Randgold Resources Ld
05 February 2008
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Island
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
PIONEERING SPIRIT NEEDED TO BUILD PROSPEROUS ECONOMIES ON AFRICA'S MINERAL
WEALTH, SAYS BRISTOW
Cape Town, South Africa, 5 February 2008 (LSE:RRS) (Nasdaq:GOLD) - For Africa
to prosper from its mineral wealth it must urgently set out to use the mining
industry as the foundation for building its economies, Randgold Resources chief
executive Mark Bristow told the Mining Indaba here today. To succeed in this,
he said, government and mining industry leaders would have to cooperate and
demonstrate the vision, courage and perseverance of true pioneers.
Bristow said mining companies operating in Africa had to accept that they had an
obligation greater than the need to enrich investors. They also had a social
responsibility to help the people of those countries realise their hopes of a
'We must plan for and commit to the long run. Instead of creating exaggerated
expectations around projects that are marginal at best, we should concentrate on
the development of realistic business models and viable feasibility studies. We
should reinvest for sustainability. We should deal with our host governments
not only as regulators but as partners,' he said.
'As for the governments, it is their responsibility to maintain a fiscal and
legislative regime that is conducive to mining development, to play their part
in infrastructure creation and, not least, to share the wealth equitably with
their people, making sure the revenues they earn from the mining industry are
used to make a tangible contribution to infrastructural development and the
upliftment of the communities in which the mines operate.'
Bristow said an analysis of the fiscal and mineral rights regimes in most
African countries had shown that the state typically ends up with half of all
'Governments are not always completely upfront about the substantial extent of
their participation in the earnings generated by mining and this lack of
transparency contributes to the misperception that all mining companies are
greedy exploiters of their host countries,' he said.
Randgold Resources believed in creating sustainable profitability by investing
in partnerships and people, he said. This approach had enabled the company to
discover three world-class deposits, build two big mines and proceed with the
development of a third. In addition, extensive exploration has generated a
portfolio of organic growth projects that could well produce its fourth mine.
'We've created real value for all our stakeholders. Our unwavering focus on
sustainability has given us the capacity to increase our production and
therefore our profits. And that in turn means that we can continue to invest in
our future,' he said.
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive Financial Director Investor & Media Relations
Dr Mark Bristow Graham Shuttleworth Kathy du Plessis
+44 788 071 1386 +44 779 614 4438 +44 20 7557 7738
+223 675 0122 +44 20 7557 7730 Email: email@example.com
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 and Loulo, 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 2006 which was
filed with the United States Securities and Exchange Commission (the 'SEC') on
25 June 2007. Randgold Resources sees no obligation to update information in
this release. Cautionary note to US investors; 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 parts 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 number 7.
This information is provided by RNS
The company news service from the London Stock Exchange