Randgold signs three new joint ventures in Congo

Loncor Gold

19/01/2016 19:26

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. 
 
 (Reporting By Aaron Ross; Editing by Susan Fenton) 
 ((Aaron.Ross@thomsonreuters.com; +243 81 51 00 107;)) 
 
Keywords: RANDGOLD RSRCS CONGODEMOCRATIC/