Randgold’s Kibali to produce record results

2018-11-05T14:02:48+00:00 November 1st, 2018|News|

The Kibali gold mine in the DRC is on track to shatter production records.

Rangold Resources’ Kibali gold mine in the Democratic Republic of Congo (DRC) is continuing to deliver performance improvements across the board. According to Mark Bristow, CEO at Randgold, the mine is expected to post record results for the quarter to September.

Randgold’s Kibali mine is due for record production. Image credit: Randgold

Randgold’s Kibali mine is due for record production. Image credit: Randgold

Kibali is operating at or above its designed throughput and recovery and hoisting capacity on the back of the ramp-up in underground production, access to higher grade underground ore and the optimisation of its automated materials handling system.

“This confirms our mid-year view that Kibali is trending to significantly outperform its full-year production guidance of 730 000 ounces,” says Bristow.

Kibali has also now successfully transitioned from contractor mining underground to owner mining by an all-Kibali and almost entirely Congolese team, and commissioned its third hydropower station, Azambi. “It is worth noting that this is the first industrial-size power plant built by Congolese contractors, and the expertise they gained in the process augurs well for the development of the country’s engineering sector,” Bristow adds.

“With the mine now operating at full capacity and steady state, the focus on finding fresh ounces to feed its high production-rate had intensified, and its exploration teams were working on the conversion of resources to reserves, as well as finding new resources,” says Bristow.

Bristow also announced that Kibali had reached an agreement with the Ministry of Finance on the reimbursement of outstanding TVA (value added tax), which amounted to USD218-million in total. The agreement allows for USD40-million to be paid upfront, while the balance will be settled on an offset basis.

In another significant development, the ministry has agreed to exempt local goods and services purchased by Kibali, from TVA.