Randgold Resources is an African focused gold mining and exploration company with listings on the London Stock Exchange (RRS) and NASDAQ (GOLD). Major discoveries to date include the 7.5Moz Morila deposit, the 7.2Moz Yalea deposit and the 5.9Moz Gounkoto deposit, in Mali, the 4.9Moz Tongon deposit in Côte d’Ivoire and the 3.7Moz Massawa deposit in eastern Senegal. Randgold Resources Limited (Randgold) financed and built the Morila mine which, since October 2000, has produced more than 6Moz of gold and distributed more than $2 billion to stakeholders. It also financed and built the Loulo operation which started as two open pit mines in November 2005. Since then, two underground mines have been developed at the Yalea and Gara deposits. The company’s Tongon mine in Côte d’Ivoire poured its first gold in November 2010. Production from the Gounkoto open pit operation, south of Loulo, began in 2011 and a recently completed feasibility study has confirmed the viability of an underground mine planned to start in 2018. In 2009, Randgold acquired a 45% interest in the Kibali project in the Democratic Republic of Congo (DRC). Since the acquisition, Randgold’s geologists have been instrumental in more than doubling the mine’s ore reserves to 11Moz, making it one of the largest gold deposits in Africa. The mine was developed and is being operated by Randgold. First gold was poured in the third quarter of 2013. Randgold also has a major project at Massawa in Senegal and an extensive portfolio of organic growth prospects, supported by intensive exploration programmes in Côte d’Ivoire, DRC, Mali and Senegal. LSE : RRS • NASDAQ : GOLD www.randgoldresources.com Facts & Figures May 2016 Delivering sustainable value Key strengths ■ Proven ability to discover multi- million ounce gold deposits and convert them into profitable mines ■ Substantial pipeline of future prospects – group production continues to grow ■ Cost profile to benefit from improving grade and additional production ■ Solid balance sheet to support funding of new developments ■ Expanding footprint in major West and Central African gold fields ■ Pure gold focus gives undiluted exposure to gold price upside Randgold Resources Limited (‘Randgold’) shares in issue at 31 December 2015: 93.2 million.
Transcript
Randgold Resources is an African focused gold mining and exploration company with listings on the London Stock Exchange (RRS) and NASDAQ (GOLD).
Major discoveries to date include the 7.5Moz Morila deposit, the 7.2Moz Yalea deposit and the 5.9Moz Gounkoto deposit, in Mali, the 4.9Moz Tongon deposit in Côte d’Ivoire and the 3.7Moz Massawa deposit in eastern Senegal. Randgold Resources Limited (Randgold) financed and built the Morila mine which, since October 2000, has produced more than 6Moz of gold and distributed more than $2 billion to stakeholders. It also financed and built the Loulo operation which started as two open pit mines in November 2005. Since then, two underground mines have been developed at the Yalea and Gara deposits.
The company’s Tongon mine in Côte d’Ivoire poured its first gold in November 2010.
Production from the Gounkoto open pit operation, south of Loulo, began in 2011 and a recently completed feasibility study has confirmed the viability of an underground mine planned to start in 2018.
In 2009, Randgold acquired a 45% interest in the Kibali project in the Democratic Republic of Congo (DRC). Since the acquisition, Randgold’s geologists have been instrumental in more than doubling the mine’s ore reserves to 11Moz, making it one of the largest gold deposits in Africa. The mine was developed and is being operated by Randgold. First gold was poured in the third quarter of 2013.
Randgold also has a major project at Massawa in Senegal and an extensive portfolio of organic growth prospects, supported by intensive exploration programmes in Côte d’Ivoire, DRC, Mali and Senegal.
million ounce gold deposits and convert them into profitable mines
■ Substantial pipeline of future prospects – group production continues to grow
■ Cost profile to benefit from improving grade and additional production
■ Solid balance sheet to support
funding of new developments
■ Expanding footprint in major West
and Central African gold fields
■ Pure gold focus gives undiluted exposure to gold price upsideRandgold Resources Limited (‘Randgold’) shares in issue at 31 December 2015: 93.2 million.
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Lost Time Injury Frequency Rate (LTIFR)
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Lost Time Injury Frequency Rate (LTIFR)
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1.0
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2.0
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Lost Time Injury Frequency Rate (LTIFR)
20142015
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Profit
Dividend per share3
Capital expenditure1
Group consolidated production1
Total cash cost of production1
Cash and cash equivalents
2016 GuIDANCE
for the 12 months ended 31 December
1 Including 40% of Morila and 45% of Kibali2 Attributable at 31 December 20153 In respect of the year under review but declared and paid in the
following year
Resources and reserves2
1.25-1.30 MozGroup ConSoliDatED proDuCtion 1
590-630 $/oz total CaSh CoSt of proDuCtion 1
240 $MillionCapital ExpEnDiturE 1
key performance indicators
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Safety
*Proposed
LouLo-Gounkoto mininG compLex
The Loulo-Gounkoto complex is located in the west of Mali near the border with Senegal. Both the Loulo and Gounkoto mines are owned by Randgold (80%) and the State of Mali (20%).
