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…….
Kibali…Randgold’s history in the DRC
Jan 2001 – Joseph Kabila president
2002 – New mining code
Apr 2003 – Constitution for transition
Oct 2006 – 1st president elected in
second round
2006On site due
diligenceby Randgold
Sep 2009Acquired
Moto Goldmines (70% Kibali) JV with AGA in public international auction
Dec 2009JV acquired a further 20% in
Kibali from SOKIMO
Feasibility updated reserves doubled
to over 10Moz
2010
Formal notice to illegal miners and
alternate work programme started
Mar 2010
MOU signed with Catholic church
Jul 2010
Aru-Doko road upgrade completed
Nov 2010
Established Kokiza village
for resettlement
Feb 2011
Revisedfeasibility
Aug 2011May 2012Preconstruction
started
Oct 2011JV approves feasibility and vote capital
Sep 2013First gold and completion of
RAP
Commissioning and ramp up of met
facility. Associated
infrastructure completed
2014
Nzoro 2hydropower
station completed
2015UG ramp up
Throughput ramp upfull sulphide circuit2 new satellite pits
Full year production at design specs
2016 Q1 2017
First power from Ambarau
Q4 2017Shaft and UG
system commissioned
hoisting ramp up
Q2 2018First power from
AzambiNov 2011
Start of national dialogue –Pres. Kabila
Sep 2016
2nd democratic elections
Kibali supply routes…
Kibali
Dar es Salaam
Mombasa
1 800 km
1 950 km
Randgold Central and East Africa structure…
MetManagerPatrick Mande
FinancialManagerNortonMukeba
Eng.ManagerHennie Snyman
GM Kibali MineCharles Wells
Social &Sustainability.
ManagerBombiti Nzanza
SupplyChainTeddy
Mbiyavanga
Regional Gov
LiaisonJean Pierre
Mbuluyo
SafetyManager
Vital Byabushi
HRManager
LucieKikadi
ExplorationManagerEtienne
Mwandale
MRMManager
Craig Barker
Kinshasa OfficeManager
Roy Bondo
Country ManagerCyrille Mutombo
FINANCENaude van Eck
SecurityManager
SmithKombo
UG Manager
Paul Carrick
OC Manager
JeanKasongo
COO C & E / AWillem Jacobs
Operations ManagerGustav du Toit
Kibali gold mine…Q3 update
Gold production increased 2% to 144 608oz in Q3 in line with plan, and by 6% on
the comparative 9 months of 2016
Production expected to ramp up on completion of load commissioning of
underground haulage and shaft hoisting system in Q4
Plant throughput above design capacity while full sulphide feed volumes were
further increased
Recovery was lower at 83.5% (Q2 2017: 84.3%) reflecting change in feed blend in
line with scheduled ore access from different pits
Total cash costs decreased 12% quarter on quarter to $753/oz as a result of
slightly higher grade, increased proportion of hydropower and lower mining costs
following reduction in strip ratio
Capital expenditure of $65.8 million related mainly to UG development including
haulage level construction to enable commissioning of automated material
handling system
Gorumbwa resettlement progressing on schedule with first phase of housing and
community infrastructure handed over
Kibali…operating results
Refer to Q3 2017 quarterly report for footnotes
Quarter30 Sep
201730 Jun
201730 Sep
201630 Sep
201730 Sep2016
MiningTonnes mined (000) 9 663 7 827 7 453 27 644 22 068Ore tonnes mined (000) 1 644 1 262 1 458 4 574 4 562MillingTonnes processed (000) 1 840 1 854 1 950 5 615 5 270Head grade milled (g/t) 2.9 2.8 2.9 2.9 3.0Recovery (%) 83.5 84.3 81.8 82.9 78.2Ounces produced 144 608 141 204 150 431 426 825 403 540Ounces sold 143 711 137 661 146 639 440 078 402 084Average price received ($/oz) 1 267 1 243 1 334 1 237 1 264Cash operating costs1 ($/oz) 694 803 687 760 711Total cash costs1 ($/oz) 753 859 747 817 768Profit from mining activity1 ($000) 73 928 52 956 87 269 185 016 199 484Attributable (45%)Gold sales1 ($000) 81 963 77 013 88 042 245 059 228 691Ounces produced 65 074 63 542 67 694 192 071 181 593Ounces sold 64 670 61 947 65 988 198 035 180 938Profit from mining activity1 ($000) 33 268 23 830 39 271 83 257 90 263Gold on hand at period end2 ($000) 7 332 6 597 5 854 7 332 5 854
9 months
Q4…progress towards delivering on 2017 business plan
