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Randgold Resources (RRS)

  Print      Mail a friend       Annual reports

Wednesday 08 November, 2000

Randgold Resources

Quarterly Announcements

Randgold Resources Ld
8 November 2000

For further details please contact:
CEO - Mark Bristow +27-82-800-4293(mobile)
Chairman - Roger Kebble +27-83-444-3030 (mobile)


London, 8 November 2000  - The Morila mine in Mali poured its first gold on
schedule on 18 October as Randgold Resources put the finishing touches to the
construction and commissioning of the plant and the completion of the
infrastructure.  By the end of October the mine had already produced 600
kilograms of fine gold and mill throughput was steady at 8 000 tonnes per day.

Handover of the operations to AngloGold, the company's joint-venture partner
at Morila, started during the September quarter but Randgold Resources is
completing the capital programme. The first six months' production will be
from softer surface ore.  The gyratory crusher and second SAG mill are on
schedule to receive the deeper, more competent ore early in the new year.

Chief executive Dr Mark Bristow said following a period of intensive capital
spending, the company could now look forward to participating in the strong
cash flows expected from Morila.

Elsewhere in Mali, the Syama mine experienced further delays with the
commissioning of its new Rolls Royce power plant and lack of power
availability diminished mill capacity in July and August.   The commissioning
of the first Rolls Royce generator in September had a positive effect,
stabilising the milling operations and improving throughput and recoveries.

Syama's long-term future has been under review for some time and Bristow said
today the options had been narrowed down to two:  putting the mine on care and
maintenance, or investing in a push-back of the existing pit, thereby
extending the life of the mine to 2006.   Discussions with stakeholders
regarding the way forward are well advanced.

Meanwhile, Randgold Resources continues to pursue opportunities in Mali and
elsewhere in Africa.  Exploration concentrated on programmes in the vicinity
of the existing mines and on the review and finalisation of priorities and
objectives for the forthcoming field season.   Key focus areas will be the
Morila, Loulo and Syama regions in Mali and the Nielle-Boundiali region in
Cote d'Ivoire.

'We are reviewing a number of new, early and advanced stage opportunities in
West and East Africa, as well as in other prospective regions of the world
that meet our investment criteria,' Bristow said.

Chairman Roger Kebble said that at the holding company level, a number of
restructuring options aimed at unlocking shareholder value continue to be

Issued on behalf of Randgold Resources Limited by du Plessis Associates. dPA
contact Kathy du Plessis on Tel +27 (11) 728 4701, mobile (0) 83-266-5847 or
e-mail [email protected]   


Incorporated in Jersey, Channel Islands - Reg. No. 62686

-   Morila successfully commissioned - first gold poured 
-   Progress towards decision on Syama's future

Randgold Resources Limited has 33 million shares issued as at 30 September

                            Quarter ended  Quarter ended
US$000                  30 September 2000   30 June 2000
Gold sales                         8 572         11 511   
Interest received                    297             33   
Exploration expenditure recovered     69            130
Other income                       2 656        131 568
                                  11 594        143 242
Cost and expenses
Production costs                  10 807         13 265   
Transport and refinery costs          63             57
Cash operating costs              10 870         13 222
Royalties                            545            615
Total cash costs                  11 415         13 937
Profit before other charges          179        129 305
Interest expense                     884          8 278
Depreciation and amortisation      2 505          3 895
Exploration and corporate 
   expenditure                     3 383          2 159
Rehabilitation provision              75             75
Impairment provision                   -         40 000
Other expenses                       575          4 618
Total costs                       18 837         72 962
(Loss)/profit on ordinary 
   activities before taxes and 
   minority interests             (7 243)        70 280
Income tax                           (64)           (86)
Net (loss)/profit on ordinary 
    activities before minority 
    interest                      (7 307)        70 194
Minority shareholders' interest      359            337
Net (loss)/profit                 (6 948)        70 531

                                       At             At 
US$000                  30 September 2000   30 June 2000
Cash                              68 002          92 314
Receivables                       28 060          18 618
Inventories                       25 414          25 800
                                 121 476         136 732
Property, plant and equipment
Cost                             169 268         162 217
Accumulated depreciation         (74 683)        (72 178)
Net property, plant and equipment 94 585          90 039
Other long-term assets               287             353
Total assets                     216 348         227 124
Liabilities and shareholders' equity
Bank overdraft                     1 180           3 281
Accounts payable and accrued 
   liabilities                    24 817          31 018
Total current liabilities         25 997          34 299
Long-term and deferred liabilities
Provision for environmental 
    rehabilitation                 1 938           1 863
Deferred liabilities on financial 
    instruments                    4 796           6 445
Long-term loans                   55 734          50 832
Loans from outside shareholders 
    in subsidiaries               24 346          22 838
Total long-term liabilities       86 814          81 978
Total liabilities                112 811         116 277
Interest of outside shareholders 
    in subsidiaries' losses      (19 207)        (18 848)
Shareholders' equity             122 744         129 695
Total liabilities and 
    Shareholders' equity         216 348         227 124