Key 2015 numbersfor the 12 months ended 31 December
Randgold’s flagship operation currently comprises the Loulo underground mines, Yalea and Gara, and the Gounkoto open pit mine.
Production from open pit operations started at Loulo in 2005. This was followed by the development of the underground mines. Gounkoto, a greenfields discovery in 2009, poured its first gold in June 2011. The ore from Gounkoto is processed by the Loulo plant
LIBERIA
GUINEA
CÔTED’IVOIRE
SENEGAL
MAURITANIA
BURKINAFASO
700km
Loulo-Gounkoto gold complex
Randgold permits
Loulo
Gounkoto
MALI
Bamako
N
for the 12 months ended 31 December
under a tolling agreement. Based on current reserves, the complex has a scheduled Life of Mine to 2028.
Loulo-Gounkoto is now firmly established as a long life, high production operation. It will be reinforced by a new underground mine at Gounkoto, scheduled to reach full production in 2020. The complex is targeting gold production of 670 000oz in 2016.
Equity ownership 80% 2015 production (100%) 630 167ozTotal cash costs ($/oz) 675Profit from mining activity1 (100%) $298.4mSafety certification OHSAS 18001Environmental certification ISO 14001loulo mineTotal reserves2 (100%) 4.7MozTotal resources measured and indicated2 (100%) 7.1Moz
Total resources inferred2 (100%) 2.5MozLost Time Injury Frequency Rate 0.87
Total resources inferred2 (100%) 0.5MozLost Time Injury Frequency Rate 0
1 Profit from mining activity is calculated by subtracting total cash costs from gold sales, and is measured prior to depreciation, interest and corporate tax charges.
2 At 31 December 2015.
Production and forecast (000oz)
0
100
200
300
400
500
600
700
20162015
moriLa GoLd mine
Morila is situated 280km south east of Bamako, the capital of Mali and is a joint venture between randgold (40%), angloGold ashanti (40%) and the State of Mali (20%). randgold has operated Morila since february 2008.
In 2009, Morila was converted to a stockpile treatment operation. Closure of the operation was originally scheduled for 2013 but a pit pushback, now complete, the tailings treatment project and the Domba project, could extend the life of mine to 2019.
Morila produced 122 374oz of gold in 2015 and is forecasting 89 795oz in 2016.
Key 2015 numbers
Equity ownership (operated by Randgold Resources) 40%2015 production (100%) 122 374ozTotal cash costs ($/oz) 674Profit from mining activity1 (100%) $60.5mTotal reserves2 (100%) 0.3MozTotal resources measured and indicated2 (100%) 0.4MozTotal resources inferred2 (100%) 0.03MozSafety certification OHSAS 18001Lost Time Injury Frequency Rate 0Environmental certification ISO 14001
1 Profit from mining activity is calculated by subtracting total cash costs from gold sales, and is measured prior to depreciation, interest and corporate tax charges.
2 At 31 December 2015.
for the 12 months ended 31 December
Work continues on the development of a commercial agribusiness to utilise the mine’s infrastructure and provide sustainable economic activity in the area after Morila’s eventual closure.
LIBERIA
GUINEA
CÔTED’IVOIRE
MAURITANIA
Bamako
MALI
BURKINAFASO
SENEGAL
700km
Morila mine
Randgold permits
N
Morila was discovered, developed and financed by Randgold. The mine was commissioned in October 2000 and since inception has produced more than 6Moz of gold and paid more than $2 billion to stakeholders.
Production and forecast (000oz)
0
25
50
75
100
125
150
20162015
tonGon GoLd mine
The Tongon mine comprises two open pit operations, the Southern and Northern Zones, both of which have potential for more reserves.
The mine currently has a six year Life of Mine. In 2014 the geological model for the Southern Zone pit was updated, resulting in resource gains which replaced the reserves mined during the year. Tongon is targeting gold production of 290 000oz in 2016.
the tongon mine is located within the nielle exploration permit in the north of Côte d’lvoire, 55km south of the border with Mali. randgold owns 89% of the company, the State of Côte d’lvoire 10% and 1% is held by a local company.
Key 2015 numbers
Equity ownership 89%
2015 production (100%) 242 948
Total cash costs ($/oz) 836
Profit from mining activity1 (100%) $75.4m
Total reserves2 (100%) 2.0MozTotal resources measured and indicated2 (100%) 2.6Moz
Total resources inferred2 (100%) 1.1Moz
Safety certification OHSAS 18001Lost Time Injury Frequency Rate 0.82
Environmental certification ISO 140011 Profit from mining activity is calculated by subtracting total cash costs from
gold sales, and is measured prior to depreciation, interest and corporate tax charges.
