JOHANNESBURG (miningweekly.com) – As it gears up to take over underground mining operations at the Yalea and Gara mines, in Mali, Randgold Resources will continue to invest in the 4.9-million-ounce Loulo complex, which now ranks as one of the largest of its kind in the world.
In a statement issued following a tour of the complex, which started the transition to full owner-miner status in April, CEO Mark Bristow said Loulo had already contributed almost $700-million in taxes, royalties and dividends to the State, and had injected an additional $1.9-billion into the economy through payments to local suppliers, contractors and employees.
“Loulo has grown from two openpits into an operation that now includes two underground mines and [which], in the process, had also spawned the neighbouring Gounkoto mine.
“Randgold is continuing to fund the investment of the substantial capital programme at Loulo, not only in the development of Yalea and Gara, but in a range of projects designed to upgrade and enhance the operation and extend the life of the mines,” he said.
These projects included the transition to owner-miner status, as well as the medium-voltage power plant installation, which would increase Loulo's power generation capacity.
Randgold was, meanwhile, growing the reserve and resource base through ongoing brownfield exploration to replace the depletion by mining.
Ongoing exploration had identified a potential high-grade target at Yalea Ridge and extensions to the Yalea orebody, while the resource conversion potential at Gara could add 600 000 oz to the inferred resources, revealed Bristow.
"Further investment will, however, require the maintenance of an enabling mining code and a business-friendly tax and fiscal regime, as well as the assurance that agreements and conventions will be respected," he said.