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Kibali to create economic value for entire DRC – Bristow

31st January 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – The Kibali gold project currently being developed by Randgold Resources in the Democratic Republic of Congo (DRC), would bring lasting economic benefits to the entire country, CE Mark Bristow asserted on Thursday.

Randgold owned 45% of the project and would operate the mine, which was scheduled to produce its first gold by the end of this year.
 
Openpit mining was already under way to build up ore stockpiles before the start of production.

The plant was also taking shape with the recent installation of the two mills.  The development of both underground declines had started and the parallel development of the vertical shaft was progressing well.

The first of four hydropower stations, which would supply electricity to the mine, was also under construction.

The combined openpit and underground mining operation had an estimated life of 20 years and would produce an average of more than 600 000 oz/y between 2014 and 2023, making it one of the largest gold mines in the world.

The project was already providing employment to some 6 000 Congolese, and 12 Congolese contractors had been appointed to construct the new Kokiza model village and maintain the recently upgraded roads around the mine. 

Some 1 800 families have, to date, been relocated from the mine site to the nearby village, where new houses were being built at the rate of 45 a week.

Bristow said this showed the multiplier impact mining could have on emerging economies.

Not only would Kibali return about one-half of its revenue to the State in the form of taxes, royalties and dividends, it would also create substantial economic value through the provision of goods and services, as well as generating jobs, transferring skills and uplifting the community through quality-of-life initiatives, he added.

“We could not have advanced this project so rapidly had it not been for our productive partnership with the DRC government and the local community," Bristow said. 

“At a time when the government is reviewing the country's mining code, we trust any changes will not discourage further investment but will reinforce the current code's stability and focus on reducing the administrative burden on the mining industry, promoting investment, which would create more economic value and greater tax revenues for the State,” Bristow said in a statement.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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