Randgold Resources Ld
03 February 2005
Randgold Resources Limited
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
BALL MILLS SET SAIL FOR RANDGOLD RESOURCES' NEW LOULO MINE IN MALI
Richards Bay, South Africa, 3 February 2005 (LSE:RRS) (Nasdaq:GOLD) - The two
huge ball mills destined for Randgold Resources' new gold mine at Loulo in Mali
embarked today on the second leg of their journey, departing from Richards Bay
harbour on a chartered vessel to the port of Dakar in Senegal.
This follows the first stage of this demanding logistical exercise, where the
convoy of enormous mill shells, ends and feed chutes were taken by road -
often against traffic - to Richards Bay from Vereeniging near Johannesburg.
The journey took exactly eight days and required an escort of five police
vehicles as well as technicians from both Eskom and Telkom to lift the power
lines that the trucks needed to pass under.
Each of the mill shells is being transported in a single piece measuring 5.5
metres in diameter and 8.0 metres in length, and weighing some 103 tonnes. From
Dakar, the mills will be transported about 1 000 kilometres by land to their
final destination in Mali.
The Loulo Mine is being developed at a cash cost of US$85 million, of which
Randgold Resources has spent some R200 million in South Africa to date. Work on
the mine, which is scheduled to go into production in the middle of 2005, is
currently on schedule.
Randgold Resources has been active in Mali for nearly ten years and has played a
major part in the growth of the country's gold mining industry, currently ranked
third in Africa. The company's total investment in Mali has topped US$300
million as the new mine at Loulo takes shape.
John Steele, Randgold Resources' general manager: capital projects, said from
Mali that it was the company's policy to source its materials from West and
South Africa to the largest extent possible. This was supported by the
sophisticated supply chain it had developed in Africa, as well as the many
partnerships it had with local entrepreneurs throughout Africa.
General manager of the Loulo mine, Amadou Konta noted that aside from the
substantial wealth directly created for Mali through gold mining, the country's
economy was also benefiting greatly from such knock-on benefits as
infrastructure development, job creation, the growth of feeder industries and
investment in sustainable development within the local communities by the major
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive - Dr Mark Bristow +44 779 775 2288
Financial Director - Roger Williams +44 791 709 8939
Investor & Media Relations - Kathy du Plessis +27 11 728 4701,
Cell: +27 (0) 83 266 5847
DISCLAIMER: Statements made in this document with respect to Randgold
Resources' current plans, estimates, strategies and beliefs and other statements
that are not historical facts are forward-looking statements about the future
performance of Randgold Resources. These statements are based on management's
assumptions and beliefs in light of the information currently available to it.
Randgold Resources cautions you that a number of important risks and
uncertainties could cause actual results to differ materially from those
discussed in the forward-looking statements, and therefore you should not place
undue reliance on them. The potential risks and uncertainties include, among
others, risks associated with: fluctuations in the market price of gold, gold
production at Morila, the development of Loulo and estimates of resources,
reserves and mine life. For a discussion on such risk factors, refer to the
annual report on Form 20-F for the year ended 31 December 2003, which was filed
with the Securities Exchange Commission on 30 June 2004. Randgold Resources
assumes no obligation to update information in this release. Cautionary Note to
US Investors: The United States Securities Exchange Commission (the 'SEC')
permits companies, in their filings with the SEC, to disclose only proven and
probable ore reserves. We use certain terms in this release, such as 'resources
', that the SEC does not recognise and strictly prohibits us from including in
our filings with the SEC. Investors are cautioned not to assume that all or any
part of our resources will ever be converted into reserves which qualify as '
proven and probable reserves' for the purposes of the SEC's industry guide
This information is provided by RNS
The company news service from the London Stock Exchange