2 At 31 December 2015.
for the 12 months ended 31 December
Mining at Tongon began in April 2010 and gold production from the open pit operation started in December 2010.
GHANA
BURKINA FASO
MALI
GUINEA
LIBERIA
Abidjan
CÔTE D’IVOIRE
500km
Randgold permits
Tongon gold mine
N
Production and forecast (000oz)
0
500
100
150
200
250
300
20162015
Equity ownership 45%
2015 production (100%) 642 720oz
Total cash costs ($/oz) 604
Profit from mining activity1 (100%) $358.2m
Total reserves2 (100%) 11Moz
Total resources measured and indicated2 (100%) 16Moz
Total resources inferred2 (100%) 3.9Moz
Lost Time Injury Frequency Rate 0.56
1 Profit from mining activity is calculated by subtracting total cash costs from gold sales, and is measured prior to depreciation, interest and corporate tax charges.
2 At 31 December 2015.
kibaLi GoLd mineThe Kibali mine development in the DRC is the largest project undertaken to date by Randgold. With a reserve base of 11Moz, it ranks as one of the largest gold mines in Africa. Key 2015 numbers
for the 12 months ended 31 December
The mine is operated by Randgold and represents an investment of more than $2.5 billion by the partners. Kibali is targeting gold production of 610 000oz in 2016.
Kibali comprises 10 permits covering an area of about 1 836km² in the Moto goldfields of the north east DrC, some 560km north east of the city of Kisangani and 150km west of the ugandan border town of arua. Kibali is a joint venture between randgold (45%), angloGold ashanti (45%) and the Congolese parastatal SoKiMo (10%).
Production and forecast (000oz)
Kibali comprises an integrated open pit and underground operation as well as a 7.2Mtpa processing plant. The mine poured its first gold in Q4 2013 from open pit mining and is currently developing the underground mine via twin declines and a vertical shaft, with the handover of the vertical shaft scheduled in 2017. The project will ultimately be supplied by four hydropower stations supported by a thermal power station for low rainfall periods and as back-up.
900km
DEMOCRATICREPUBLICOF CONGO
CONGO
Kinshasa
CAMEROON
CENTRAL AFRICANREPUBLIC
SOUTHSUDAN
TANZANIA
UGANDA
RWANDA
BURUNDI
ZAMBIA
ANGOLA
Kibali gold mine
Randgold permits
N0
100
200
300
400
500
600
700
20162015
MauritaniaSenegal
Ghana
Mali
Burkina Faso
Niger
Sudan
Nigeria
Cameroon
Libya
Congo
Angola
Chad
Zambia
uganda
Central African Republic
Democratic Republic of Congo
Tanzania
South Africa
Egypt
Botswana
Zimbabwe
Côte d’Ivoire
Namibia
Algeriamassawa feasibiLity project
expLoration
Massawa is one of the largest undeveloped orebodies in Africa. A grassroots exploration project in eastern Senegal, it was discovered in 2008.
Massawa lies 700km south east of the capital city of Dakar and 90km to the west of randgold’s loulo and Gounkoto mines across the border in Mali. randgold owns 83.25% of the project with a local company holding 6.75%. the State of Senegal will have a non-contributory 10% share of any mine developed on the property.
Resource trianglerandgold continues to maintain its focus on organic growth through discovery and development of world class orebodies and has a pipeline of high quality projects and exploration targets.
The initial prefeasibility study on the open pit reserves was compiled in 2010. A feasibility study is currently being progressed.
Exploration programmes are currently underway in four countries: Mali, Senegal, Côte d’ivoire, and the Democratic republic of Congo, where randgold has groundholdings of 13 912km²* hosting 141 targets.
Exploration and infill drilling continues to upgrade the geological confidence of the deposits near our mines, concentrating on resource definition and the discovery of mineable satellite ounces.
for the 12 months ended 31 December
Proterozoic
Archean
* including joint ventures.
