JOHANNESBURG (miningweekly.com) – Despite the prevalence of uncertainty around Côte d'Ivoire’s mining code, Randgold Resources CE Mark Bristow has said that the company remains committed to working with that country’s government to build a sustainable mining industry and will use its Tongon operation as a platform from which to find and develop world-class gold deposits.
“The government has already made significant progress in restabilising the country and we are confident that it will also weather the storm in the gold market, if we reinforce the partnership between capital, labour and the State," he said in a copy of a speech delivered at a media briefing in the country’s capital, Abidjan, on Monday.
While several mining companies were currently withdrawing from Côte d'Ivoire, or delaying or downsizing their projects in the country, owing to regulatory uncertainty, Bristow added that Randgold was demonstrating its commitment by upgrading its Tongon operation and stepping up its exploration programmes in the country.
“We have already mobilised around new exploration permits that have recently been granted by the government,” he commented.
After contending with operational setbacks last year, Bristow reported that the Tongon gold mine was steadily improving its performance as a turnaround programme, initiated by management, started showing results.
Key to this improvement was the stabilisation of the power supplied by the national grid, with Tongon's use of grid power – a major component of its cost profile – now nearing planned levels.
In addition, several projects to drive costs down, increase mill throughput and improve gold recovery were also under way.
The first of four new crushers had recently been installed, while a gravity concentrate circuit was being commissioned in the processing plant.
The intensive leach reactor and the milling circuit were also being upgraded.
“As a high-volume producer, Tongon is particularly sensitive to efficiencies and input costs. Its management is, therefore, continuing to review every aspect of the business to find further room for improvement,” Bristow said.