Randgold: Kibali Underground Operation On Track For 3Q Commissioning
Randgold Resources (Nasdaq: GOLD; LSE: RRS) says the underground operation at the Kibali Gold Mine in the Democratic Republic of the Congo is on track to start commissioning in the third quarter. The mine is forecast to deliver approximately 610 000 ounces of gold this year, up from 585 000 ounces in 2016, but annual production is scheduled to rise to around 750 000 ounces from 2018, when the underground operation will make it fully functional. During 2016, Kibali underground development remained on track with successful construction and commissioning of four ultrafine grind mills in the metallurgy circuit, as well as work on a second new hydropower station that was commissioned in February. The third and last of the new hydropower stations is currently being built by an all-Congolese contracting group. “Kibali has stayed on course to become one of the world’s great gold mines despite the challenges of last year and the volatile political climate in the DRC at present,” says chief executive Mark Bristow.