During the quarter the company secured US$2 million in diesel fuel, at
favourable prices, for its operations in Mali.  In addition the company lent
US$12 million to the Morila project on a short-term basis towards project
completion costs.  These expenditures are included in receivables.  The
company also reduced its current liabilities by US$8 million.  Following a
period of intensive capital spending, with Morila now in production the
company can look forward to contributions from Morila's strong cash flows.
Details of hedging financial instruments as at 30 September 2000 are: 
A hedge position has been put in place for the Morila Project to support the
commercial bank financing.
The company's share of the hedge position is a total of 350 000 ounces of gold
sold forward at a fixed price of US$275/oz over the period January 2001 to
December 2004.  The company's share of purchased call options for the same
period amounts to 123 900 ounces.
Between October 2000 and December 2002 Syama has purchased a  'put' floor at
US$290/oz in respect of 303 750 ounces of gold and has sold 'call' options
over 631 125 ounces for the period October 2000 and December 2004 at prices
between US$324/oz and US$357.10/oz.  The above position is to support the
Syama Project finance facility.  


Focus at Morila over the past quarter was on completing the mine's
construction and progressing with the handover of operations to AngloGold.  In
terms of the joint venture arrangements Randgold retained the responsibility
to complete the capital programme.
Hot commissioning of the Morila metallurgical facilities commenced on schedule
on 5 October and gold production started on 18 October.  The commissioning
process took place without any significant issues and by the end of October
the mine had produced 600 kilograms of fine gold and mill throughput was
steady at 8 000 tonnes a day.  
The operation is currently treating the softer surface weathered ore.  The
gyratory crusher and second mill (SAG) are on schedule to receive the deeper,
more competent ore early in the new year.   
Operations to date have confirmed the feasibility study parameters, some of
which have been exceeded.  
Progress on the re-optimisation of the pit schedules and final 2001 operating
budgets are expected to be completed and approved during the quarter ending
December 2000.


SYAMA                       Quarter to        Quarter to      
                        September 2000         June 2000
Tons mined (000)                2 188            1 306
Ore tons mined (000)              249              339
Grade (g/t)                      4.11             3.59    
Tons processed (000)              352              464
Ore grade milled (g/t)           3.35             3.39
Recovery (%)                     82.6             82.4
Ounces produced                30 029           39 694
Average price received 
    (US$/ounce)                   285              290
Cash operating cost (US$/ounce)   362              336
Cash (loss)/profit (US$000)    (2 843)          (2 426)

Further delays were experienced with the commissioning of the Rolls Royce
power plant.  Lack of power availability led to the wet sag mill being
inoperative for extended periods in July and August.  Complete access to the
bottom of the pit was achieved in late August once remaining waste from the
footwall slumps had been removed and safety berms established.  Access to the
main orebody in the bottom of the pit and commissioning of the first Rolls
Royce generator in the quarter impacted positively on September's milling
operations, providing greater stability which resulted in improved throughput
and recoveries.  The second generator is now due to be commissioned late in
the forthcoming quarter.  
The consultative process, involving the Mali Government and other stakeholders
in Syama, on the mine's long-term future have been progressed in the quarter. 
The options have been narrowed down to either putting the mine on care and
maintenance or investing in a pushback of the current pit and thereby
extending the life of mine to 2006.


Apart from ongoing 'near mine' exploration at Syama and Morila, focus during
the quarter was on data modelling and review of exploration programmes and
projects and setting of priorities and objectives for the forthcoming field
season.  Key focus areas will be the Morila, Loulo, Syama and Boundiali
regions in Mali and Cote d'Ivoire as well as follow-up work in Burkina Faso
and Senegal.
Primary attention will be on permits in the Morila region where generative
work has highlighted geological settings with similarities to the Morila
deposit.  On the Morila mining lease area itself, an aggressive exploration
programme has been outlined by the joint venture partners.  This programme
includes exploratory drilling immediately surrounding the main orebody,
systematic RAB drilling of the prospective Donba-Morila corridor in order to
locate additional resources and an EM survey of the entire lease to provide a
geological targeting framework for finding hidden orebodies.
At the Loulo project (3.4 million ounce resource), which was overtaken by
Morila, the company along with its partners is planning a focussed exploration
programme to test targets with the objective of outlining additional resource
ounces.  Priority is ascribed to the P125 prospect where soil and
lithosampling has confirmed continuity of surface mineralisation over a 1 500
metre, north-south trending zone.  In addition a programme of exploration to
test for hidden targets will also be implemented.
The company is currently reviewing a number of new, early and advanced-stage
opportunities in West and East Africa as well as prospective regions of the
globe that meet its investment criteria.

On behalf of Randgold Resources Limited

R A R Kebble

D M Bristow
Chief Executive Officer

Registered office:
La Motte Chambers, La Motte Street, St Helier, Jersey JEI IBJ, Channel Islands

Computershare Services (Jersey) Limited, c/o R & H Fund Services Jersey
Limited, P.O. Box 83,
Ordnance House, 31 Pier Road, St Helier, Jersey JE4 8PW, Channel Islands

Transfer agents: 
Computershare Services plc, 7th Floor, Jupiter House,
Triton Court, 14 Finsbury Square, London EC2A 1BR

Investor & media relations: 
For further information and media contact Kathy du Plessis on 
Telephone +27(11) 728-4701, Fax +27(11) 728-2547, e-mail: [email protected]



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