Commissioning of shaft hoisting, material handling and haulage level drives underground tonnage and increased feed grade
Optimisation and ramp-up continuing into 2018
Plant throughput exceeds nameplate with prolonged periods of full sulphide production
Sandvik delays final automation trials due to system software upgrades following loader synchronizationdeficiencies identified during commissioning
623kt UG ore production
Palm oil project under review given current investment climate
Gorumbwa resettlement continues
Safety, Health and Environment…
6 LTIs recorded in 2017
LTIFR of 0.47 in 2017 compared to 0.44 in 2016
Increased awareness sessions
Pre-start risk assessments enforced and more attention to safe working procedure
More focus on behavior based training sessions
A safety alignment workshop with the COO
ISO 45001 internal audit conducted and specific actions identified ahead of the publication of standards
Safety
Converted and certified to latest version of ISO14001 – ISO14001:2015.
Kibali-Garamba park partnership continues
Environment0
1
2
3
4
5
6
7
2011 2012 2013 2014 2015 2016 2017
LTIFR/million hours worked
20km
Nzoro
Azambi
Ambarau
Matiko
KalimvaMofu
Mengu Hill
Pakaka
Belengo
Abimva
RambiRhino
Sessenge
Aindi Watsa
Zambula
N
Kibali Mining Permit…a highly prospective address
Zakitoko
KZ structure…pipeline of projects reinforces prospectivity
Zakitoko, new discoveryResults of 78 grabs samples collected returned values up to 7.34 g/t within banded ferruginous chert along approximately 4 km strike length supporting the potential of the target
Kalimva-Ikamva - advanced targetDrilling at Kalimva confirms planar east dipping mineralisation along NNE shear with high grade shoots open down plunge.Key results include:KVRC0025: 22m @ 4.71g/t incl 4m @ 15.9g/t KVRC0029: 22m @ 1.56g/t incl 4m @ 4.16g/t and 18m @ 2.26g/t incl 4m @ 4.05g/t
At Ikamva results for IVRC103, 90m @ 1.29g/t from 64m, support the down plunge continuity of the mineralisation (~250m) within the $1000/oz pit shell
Agbarabo-RhinoFirst optimisation of the updated consolidated geological model across plunge indicates encouraging results for followup work
KCDDown plunge opportunity tested confirming BIF model and mineralisation for UG development extensions for +600 m down plunge.
Matiko
Kalimva
Oere-Libala
Mofu
Mengu Megi
Aindi-Watsa
Zambula
PamaoPakaka
Ikamva
Sessenge
Watsa dome
Kombokolo
Agbarabo Aerodrome
Zakitoko
Rhino
Gorumbwa KCD
Thrust plane mineralisation
Plunging shoots on the shear
Shear sub-parallel to foliation, planar/plunging shoots of mineralisation
6km
N
Agbarabo-Rhino-Kombokolo…resource addition
Infill drilling (Agbarabo-Rhino) and drill test of Rhino-Kombokolo gap refined the geological model across the area and identify seven mineralised lenses
New lens and Agbarabo Main lens (historic HG) defined near surface potential and down plunge
Prospective lenses (Agbarabo Main – 2HW lenses – New lens and Rhino 1001 extension) projected 500m down plunge from the fence and depleted with Rhino $600 mined out pit indicate a potential of 1.18Moz @ 2.12g/t
Extension of the lower FW lens 185m toward Kombokolo, confirmed
AGBARABOMAIN
RHINO
AGBARABOEAST
RHINO-KOMBOKOLOGAP
BIF
BIF
BIF
Rhino 1001 lens
FW lens
Rhino 1008 lens
UpperHW Lens
LowerHW lens
Main lens
New lens
HGshoots
Historic Shaft
100m
N
Kibali…KCD down plunge potential
Axial plane A
9000 lode
KCD pit
Sessenge SW target
Down plunge extensions
DDD602 Section
DCBA
Looking SE
5000 lode3000 lode
Drill testing of down plunge confirmed folded BIF model at 450-600m from the known model, with a potential of +3Moz
BIF model confirmed for 3000, 5000 and 9000 lodes as projected
12000 lode observed beneath current 9000 lode within fold limb correlating up plunge with Sessenge SW? (3km)
3000 Lode4.8m @ 0.86g/t
300m
5000 Lode16.8m @ 6.47g/t12m @ 0.83g/t8.4m @ 3.58g/t7.2m @ 1.07g/t
12000 Lode17.48m @ 2.31g/t4.3m @ 1.01g/t6m @ 1.47g/t4.61m @ 1.76g/t
C ‐Decline
?
