Mali: Randgold Resources heads for subterranean gold in Loulo-Gounkoto

(Agence Ecofin) - Randgold Resources, company listed in New York and London, is getting ready to again take charge of the exploitation operations in Yalea and Gara, two subterranean world class mines in the mining complex Loulo-Gounkoto, in the Western part of Mali, near the border with Senegal.

Mark Bristow, CEO of the mining company, announced on 29 July this big comeback which takes place as part of the efforts made by the operator to cut costs and build a multi-skilled Malian mining team. The Loulo project constitutes with the Gounkoto mine, the Loulo-Gounkoto complex which “is today ranked among the biggest mines of this kind in the world and is a pillar of the Malian economy”, explained Mr Bristow.

The complex is meant to have already paid USD 700 million in taxes, licence fees and dividends to the state and injected an additional USD 1.9 billion in the economy through payments to local suppliers, subcontractors and employees.

Though the mines are nearing depletion, the company has launched an exploration plan within the area of the permit around the mines in order to markedly increase the reserves and resources.

The company discovered a potential target of high content in the crest of Yalea South and extensions towards the deposit of Yalea, while reassuring itself that the potential for conversion of resources in Gara could add 600,000 ounces gold more to the inferred resources.

Randgold Resources, owning many gold assets in Mali and Africa, holds 80% of the Loulo and Gounkoto mines, against 20% for the Malian state.