Randgold Resources: Kibali Gold Mine to Beat Fiscal Year Production Guidance

Date : 10/22/2018 @ 4:50PM
Source : Dow Jones News
Stock : Randgold Resources Limited ADS Each Represented BY One Ordinary Share (delisted) (GOLD)
Quote : 82.89  0.0 (0.00%) @ 1:00AM

Randgold Resources: Kibali Gold Mine to Beat Fiscal Year Production Guidance

Randgold Resources (LSE:RRS)
Historical Stock Chart

2 Years : From Apr 2018 to Apr 2020

Click Here for more Randgold Resources Charts.
   By Oliver Griffin 

Randgold Resources Ltd. (RRS.LN) said Monday that its Kibali mine in the Congo is on track to significantly outperform its full-year production guidance of 730,000 ounces of gold.

The mining company said Kibali, which is also part-owned by AngloGold Ashanti Ltd. (ANG.JO), is expected to post record results for the quarter to the end of September.

Chief Executive Mark Bristow said the mine is operating at full capacity and at a steady state. The focus is now on finding fresh sources to feed the high production rate.

Exploration teams are working on converting resources to reserves, as well as finding new mineral resources.

Randgold also said the mine has reached an agreement with the Congo's Ministry of Finance for a reimbursement of value-added tax worth $218 million.

The agreement allows for $40 million to be paid upfront, while the balance will be settled on an offset basis.

The ministry has also agreed to exempt local goods and services purchased by the Kibali mine from the value-added tax.


Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin


(END) Dow Jones Newswires

October 22, 2018 11:35 ET (15:35 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

Latest GOLD Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....

No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.