HomeGoldRandgold plans to optimise Morila

Randgold plans to optimise Morila

The Morila open pit
mine in Mali
Bamako, Mali — MININGREVIEW.COM — 23 April 2008 – International gold mining and exploration company Randgold Resources – which earlier this year assumed operational responsibility for the Morila joint venture in Mali – plans to optimise exploitation of the mine’s resources for the remainder of its life.

Chief executive Mark Bristow told members of the media at a briefing in the Mali capital yesterday that Randgold was committed to ensuring that the balance of the gold mine’s life was fully exploited for the benefit of all stakeholders.

“The company is currently completing a thorough evaluation of all aspects of the operation,” he said, “and this will form the basis of a plan designed to optimise Morila’s remaining resources.” The mine has five years left on its current reserves, but exploration aimed at extending the resource base is continuing.

Bristow noted that since it was commissioned in 2000, Morila had produced almost 5 Moz of gold and delivered more than a billion US dollars in cash profits. It had made a significant contribution to the Malian economy, not only in dividends, taxes and royalties paid to the state, but also in terms of job creation, skills development, local procurement and community upliftment initiatives.

"Although it is now past its prime, Morila is still a prolific gold and profit generator, and is forecast to produce approximately 1.4 Moz of gold over the balance of its currently foreseeable life," Bristow said.

"The challenge is threefold,” he concluded.  “To ensure through careful and attentive management that Morila meets its commercial targets; to find further ounces which could lead to extending the mine’s life, if possible; and to prepare for the mine’s eventual closure with due regard for all stakeholder and community concerns."