HomeCentral AfricaRandgold will not rush into developing Moto

Randgold will not rush into developing Moto

Mark Bristow,
CEO,
Randgold
 
Johannesburg, South Africa — MININGREVIEW.COM — 25 August 2009 – International gold mining and exploration company Randgold Resources Limited says it has no intention of rushing the development of the Moto gold mine in the Democratic Republic of Congo (DRC).

Randgold CEO Mark Bristow revealed this here ahead of a trip to Kinshasha today for follow-up talks with the DRC government on the development of Moto.  

Also in Johannesburg, DRC deputy mines minister Victor Kasongo expressed his desire for swift action. “We are full of expectations,” he commented, “We don’t want to be disappointed. We want activity to take place. We need Moto to be in operation,” he said.

“We know of Randgold from its activities in Mali and we hope they will achieve similar good things in DRC,” Kasongo added.

Bristow told Miningmx he was aware of the DRC government’s attitude, but said Randgold and partner AngloGold Ashanti were not going to rush developments at Moto. “You can pour gold any time. What we want to do is pour profitable gold,” he commented. “I have seen too many examples of people rushing a job and not doing it properly.”

Bristow explained that determining the correct size for the Moto operation would be particularly important, given the amount of infrastructure that would have to be put in place to develop that mine, which sits in a wilderness.

“My attitude is that the best way to earn your social licence to operate in Africa is through building a profitable operation that pays taxes. That’s what we did in Mali.

Buying Moto is a ground-breaking development for Randgold, because it is the group’s first major acquisition.

Quoting Miningmx, Fin24.com reports that Bristow’s attitude had always been that Randgold could add more value through development of its own exploration projects than through merger and acquisition activity.

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