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Monday, 30th July 2007 (2870 views)

Randgold Resources has announced that its Loulo complex in western Mali could become "the focal point of a major new goldfield".

According to Randgold chief executive Mark Bristow, the company has built up a substantial groundholding in the region and production at Loulo on hard ore has been stepped up to full capacity, with the site comprising four mines in one.

Successful exploration firm Randgold Resources believes that the Loulo complex could have "enormous potential for significant new gold deposit discoveries in Africa".

Speaking during an open day at the mine, Mr Bristow explained: "We have aggressive drilling programmes in place at the moment not only to expand the known orebodies at Loulo but also to explore other targets such as Faraba and Baboto."

Development of an underground mine at Yalea by Randgold is progressing rapidly, with the first ore scheduled for delivery to the Loulo plant during the last quarter of 2007 and full production expected to start by 2009, while a second underground mine, Gara, has reached the advanced planning stage.

Randgold Resources predicts that the mine complex will see production peak at more than 400,000 ounces per year, with total resources standing at over 11 million ounces.

The company now plans ongoing exploration in the area and insists that it is committed to the sustainability and co-operation with the government of Mali and its citizens.

 

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