Randgold expects first Kibali gold bar by year-end

Randgold Resources, the FTSE 100-listed gold miner, said on Tuesday that its giant Kibali gold project in the Democratic Republic of Congo (DRC) is 'poised to deliver' and is on track to produce its first bar of gold before the end of the year.

The Kibali project is the largest project undertaken to date by Randgold, which holds a 45% interest. It has a reserve base of over 10m ounces and is ranked as one of the largest gold mines in Africa.

Operator Randgold said that operations are "steadily nearing the stage where it will start to deliver value to its stakeholders and to support the economic growth of the DRC".

Kibali is expected to process seven million tonnes of ore per year to produce around 600,000 ounces of gold.

"We are not just building a world-class mine here, we've also expanded and upgraded the regional infrastructure, which is already benefiting the Orientale province where Kibali is located," said Randgold's Chief Executive Officer Mark Bristow.

"We're also rehousing the local community in a model village which, when it is completed by the middle of the year, will comprise 4,000 new homes with access to water and power, as well as clinics, schools and churches

AngloGold Ashanti owns a 45% stake in Kibali, while a Congolese parastatal, Sokimo, holds the remaining 10% interest.