounkoto, a greenfields discovery in 2009, poured its first gold in June 2011. The ore from Gounkoto is processed by the Loulo plant under a tolling agreement. Based on current reserves, the complex has a scheduled Life of Mine to 2028.

Loulo-Gounkoto is now firmly established as a long life, high production operation. It will be reinforced by a new underground mine at Gounkoto, scheduled to reach full production in 2020. The complex is targeting gold production of 670 000oz in 2016.

The Kibali mine development in the DRC is the largest project undertaken to date by Randgold. With a reserve base at 11Moz and still growing, it ranks as one of the largest gold mines in Africa.

The mine is operated by Randgold and represents an investment of more than $2.5 billion by the partners. Kibali is targeting gold production of 600 000oz in 2016.

Kibali comprises an integrated open pit and underground operation as well as a 7.2Mtpa processing plant. The mine poured its first gold in Q3 2013 from open pit mining and is currently developing the underground mine via twin declines and a vertical shaft, with the handover of the vertical shaft scheduled for 2017. The project will ultimately be supplied by four hydropower stations supported by a thermal power station for low rainfall periods and as back-up.

TONGON MINE - Côte d'Ivoire MORILA MINE - Mali
tongon
OWNERSHIP
89% equity ownership

2015 PRODUCTION (100%)
242 948oz

morila OWNERSHIP
40% equity
ownership and operated by Randgold

2015 PRODUCTION (100%)
122 374oz

Mining at Tongon began in April 2010 and gold production from the open pit operation started in December 2010.

The Tongon mine comprises two open pit operations, the Southern and Northern Zones, both of which have potential for more reserves.

The mine currently has a six year Life of Mine. In 2014, the geological model for the Southern Zone pit was updated resulting in resource gains which replaced the reserves mined during the year. Tongon is targeting gold production of 260 000oz in 2016.

Morila was discovered, developed and financed by Randgold. The mine was commissioned in October 2000 and since inception has produced more than 6Moz of gold and paid more than $2 billion to stakeholders.

In 2009, Morila was converted to a stockpile treatment operation. Closure of the operation was originally scheduled for 2013 but a pit pushback, now complete, the tailings treatment project and the Domba project could extend the life of mine to 2019.

Morila produced 122 374oz of gold in 2015 and is forecasting 90 000oz in 2015.

Work continues on the development of a commercial agribusiness to utilise the mine’s infrastructure and provide sustainable economic activity in the area after Morila’s eventual closure.

Projects Exploration
MASSAWA FEASIBILITY PROJECT - Senegal
massawa OWNERSHIP
83% equity ownership

massawa  

Massawa is one of the largest undeveloped orebodies in Africa. A grassroots exploration project in eastern Senegal, it was discovered in 2008.

The initial prefeasibility study on the open pit reserves was compiled in 2010. A feasibility study is currently being progressed.

Exploration programmes are currently underway in four countries: Mali, Senegal, Côte d’Ivoire, and the Democratic Republic of Congo, where Randgold has groundholdings of 15 108km² (including joint ventures) hosting 137 targets.

Exploration and infill drilling continues to upgrade the geological confidence of the deposits near our mines, concentrating on resource definition and the discovery of mineable satellite ounces.

KEY NUMBERS
$000
31 Dec 2015
31 Dec 2014
Gold sales1
1 394 889
1 434 873
Total cash costs1
822 673
791 756
Profit from mining activity1
572 216
643 117
Exploration and corporate expenditure
45 067
36 765
Profit for the period
212 775
325 747
Profit attributable to equity shareholders
188 677
271 160
Net cash generated from operations
396 982
234 974
Cash and cash equivalents2
213 372
82 752
Gold on hand at period end3
13 715
14 956
Group production (oz)
1 211 288
1 147 414
Gold sales
1 210 844
1 134 941
Group total cash costs per ounce1 ($)
679
698
Group cash operating costs per ounce1 ($)
624
637
Basic earnings per share ($)
2.03
2.54

1 Randgold consolidates 100% of Loulo, Gounkoto and Tongon, 40% of Morila and 45% of Kibali in the consolidated non-GAAP measures.
2 Cash and cash equivalents excludes $16.9 million of cash at 31 December 2015 ($8.3 million at 31 December 2014) that relates to the group’s attributable cash held in Morila, Kibali and the group’s asset leasing companies which are equity accounted.
3 Gold on hand represents gold in doré at the mines (attributable share) multiplied by the prevailing spot gold price at the end of the period.

RESOURCE AND RESERVE DECLARATIONS at 31 December 2015 (abridged)
Mine/Project  
Tonnes
(Mt)
Grade
(g/t)
Gold
(Moz)
Attributable gold1
(Moz)
MINERAL RESOURCES at 31 December 2015 (abridged)
Kibali        
45%
  Measured and indicated
134
3.7
16
7.2
  Inferred
47
2.5
3.9
1.7
Loulo  
80%
  Measured and indicated
51
4.4
7.1
5.7
  Inferred
20
3.9
2.5
2.0
Gounkoto  
80%
  Indicated
30
4.4
4.2
3.3
  Inferred
5.3
3.1
0.5
0.4
Morila  
40%
  Measured and indicated
23
0.5
0.4
0.2
  Inferred
1.8
0.6
0.03
0.01
Tongon  
89%
  Indicated
30
2.6
2.6
2.3
  Inferred
12
2.8
1.1
1.0
Massawa  
83%
  Indicated
35
2.6
3.0
2.5
  Inferred
23
2.5
1.8
1.5
Total Measured and indicated
304
3.4
33
21
Total Inferred
110
2.8
10
6.7
 
ORE RESERVES at 31 December 2015 (abridged)
Kibali  
45%
  Proven and probable
80
4.1
11
4.8
Loulo  
80%
  Proven and probable
32
4.6
4.7
3.7
Gounkoto  
80%
  Proven and probable
20
4.8
3.1
2.5
Morila  
40%
  Proven and probable
15
0.6
0.3
0.1
Tongon  
89%
  Proven and probable
26
2.4
2.0
1.8
Massawa  
83%
  Probable
21
3.1
2.0
1.7
Total Proven and probable
194
3.6
23
15

1 Attributable gold (Moz) refers to the quantity attributable to Randgold based on its interest (holding) in each specific operation/project.