N
DakarSENEGAL
MAURITANIA
BURKINAFASO
CÔTED’IVOIRE
MALI
600 km
Massawa gold projectRandgold permits
GUINEA
IDENTIFIEDANOMALIES
PRODUCTION
FEASIBILITYReserve/Resource
definition
EXPLORATIONTARGETS
Identified targets
Follow-up targets
Advanced targets
Inferred resources
Indicated and
measured resources
Reserve
definition
Operating
mines
Côte d’IvoireDRC
Senegal
Mali
annuaL resource and reserve decLarationat 31 December 2015 (abridged)
COMPETENT PERSONS:Yalea and Gara mineral resources were calculated by Mr Simon Bottoms, an officer of the company and Competent Person. Loulo 3, Baboto and Gara West mineral resources from Loulo were calculated by Mr Mamadou Ly, an officer of the company and Competent Person, under the supervision of Mr Simon Bottoms, an officer of the company and Competent Person. Gounkoto deposit mineral resources were calculated by Mr Sekou Diallo, an officer of the company, under the supervision of Mr Simon Bottoms, an officer of the company and Competent Person. Faraba mineral resources from Gounkoto were calculated by Mr Mamadou Ly, an officer of the company, under the supervision of Mr Simon Bottoms, an officer of the company and Competent Person. Tongon mineral resources were calculated by Mr Simon Bottoms, an officer of the company and Competent Person. Kibali mineral resources were calculated by Mr Ernest Doh, an officer of the company and Competent Person. Morila resources were calculated by Mr Jonathan Kleynhans, an officer of the company and Competent Person. Mr Rodney Quick reviewed all mineral resources as lead Competent Person. Mr Jonathan Kleynhans and Mr Rodney Quick are both Professional Natural Scientists and members of SACNASP. Mr Simon Bottoms is a Chartered Geologist of the Geological Society of London and Mr Ernest Doh is a qualified geologist and member of AusIMM. All have sufficient experience in the style of mineralisation and types of deposits under consideration and activity which they are undertaking as Competent Persons as defined in the 2012 addition in the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’. The Loulo, Tongon, Morila, Massawa and Gounkoto open pit ore reserves were calculated by Mr Shaun Gillespie, an officer of the company and Competent Person and member of SAIMM. Kibali open pit ore reserves were calculated by Mr Nicholas Coomson, an officer of the company and Competent Person and member of AusIMM. Loulo underground reserves were calculated by Mr Andrew Fox, an external consultant and Competent Person and member of AusIMM. The Kibali and Gounkoto underground ore reserves were calculated by Mr Tim Peters, an external consultant and a member of AusIMM. All Competent Persons have sufficient experience in the style of mineralisation and types of deposits under consideration and the activity which they are undertaking as Competent Persons as defined in the 2012 addition in the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’.
Key numbers
$000 2015 2014
Gold sales1 1 394 889 1 434 873Total cash costs1 822 673 791 756Profit from mining activity1 572 216 643 117Exploration and corporate expenditure 45 067 36 765Profit for the period 212 775 271 160Profit attributable to equity shareholders 188 677 234 974Net cash generated from operations 396 982 317 618Cash and cash equivalents2 213 372 82 752Gold on hand at period end3 13 715 14 956Group production (oz) 1 211 288 1 147 414Group sales (oz) 1 210 844 1 134 941Group total cash cost per ounce1 ($) 679 698Group cash operating cost per ounce1 ($) 624 637Basic earnings per share ($) 2.03 2.54 1 Randgold consolidates 100% of Loulo, Gounkoto and Tongon, 40% of Morila and 45% of Kibali in the consolidated non-GAAP measures.2 Cash and cash equivalents excludes $16.9 million of cash at 31 December 2015 ($8.3 million at 31 December 2014) that relates to the group’s
attributable cash held in Morila, Kibali and the group’s asset leasing companies which are equity accounted.3 Gold on hand represents gold in doré at the mines (attributable share) multiplied by the prevailing spot gold price at the end of the period.
www.randgoldresources.com
for the 12 months ended 31 December
Chief executive officer Mark Bristow t +44 788 071 1386Group corporate communications managerlois Wark t +44 20 7557 7745 [email protected] and media relations Kathy du plessis t +44 20 7557 7738 [email protected]
Randgold Resources Limited 3rd floor, unity Chambers, 28 halkett Street St helier, Jersey, JE2 4WJ, Channel islands t +44 1534 735 333, f +44 1534 735 444
Probable 21 3.1 2.0 1.7Total reserves Proven and probable 194 3.6 23 15 1 Attributable gold (Moz) refers to the quantity attributable to Randgold based on its interest (holding) in each specific operation/project.
Randgold reports its mineral resources and mineral reserves in accordance with the JORC 2012 code and as such are reported to the second significant digit. These are equivalent to National Instrument 43-101 and the reporting of ore reserves is also in accordance with SEC Industry Guide 7. Open pit mineral resources consist of insitu mineral resources at a weighted average cut-off grade of 0.58g/t falling within a $1 500/oz optimised pit shell. Underground mineral resources are those mineral resources falling below the open pit resources reported at a weighted average cut-off of 1.66g/t. Open pit and underground ore reserves are economic at a gold price of $1 000/oz. Open pit reserves are calculated at a weighted average cut-off grade of 1.05g/t. Our underground reserves are calculated at a weighted average cut-off grade of 2.51g/t. Our TSF reserves at Morila are calculated at a 0.49g/t cut-off. Dilution and ore loss are incorporated into the calculation of reserves. Mineral resources are inclusive of ore reserves.