5000 Lode down plunge opportunity
16.8m @ 6.47g/t
12.4m @ 4.54g/t
Shaft
3000 Lode down plunge opportunity
Haulage level
Sessengue pit$1000/oz design
DDH587New DDD602
6m @ 3.80g/t
3000 up plunge opportunity
9000 LodeSessengue-UG gap
KCD $1100/oz pit shell opportunity
KCD $1000/oz pit design
500m
Underground extension potential…
A - Decline
C - Decline
Reserve Resource evolution 2009 to 2016…
2,0
2,5
3,0
3,5
4,0
4,5
5,0
-
5
10
15
20
25
2008 2009 2010 2011 2012 2013 2014 2015 2016
Mineral Reserves Mineral Resources outside Reserves Reserve Grade
Gold Moz Grade g/t
An integrated mine...
A large open pit to support the ramp up and self fund as the world class underground is developed and then the UG supported by multiple smaller pits
Shaft completed and underground system operational
9000 lode
5000 lode
1km
Shaft
BoxcutOpen pit
Mine design
Haulage level
Crusher and pumping stations
KCD-PB3…
Mined out PB 1&2
KCD-PB3 Orebody
Mined out PB2_N
Category YearOre tonnes
(Mt)Grade (g/t) Ounces Moz
Proved 2016 - - -
Probable 2016 2.37 1.99 0.15
Total 2016 2.37 1.99 0.15
Kombokolo pit…
GC drilling is ongoing to convert the remaining inferred material into measured.
Total oreOre tonnes
(Mt)Grade (g/t) Ounces Moz
Proved 0.26 2.94 0.02
Probable 1.39 2.78 0.12
Total 1.64 2.81 0.15
Final pit
Orebody
December 2017 surface
Sessenge…
Final pit
Orebody
Total oreOre tonnes
(Mt)Grade (g/t)
Ounces Moz
Proved - - -Probable 4.29 1.96 0.27
Total 4.29 1.96 0.27
The pre-mining infill GC drilling has been completed to convert the indicated resource into measured (proven reserves)
Mining activities planned to start end Q1 2018
Shaft
A 751m shaft, 8m diameter concrete lined
Shaft capacity dry tonnes = 3.4Mt/yr
Average tonnage hoisted from the shaft on current schedule = 3Mt/yr
Dedicated hoisting shaft which will be equipped with a service cage for maintenance purposes
Material handling and ore-pass
Automated loader feeding from ore-passes to crusher
2 sets of crushers underground with 1000t capacity for coarse and fine bin each
Decline
600kt/yr trucking capacity
Increases UG production
Provides flexibility to exploit shallow lode potential
Underground mine complex…
Kibali underground mine commissioned…
Kibali has full beneficial use of shaft and materials handling system at end of Q4 2017 – 118kt ore hoisted in November/December
t000UG ore tonnes mined 2017
Kibali underground development and mining…
Breaks away from traditional African mining model with an integrated automated ore handling and hoisting system:
Multiple driverless loaders operating in full automation mode
Single haulage drive with high strength roller compacted concrete hauling surface improves efficiencies
Vertical shaft: underground materials handling system completed and commissioned
Work on improved fragmentation work in progress
Further optimisation and ramp up to 3.4Mt capacity of materials handling system to be completed at the end of Q1 2018
Kibali had full beneficial use of shaft and materials handling system at end of Q4 2017
Underground mining
0 1 2 3 4
Development metres 2017
Metres 000
0
200
400
600
800
Q1 Q2 Q3 Q4
Ore tonnes hoisted -vertical shaftOre tonnes mined -declines
Q3
Q4
Q2
Q1
t000UG ore tonnes mined 2017
Kibali underground development and mining…
Breaks away from traditional African mining model with an integrated automated ore handling and hoisting system:
Multiple driverless loaders operating in full automation mode
Single haulage drive with high strength roller compacted concrete hauling surface improves efficiencies
Vertical shaft: underground materials handling system completed and commissioned
Work on improved fragmentation work in progress
Further optimisation and ramp up to 3.4Mt capacity of materials handling system to be completed at the end of Q1 2018
