Randgold Resources to take delivery of two giant mills
Randgold Resources has said that two giant seven megawhatt mills are currently being transported halfway across Africa, from the east coast port of Mombasa to the mine site at Doko in the north east of the Democratic Republic of Congo (DRC).
Randgold Resources has said that two giant seven megawhatt mills are currently being transported halfway across Africa, from the east coast port of Mombasa to the mine site at Doko in the north east of the Democratic Republic of Congo (DRC).
It believes that this is "indicative of the steady progress" that has been made with developments on the Kibali gold project, which, when it pours its first gold, will by one of the largest of its kind in Africa.
The first gold pour is expected for the end of 2013.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The mills, which when installed will be capable of milling a combined 7.2m tonnes a year, are expected to arrive at the mine site at the end of November.
The firm added that the programme to rehouse villagers from the mine area is progressing rapidly, with 45 new houses built each week.
Randgold Chief Executive Mark Bristow said that once in production, Kibali would prove an "enormous boon" to the DRC, generating economic welfare through the payment of dividends and taxes to the state, which has a 10% stake in the project, as well as creating jobs and a demand for support services for local businesses.
"It's a great example of what can be achieved in Africa when an investor-friendly government partners with a mining company in a long-term commitment to the sustainable creation and sharing of wealth," he said.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Energy bills to rise by 1.2% in January 2025
Energy bills are set to rise 1.2% in the New Year when the latest energy price cap comes into play, Ofgem has confirmed
By Dan McEvoy Published
-
Should you invest in Trainline?
Ticket seller Trainline offers a useful service – and good prospects for investors
By Dr Matthew Partridge Published