The Democratic Republic of Congo’s (DRC) Kibali gold project, one of the world’s largest gold mines set for production by 2014, will bring lasting economic benefits to the entire country, according to Randgold Resources CEO Mark Bristow.
In addition to employing some 6,000 Congolese nationals, 12 Congolese contractors are constructing the new village of Kokiza while maintaining roads around the site, which is 45%-owned by the South African miner, added Bristow. To date, 1,800 families have been relocated to the nearby town.
The massive mine would represent a multiplier impact similar to other emerging frontier economies, said Bristow. “Not only will Kibali return half its revenue to the state in taxes, royalties and dividends, it will create substantial economic value through goods and services, generating jobs, transferring skills and quality of life initiatives,” he noted.
The operation has an estimated life span of 20 years, while to producing 600,000 oz. annually – making it one of the world’s biggest gold mines. “We could not have advanced this project had it not been for our partnership with the DRC government and the local community,” Bristow noted.
Although the government in Kinshasa is reviewing the country’s mining code, Randgold trusts it will “reinforce the current code’s stability and focus on promoting investment which would create more economic value and greater tax revenues for the state,” Bristow said.