Kibali had full beneficial use of shaft and materials handling system at end of Q4 2017
Underground mining
0 1 2 3 4
Development metres 2017
Metres 000
0
200
400
600
800
Q1 Q2 Q3 Q4
Ore tonnes hoisted -vertical shaftOre tonnes mined -declines
Q3
Q4
Q2
Q1
PRODDUCTION_WASTEPASS
PRODUCTION OPA_4
MHL_HAULAGE_SOUTH
MHL_HAULAGE_NORTH
Conveyor level transfer station in progress (CV01)
CRUSHER INCLINE
C_ INCLINE
Decline and off shaft development…
C-decline holed
MHS (haulage, crushers, conveyors, hoisting) commissionedCV01 conveyor installation completed and commissionedCV02 conveyor installation completed and commissioned
Crusher 1 mechanical installation complete and commissioned
Crusher 2 mechanical installation complete and commissionedShaft system fully functional
Automation optimisation in progress
A total of 47.6km has been developed project to date
Stoping tonnes ramped up during the year from 150kt/month in 2016 to 270kt/month in Dec. 2017 (623kt for Q4)
High production, large multi-level transverse longhole and longitudinal longhole open stoping mining method is used at the Kibali underground
Mine developed and opened up
Flexibility
Ore delivery from both shaft and declines
2018 production stoping…
Owner mining…
Transition planning advanced in preparation for owner mining this year
Shaft already accepted and owner operated
Substantial operational cost benefit
Plan for partial replacement of fleet
Loulo to be used as base model and adapted to Kibali specific conditions
Process developments…
UFG and pumpcell expansion4 UFG mills added, doubling concentrate grind capacityAdditional pumpcell capacityCommissioned in Q1 2017
4,80
3,663,91
3,263,13
2,64
1,75
2,25
2,75
3,25
3,75
4,25
4,75
2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q40
40
80
120
160
200
240
Kibali PlantPumpcell Residue and Throughput
Quarterly tons Residue grade [g/t] Poly. (Residue grade [g/t])
Tonnes treated 000
Residue grade g/t
Kibali Plant Performance…operational and flowsheet improvements allow for full sulphide treatment
40%
50%
60%
70%
80%
90%
100%
Wee
k 1
Wee
k 3
Wee
k 5
Wee
k 7
Wee
k 9
Wee
k 11
Wee
k 13
Wee
k 15
Wee
k 17
Wee
k 19
Wee
k 21
Wee
k 23
Wee
k 25
Wee
k 27
Wee
k 29
Wee
k 31
Wee
k 33
Wee
k 35
Wee
k 37
Wee
k 39
Wee
k 41
Wee
k 43
Wee
k 45
Wee
k 47
Wee
k 49
Wee
k 51
Fresh ore proportion in the feed blend
Weekly twin stream sulphide proportion
Proportion of sulphide ore %
Q1 average51%
Q2 average55%
Q3 average81.3%
Q4 average85.6%
Kibali Plant Performance…tonnes treated per year improving and well above nameplate
0
1
2
3
4
5
6
7
8
9
2013 2014 2015 2016 2017
Tonnes treated from 2013 to 2017
Tonnes treated per year million
Ambarau commissioned and fully operational…10.6MW capacity
Azambi hydropower station…power planned for mid 2018
Canal
Powerhouse
Kibali hydropower generation…key to lower cost
Total power generation MW Unit cost $/kWh
0,00
0,05
0,10
0,15
0,20
0,25
0,30
0
5
10
15
20
25
30
35
40
Hydro Diesel Cost
Capital projects…update
Construction of tailings return water detox facilitycompleted and commissioned
CTSF – 1st lift: sterilisationdrilling complete, construction and civil work commenced
NationalEmployees793 (14%)
ExpatEmployees
108 (2%)
NationalContractors4124 (74%)
ExpatContractors
352 (6%)
Nationals : 92%Expatriates: 8%
National Casuals212 (4%)
Kibali employees…
Local contractors and supply strategy… not just a CSR activity
$50.5 million spent on local contractors during Q4 2017
Azambi hydropower station - construction in progress with local contractors
Construction of Gorumbwa RAP houses progresses well with local contractors
Open pit mining in satellite pits conducted by Congolese contractors
Additional local contractor joins current 3 local contractors in ore hauling from satellite pits
