Randgold Resources reported that it slightly increased its total attributable gold ore reserves in 2014 despite significant depletion from mining in a year that delivered record production of 1.15 million oz. The company’s recently released annual resource and reserve declaration shows attributable reserves up by 0.8% to 15.2 million oz while resources decreased by 3% to 27.8 million oz.
At Kibali in the Democratic Republic of Congo, total reserves fell to 11 million oz at 4.1 g/t from 11.6 million oz at 4 g/t from depletion, partly offset by gains in underground reserve and the conversion of the Gorumbwa open-pit resource to reserves.
At Loulo in Mali, reserves decreased to 4.9 million oz due to mining depletion. Drilling continues to test the depth and strike extensions of the mine’s two principal ore bodies, Yalea and Gara, and is expected to deliver resource increases during 2015.
The neighboring Gounkoto mine increased total reserves to more than 3 million oz following completion of the underground feasibility study, which added 900,000 oz to the reserve base. There is potential to expand this reserve through ongoing drilling and optimization work, said Quick.
In Côte d’Ivoire, the Tongon mine’s resources increased and reserves were replenished by ongoing ore body gains from advanced grade control drilling within the pit.
Randgold’s chief executive, Mark Bristow, noted that the company didn’t need to write down its reserves and resources as the gold price dropped because it had calculated its reserves at $1,000/oz and its resources at $1,500/oz for the past four years.