Randgold reports its mineral resources and mineral reserves in accordance with the JORC 2012 code and as such are reported to the second significant digit. These are equivalent to National Instrument 43-101 and the reporting of ore reserves is also in accordance with SEC Industry Guide 7. Open pit mineral resources consist of insitu mineral resources at a weighted average cut-off grade of 0.58g/t falling within a  $1 500/oz optimised pit shell. Underground mineral resources are those mineral resources falling below the open pit resources reported at a weighted average cut-off of 1.66g/t. Open pit and underground ore reserves are economic at a gold price of $1 000/oz. Open pit reserves are calculated at a weighted average cut-off grade of 1.05g/t. Our underground reserves are calculated at a weighted average cut-off grade of 2.51g/t. Our TSF reserves at Morila are calculated at a 0.49g/t cut-off. Dilution and ore loss are incorporated into the calculation of reserves. Mineral resources are inclusive of ore reserves.

Randgold reports its mineral resources and ore reserves in accordance with the JORC 2102 code and as such are reported to the second significant digit. These are equivalent to National Instrument 43-101 and the reporting of ore reserves is also in accordance with SEC Industry Guide 7. Open pit mineral resources consist of insitu mineral resources at a 0.5g/t cut-off falling within a $1 500/oz optimised pit shell. Underground mineral resources are those mineral resources falling below the open pit resources reported at cut-off grades of between 1.5g/t to 2.0g/t. Open pit and underground ore reserves are economic at a gold price of $1 000/oz. Open pit reserves are calculated at a weighted average cut-off grade of 1.0g/t. Our underground reserves are calculated at a weighted average cut-off grade of 2.4g/t. Our stockpile reserves at Morila are calculated at a cut-off grade of 0.9g/t. Our TSF reserves at Morila are calculated at a 0.5g/t cut-off. Dilution and ore loss are incorporated into the calculation of reserves. Mineral resources are inclusive of ore reserves.

COMPETENT PERSONS:
Yalea and Gara mineral resources were calculated by Mr Simon Bottoms, an officer of the company and Competent Person. Loulo 3, Baboto and Gara West mineral resources from Loulo were calculated by Mr Mamadou Ly, an officer of the company and Competent Person, under the supervision of Mr Simon Bottoms, an officer of the company and Competent Person. Gounkoto deposit mineral resources were calculated by Mr Sekou Diallo, an officer of the company, under the supervision of Mr Simon Bottoms, an officer of the company and Competent Person. Faraba mineral resources from Gounkoto were calculated by Mr Mamadou Ly, an officer of the company, under the supervision of Mr Simon Bottoms, an officer of the company and Competent Person. Tongon mineral resources were calculated by Mr Simon Bottoms, an officer of the company and Competent Person. Kibali mineral resources were calculated by Mr Ernest Doh, an officer of the company and Competent Person. Morila resources were calculated by Mr Jonathan Kleynhans, an officer of the company and Competent Person. Mr Rodney Quick reviewed all mineral resources as lead Competent Person. Mr Jonathan Kleynhans and Mr Rodney Quick are both Professional Natural Scientists and members of SACNASP. Mr Simon Bottoms is a Chartered Geologist of the Geological Society of London and Mr Ernest Doh is a qualified geologist and member of AusIMM. All have sufficient experience in the style of mineralisation and types of deposits under consideration and activity which they are undertaking as Competent Persons as defined in the 2012 addition in the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’.

The Loulo, Tongon, Morila, Massawa and Gounkoto open pit ore reserves were calculated by Mr Shaun Gillespie, an officer of the company and Competent Person and member of SAIMM. Kibali open pit ore reserves were calculated by Mr Nicholas Coomson, an officer of the company and Competent Person and member of AusIMM. Loulo underground reserves were calculated by Mr Andrew Fox, an external consultant and Competent Person and member of AusIMM. The Kibali and Gounkoto underground ore reserves were calculated by Mr Tim Peters, an external consultant and a member of AusIMM. All Competent Persons have sufficient experience in the style of mineralisation and types of deposits under consideration and the activity which they are undertaking as Competent Persons as defined in the 2012 addition in the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’.


RANDGOLD RESOURCES LIMITED 3rd Floor, Unity Chambers, 28 Halkett Street, St Helier, Jersey,
JE2 4WJ, Channel Islands T +44 1534 735 333, F +44 1534 735 444
CHIEF EXECUTIVE OFFICER
Mark Bristow
INVESTOR AND MEDIA RELATIONS Kathy du Plessis T +44 20 7557 7738, E-mail randgold@dpapr.com
GROUP CORPORATE COMMUNICATIONS Lois Wark T +44 20 7557 7745, E-mail lois.wark@randgold.com
www.randgoldresources.com

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