Ongoing civil construction and roadworks performed by Congolese contractors (Traminco, M&T, IOB and MC-Global)
Local contractors included in civil work and mechanical assembly of UG conveyor
Partnership with Congolese engineering contractor (TES) for plant maintenance
Food and camp servicesKibali catering and camp services supplied by Congolese company
Kibali caterer purchases 100% of available quality food supplied locally
In country investment…2010 to Q4 2017
Visible contributions directly in the area of the project:
$169m
Non visible contributions:$2.081 Bn $184m
SALARIES
TAXES and PERMITS
PAYMENTS TO SUPPLIERS
US$ million
Nzoro Power line Road ARU - Ariwara RoadNorthern By-pass road Southern By-pass road Direct Community Project Doko - ARU road Kokiza (Houses only) AggregatesPrevention (HIV & Malaria)
National : $475m Provincial and Local : $1.085Bn
$337m
$2.25Bn paid by Kibali in the form of taxes, permits, infrastructure, salaries and payments to local suppliers
Community development…
Youth apprentice training in masonry, carpentry and welding
Work on progress for a large scale water distribution project in Durba
Investment for the improvement of access to potable water in Aru
$1.95 million spent on all social and community projects YTD
Boreholes along Doko Aru road
Kibali marathon
Volleyball
Agribusiness…local supply to Kibali
Egg Production: 35 735 eggs produced from the 3 main community projects
12 small-scale pork projects with 136 heads; pilot project with 85 heads at Kokiza
1 917kg of pork meat sold to ATS (caterer on site)
Production from the feed machine: 15.5 T
The figure below illustrates the portion of local food supply to Kibali against imports for 2017
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Food supply: local vs imports
DS% IMP%
Agribusiness…
Maize and other cultivars62 ha harvested out of 160 ha planted
Monitoring of growth continues for the commercial maize trial
16 ha of cocoa planted in the communitySite identification continues in preparation of transplantation of seedlings
Permanent experts on site to supervise the cocoa project
Palm oilUnder review given current investment climate
3 site visits completed for the identification of plant and nursery location
Two flat areas identified for the installation of the plant and the nursery
x
Garamba partnership…a Randgold and Kibali sustainability initiative
Continued relationship
Regional stability improved
Biodiversity offsets
Park infrastructure improved
Kibali…a look at 2018
Targeted production - 730 000oz gold
Zero LTIs
Optimise UG automation and ramp up shaft tonnes
Catch-up on UG waste back log
First power from Azambi mid 2018
Continue with skills development of Congolese management and technicians
Continue with the development of our management team
Ongoing engagement with authorities on reimbursement of TVA and other tax claims
Obtain ISO 45001 health and safety certification for Kibali
Develop alternative economic programmes in Watsa/Durba areas
Continue to explore for additional reserves to replace depletion
Expand our partnership with provincial government
Work with government and industry to establish a competitive mining code
Production and Cost Profile…
0
1
2
3
4
5
0
100
200
300
400
500
600
700
800
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Oz actual Oz forecast Total Cash Cost/oz Capital Grade
Production oz ‘000Total cash cost/ozCapex $m
Grade g/t
*Production ounces as guided in Nov 2017
Kibali capital spend tapers off…
0,0
0,5
1,0
1,5
2,0
2,5
3,0
0
100
200
300
400
500
600
700
800
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Oz actual Oz forecast Cumulative capital expenditure
Production oz 000 Capex $bn
Investing in the future ….
