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Randgold signs three new joint ventures in Congo

Published 2016-01-19, 02:26 p/m
© Reuters. Randgold signs three new joint ventures in Congo
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KINSHASA, Jan 19 (Reuters) - Randgold Resources RRS.L has
signed three joint venture agreements with junior miners to
explore potential gold deposits in northeastern Democratic
Republic of Congo, its chief executive Mark Bristow said on
Tuesday.
Randgold already operates the Kibali mine in northeastern
Congo, a joint venture with AngloGold Ashanti ANGJ.J and state
miner Sokimo. It also has a joint venture with Kilo Goldmines
KGL.V to explore for gold in the area.
The new joint ventures with the Toronto-listed Kilo, Deveron
Resources DVR.V and Loncor Resources LN.TO more than double
the size of Randgold's landholdings in Congo.
"We have offered them to take over their ground," Bristow
told reporters in the Congo capital of Kinshasa. "If we discover
any deposits and are able to deliver a pre-feasibility study, we
get 65 percent of the joint venture."
Kibali and other new gold mines opened by companies like
Banro Corporation have boosted Congo's gold output from near
zero in 2011 to an expected 26 tonnes in 2015.
Randgold also announced on Tuesday that Kibali, which poured
its first gold in 2013, was likely to exceed its 2015 production
target of 600,000 ounces.
Congo, which hopes to become one of Africa's leading gold
producers, increased output 69 percent in the first half of 2015
compared to the same period in 2014 despite falling gold prices.

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