Randgold Resources has increased attributable reserves in 2012, despite depletion from a year delivering record production. Meanwhile, the South African company continued to improve its overall reserve grade. “The measure of a gold mining company’s value is not only its resource and reserve base, but also the way in which it invests in the future,” said CEO Mark Bristow. “Randgold is strategically well positioned, with a substantial portfolio of quality greenfields prospects.”
Randgold mineral resource and reserve declaration, part of a 2012 annual report, showed an 80,320 oz mineral reserve increase to 16.36 million. The reserve grade was increased to 3.87 g/t from 3.84, as attributable resources fell to 27.21 oz from 28.25 million.
General Manager Rod Quick noted a grade improvement had been driving the flagship Loulo, Gounkoto and Kibali deposits. “This ability to add quality from extensions to our orebodies, and to continue converting ounces, shows the value of our strategy of focusing on world class deposits,” he said.
At Kibali, the giant mine Randgold is developing in the Democratic Republic of Congo (DRC), total reserves are 10.92 million gold oz at 4.10 g/t, up from 10.21 million oz at 4.04 g/t, following grade control drilling. The neighboring Gounkoto open-pit mine, however, reported lower reserves, due to mining depletion, but with a significant grade improvement. However, the quality of its underground mineral resource improved significantly with grade increasing from 4.66 g/t to 6.43 g/t.
Elsewhere in Africa, Côte d’Ivoire’s Tongon mine resources, reserves and grades were hurt by underperformance in 2012, although operational problems have been remedied, according to company officials.