Randgold Resources…long term strategy in NE DRC
NGAYU BELT
ISIRO BELT
MOTO BELT
MAMBASA BELT
ZANI BELT
MONGBWALU(ex AGA)2.5 Moz
KILO BELT
ZANI-KODO(Asa Res.)
2.97Moz @ 2.4g/t
N
50km Kibali Gold MineMokuKGL IsiroLoncor ResourcesDevon Resources
KIBALI(RRL-AGA)
20 Moz @ 3.4g/t
MAKAPELA (Loncor)
1Moz @ 7.59g/t
MokuSMB
ADUMBI (KGL)
1.67 Moz @ 2.5g/t
Randgold joint ventures
KCD
KalimvaIkamva
MegiAerodrome
Mengu
ZambulaAindi-Watsa
Agbarabo
GorumbwaSessenge
Kombokolo
Ganga
Panier-CirculeMutubi
Concasseur
GauMeyo
Andui
Mangazi
Babarao
DubeleBeverendi
Zembe SE
DRC - Moku Project…regional soil programmes undertaken
Kombokolo-Rhino-
Agbarabo
KZ trend: Aerodrome-
Megi
Kalimva-IkamvaFT42Ex is 13.6m @@ 15.83g/t
Concasseur*+40km2 basin of high BLEG anomalismAreas of tightly folded BIF and metasediment with strong alterationNew channel samples and lithosamples returned:
CCCH0059 8.20m@ 1.65g/t;CCCH0006 2.00m @ 2.64g/t10.80g/t and 3.46g/t.
FT42Ex is 13.6m @@ 15.83g/t
Gau Basin-Meyo AOI*Geologically complex domain of WNW-ESE trending unitsMapping at Meyo extended envelope of mineralisation to over 1km in length within three corridors.Sampling within volcanoclastics and granodiorite returned:
8.74g/t, 6.26g.t, 4.87g/t and 1.31g/t.8.11g/t, 0.88g/t and 0.79g/t
FT42Ex is 13.6m @@ 15.83g/t
Moku trend*Updated interpretation has identified volcanoclastic unit and MT contact Focused gold-in-soil programme of 3,950samples completed
FT42Ex is 13.6m @@ 15.83g/t
Zembe South-East* (KZ Extension)
Continuation of +23km long, continuously mineralised KZ Trend into Moku PermitIntersection of major NE structureSoil programme underway
N
10km
*Moku JV currently suspended
FT42Ex is 13.6m @@ 15.83g/t
Angulukuc.1.5km strike of alteration within BIF and overlying basalt in strong BLEG basin.Promising grades in BIF:
1.89g/t, 2.94g/t and 1.88g/tFurther mapping and logging of old Belgian trenches and artisanal workings planned for 2018 to link zones of mineralisation
FT42Ex is 13.6m @@ 15.83g/t
Infrastructure development completed to reach Matete village.Initial work on the main western targets in the Ngayu belt can now start.
DRC…Ngayu Belt targets with RegionalGeological Interpretation
FT42Ex is 13.6m @@ 15.83g/t
New TargetsGolgotha: c. 2km strike of alteration within BIF and basalt, strong BLEG anomaly associated with folded BIF and basalt metasediment contact.Baberu Bayinga: c.2km strike of alteration within BIF, basalt and metased, BLEG anomaly and 0.73g/t lithosample associated with cherty BIF.
