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Randgold and AngloGold snatch up additional 20% in Moto Gold ProjectNovember 02 2009, 8:24am
International Gold miner Randgold Resources (LSE: RRS, NYSE:GOLD) says it will move quickly to fill in the gaps in the feasibility study on the newly renamed Kibali (Moto Gold) project and to bring the mine into production as soon as possible. Randgold closed the acquisition of Moto Goldmines earlier this month.
Joint venture partners Randgold and AngloGold Ashanti have increased their stake in the Kimbali project after agreeing to purchase an additional 20% for $113.6m , once the transaction is complete the will each hold 45% of the project with the Congolese parastatal company OKIMO retaining 10%.
Kibali is one of the largest undeveloped gold deposits in Africa. The feasibility study completed by Moto in March this year envisages an open pit and underground operation with probable mineral reserves of 5.5 million ounces and is expected to produce some 2.4 million ounces of gold in its first five years of production.
Kibali also has indicated mineral resources of 11.3m ounces and inferred mineral resources of 11.2m ounces.
The Randgold capital projects team responsible for the development of Kibali, has extensive experience on similar project, the team successfully built the Morila and Loulo mines in Mali and is currently developing the Tongon mine in Côte d'Ivoire.
Randgold Chief executive Mark Bristow commented on the progression of the newly renamed Kibali gold project since Randgold acquired the property.
"Our negotiations with the government regarding the acquisition of Moto and then the purchase of an additional stake in Kibali have been inclusive and productive, and in the process we've developed a good working relationship with OKIMO and the regulatory authorities. With all the negotiations now successfully concluded, we can get on with the job of building the mine,"
The company intends to announce a definitive timeline for the development of the project by January 2010, when it will have completed its update of the geological model.