Randgold Resources, a gold mining and exploration company, is developing the Kibali project, which is located in the Democratic Republic of Congo. Construction work is ongoing on this project, which upon completion is anticipated to be a major gold mine in Africa.
Randgold Resources owns 45% of the plus 10 M oz gold deposit, AngloGold Ashanti owns 45%, and the Congolese parastatal, Sokimo owns 10%. The mine will be operated by Randgold Resources.
Once the work is completed, the Kibali project will include an open and underground pit mine, four hydropower stations, a twin-circuit oxide and sulphide plant, and a thermal power generator.
The Kibali project is being developed in two phases. From first quarter to fourth quarter, the phase I is covering all shared infrastructure, the metallurgical plant, the first of the hydropower stations, the first stage of the tailings storage facility, the back-up power plant, and the conclusion of the resettlement campaign. The projected cost of Phase 1 will be approximately US$920 million.
The Phase 2 will involve underground mine development. The mine is anticipated to provide its first ore in 2014 and will reach a consistent production state by 2015.
Willem Jacobs, Group General Manager Operations Central and East Africa, informed that so far, AngloGold and Randgold Resources have spent over US$280 M on the Kibali project which has contributed to the Democratic Republic of Congo’s economy. It is projected that over the life of the Kibali project, over 50% of the revenues will go towards the state.
Randgold Resources’ CEO, Mark Bristow commented that the development of the Kibali project was guided by the belief that the company’s stakeholders and also the communities should gain from its operations. A mine of this magnitude and the set up of the Kibali project in the eastern province of the Democratic Republic of Congo will certainly boost this region.
Source: http://www.randgoldresources.com/