The DCR Mining Code: legislation challenges puts future of the industry at risk
Review of the 2002 Mining Code…
Randgold welcomed the review of the 2002 Mining Code in 2010 and engaged with all stakeholders in 2014 and 2015
For the past 7 years we encouraged all stakeholders to commit to a process whereby we would:
Have a clear and defendable objective
Have a transparent platform with the intention of finding the most beneficial mining code for DRC and investors
Recognise Government’s commitment to stability and respect the protection provided in 2002 Mining Code
Have all mining activities conducted under a transparent legislation without any selectively applied
Work towards a framework for development of an optimum mining industry that encourages long term sustainability at average grades rather than forcing high grading for short term benefits
The contents of privately negotiated conventions must be disclosed to the public
We believe we have the right and obligation as corporate citizens to participate in the debate
Review of 2002 Mining Code… looking back
Review of the 2002 Mining Code commenced in 2014 by means of a tri-partite process (Government, Civil society and Industry)
Process sponsored by the World Bank
Substantial progress made based on well researched arguments by industry
Review process suspended in 2015 on the basis that commodity prices collapsed and that Zambian effect was not to be repeated by the DRC
Announced at the end of Q3 2017 that the 2002 Mining Code was once again to be reviewed and submitted to Parliament for debate and legislation:
None of the changes agreed to in the tri-partite process were incorporated in the 2017 DRAFT mining code. The 2017 DRAFT submission is therefore entirely a product of Government and not constructive consultation
The same DRAFT that was presented to the tri-partite platform in 2014 was re-labelled to be the 2017 DRAFT mining code
Disclaimer…
Randgold reports its mineral resources and mineral reserves in accordance with the JORC 2012 code. As suchnumbers are reported to the second significant digit. They are equivalent to National Instrument 43-101. Mineralresources are reported at a cut-off grade based on a gold price of US$1 500/oz.The reporting of mineral reserves is also in accordance with Industry Guide 7. Pit optimisations are carried out at agold price of US$1 000/oz, except for Morila which is reported at US$1 300/oz. Mineral reserves are reported at acut-off grade based on US$1 000/oz gold price within the pit designs. Underground reserves are also based on agold price of US$1 000/oz. Dilution and ore loss are incorporated into the calculation of reserves.
Cautionary note to US investors: The United States Securities and Exchange Commission (the SEC) permitsmining companies, in their filings with the SEC, to disclose only proven and probable ore reserves. Randgold usescertain terms in this annual report such as ‘resources’, that the SEC does not recognise and strictly prohibits thecompany from including in its filings with the SEC. Investors are cautioned not to assume that all or any parts ofthe company’s resources will ever be converted into reserves which qualify as ‘proven and probable reserves’ forthe purposes of the SEC’s Industry Guide number 7.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for the historical informationcontained herein, the matters discussed in this presentation are forward-looking statements within the meaning ofSection 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934, andapplicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statementswith respect to the future price of gold, the estimation of mineral reserves and resources, the realisation of mineralreserve estimates, the timing and amount of estimated future production, costs of production, reservedetermination and reserve conversion rates. Generally, these forward-looking statements can be identified by theuse of forward-looking terminology such as ‘will’, ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’,‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations ofsuch words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will betaken’, ‘occur’ or ‘be achieved’. Assumptions upon which such forward-looking statements are based are in turnbased on factors and events that are not within the control of Randgold Resources Limited (‘Randgold’) and thereis no assurance they will prove to be correct. Forward-looking statements are subject to known and unknownrisks, uncertainties and other factors that may cause the actual results, level of activity, performance orachievements of Randgold to be materially different from those expressed or implied by such forward-lookingstatements, including but not limited to: risks related to mining operations, including political risks and instabilityand risks related to international operations, actual results of current exploration activities, conclusions ofeconomic evaluations, changes in project parameters as plans continue to be refined, as well as those factorsdiscussed in Randgold’s filings with the US Securities and Exchange Commission (the ‘SEC’). Although Randgoldhas attempted to identify important factors that could cause actual results to differ materially from those containedin forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated orintended. There can be no assurance that such statements will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements. Randgold does not undertake to update any forward-lookingstatements herein, except in accordance with applicable securities laws.