Randgold Resources Limited is engaged in the exploration, development, and mining of operations in West and East Africa. The company also undertakes diamond drilling as a part of its exploration ventures. Such project, among others, is the Miyabi Gold Project in the Tanzanian Lake Victoria Goldfields. The company shares are listed under the symbol RRS at the London Stock Exchange and under GOLD at NASDAQ. The company is Tier II gold producer.
Headquartered in St Helier, Randgold Resources was incorporated in 1995. Three years later, the gold miner acquired and the Syama Mine from BHP Billiton. The reconstruction and expansion of the mining site totaled $63 million. In October 2000, the company commenced production at the Morila Mine in Mali. The initial capital investment stood at $105 million while the return amounted to $376 million by 2005. Meanwhile, the annual output has reached 0.165 million ounces per year. The construction of the Loulo gold mine entered its final phase in 2005. The second Malian mine of Randgold holds more than 8 million ounces of gold.
At present, Randgold Resources operates two gold properties in Africa. Southeast of Bamako, the Morila Mine has produced close to 0.426 million ounces in 2008. Further studies have been carried in a nearby high grade mineralization site. A diamond drilling program is currently underway. In Western Mali, the Laulo Mine consists of open pit and underground operation. The mine has produced 0.258 million ounces of gold in 2008. In addition to the gold properties, Randgold has commenced several exploration ventures. In Cot d`Ivoire, the Tongon Development Project has focused on the erection of processing and water treatment plants, surface preparation, and road construction. The Tongon site holds probable gold reserves of 3.16 million ounces. In Senegal, the Massawa Project envisages the exploitation of two pits and a total production of up to 5 million ounces of gold. The fist pit has an eight years mine life while the second pit may be exploited up to eleven years. The ongoing study aims to increase the overall confidence in the scope of existing reserves.