CEO of Randgold Resources, Mark Bristow, told that the recently opened Kibali gold mine in Democratic Republic of Congo (DRC) is making steady progress towards the production targetof 550,000 ounces of gold set for its first full year of operation.

KINSHASA(Bullion Street): CEO of Randgold Resources, Mark Bristow, told that the recently opened Kibali gold mine in Democratic Republic of Congo (DRC) is making steady progress towards the production targetof 550,000 ounces of gold set for its first full year of operation.

Randgold, the developer and operator of the project, owns 45% in partnership with AngloGold Ashanti (also owning 45%) and the Congolese parastatal SOKIMO which holds the balance.

Kibali is in a remote northeastern part of the DRC in its Orientale province which makes Randgold’s success in building a brand new major mining operation there, and pouring its first gold well ahead of schedule, all the more remarkable.

In his update on the project – one of Africa’s largest gold mines, Bristow said Kibali was still a work in progress and was dealing with the challenges to be expected in ramping up a mine of its size and complexity. Nevertheless it remained on track to deliver the 550,000 ounces of gold management has forecast for 2014.

Kibali only poured its first gold in September last year, well ahead of schedule, with mining from the main open pit, but it is also developing an underground mine there to which, says Bristow, is also proceeding well.

The mine achieved ‘commercial production’ in December last year but is continuing to ramp up to its full potential of averaging 600,000 ounces of gold a year over the first twelve years of its life which currently extends to 2031. There is considerable ground in the general area of the mine with great gold exploration potential which, hopefully, will see it operational well beyond that date.