PMFORUM Breaking News
Breaking News in the Project Management World
Thursday, August 26, 2010
World's Largest Gold Mining Project to Start Construction in Congo
Construction
on the Kibali project, potentially one of the world's largest gold
mines, is being targeted to start in mid 2011, six months earlier than
originally anticipated, project manager Randgold Resources has
announced.
Mark
Bristow (pictured right), chairman of Kibali and chief executive of
Randgold Resources, said the earlier start-up target date was
attributable to the encouraging progress that had been made on the
pre-development programmes as well as the active cooperation of the
local community and the government of the Democratic Republic of Congo,
which holds a 10% stake in the project. Randgold Resources and
AngloGold Ashanti each have a 45% interest. (photo courtesy of
miningweekly.com)
International-standard baseline studies on the project's environmental and social impact are well advanced, as is the public participation process, and a resettlement programme is in the final stages of planning. A new 178 kilometre road to neighbouring Uganda, which is central to the project's logistics, now allows normal non-four wheel drive vehicular access, with continued upgrading in phases planned to continue. The road between the Ugandan and DRC border posts has also been upgraded. The project partners are also making progress with the development of a power supply strategy designed to supply the mine with affordable and adequate power.
In
the meantime, the update of the feasibility study has been advanced
significantly, with the sizing of the plant, the mining plans and the
optimisation between the underground and open pit operations on track
for completion by year-end. Bristow said the aim was to ensure that the
mine would match the world-class nature of the deposit and maximise the
production rate in relation to the potential size of the reserves and
resources. The total probable mineral reserves currently stand at 9.2
million ounces of gold, with the indicated mineral resource at 13.9
million ounces and inferred mineral resources at 5.8 million ounces.
"With all our basic homework done and the critical pre-development deliverables taking shape, we have now turned our attention to looking at ways to bring the construction schedule forward. Among other things, this means that we can accelerate the involvement of the local community in the development of the project, in line with our partnership philosophy," Bristow said.
As
a first step in this regard, Kibali is creating new employment
opportunities through the establishment of community-based businesses
that will supply construction materials to the project. One of these is a
brickmaking facility which will produce 16 000 bricks per day by
September, while others will provide gravel and sand.
"Kibali is not only a mining development; it is also a major infrastructural project which will have a positive impact on the whole of the north-eastern DRC. The new road link with Uganda, for example, has already slashed living costs in the Kibali region by substantially reducing the cost of transporting food and other essentials there," Bristow said. He was speaking at an open day for media at the Kibali project site. The event was also attended by the Minister of Portfolio, Her Excellency Madame Jeanine Mabunda, senior government officials and executives from Randgold Resources, AngloGold Ashanti and Okimo.
Randgold Resources (LSE:RRS) (NASDAQ:GOLD) is an African-focused gold mining and exploration company with primary listings on the London Stock Exchange and NASDAQ. Major discoveries to date include the Morila deposit in southern Mali, the Yalea deposit and the Gounkoto deposit, both in western Mali, the Tongon deposit in the Côte d'Ivoire and the Massawa deposit in eastern Senegal.
Randgold's current major projects are Gounkoto on the Loulo permit in Mali, Massawa in Senegal and Kibali in the Democratic Republic of the Congo. In 2009 the company acquired a 45% interest in the Kibali project, which is one of the largest undeveloped gold deposits in Africa. Randgold also has an extensive portfolio of organic growth prospects, which is constantly replenished by intensive exploration programmes in Burkina Faso, Côte d'Ivoire, DRC, Mali and Senegal. Company information at http://www.randgoldresources.com.
International-standard baseline studies on the project's environmental and social impact are well advanced, as is the public participation process, and a resettlement programme is in the final stages of planning. A new 178 kilometre road to neighbouring Uganda, which is central to the project's logistics, now allows normal non-four wheel drive vehicular access, with continued upgrading in phases planned to continue. The road between the Ugandan and DRC border posts has also been upgraded. The project partners are also making progress with the development of a power supply strategy designed to supply the mine with affordable and adequate power.
"With all our basic homework done and the critical pre-development deliverables taking shape, we have now turned our attention to looking at ways to bring the construction schedule forward. Among other things, this means that we can accelerate the involvement of the local community in the development of the project, in line with our partnership philosophy," Bristow said.
"Kibali is not only a mining development; it is also a major infrastructural project which will have a positive impact on the whole of the north-eastern DRC. The new road link with Uganda, for example, has already slashed living costs in the Kibali region by substantially reducing the cost of transporting food and other essentials there," Bristow said. He was speaking at an open day for media at the Kibali project site. The event was also attended by the Minister of Portfolio, Her Excellency Madame Jeanine Mabunda, senior government officials and executives from Randgold Resources, AngloGold Ashanti and Okimo.
Randgold Resources (LSE:RRS) (NASDAQ:GOLD) is an African-focused gold mining and exploration company with primary listings on the London Stock Exchange and NASDAQ. Major discoveries to date include the Morila deposit in southern Mali, the Yalea deposit and the Gounkoto deposit, both in western Mali, the Tongon deposit in the Côte d'Ivoire and the Massawa deposit in eastern Senegal.
Randgold's current major projects are Gounkoto on the Loulo permit in Mali, Massawa in Senegal and Kibali in the Democratic Republic of the Congo. In 2009 the company acquired a 45% interest in the Kibali project, which is one of the largest undeveloped gold deposits in Africa. Randgold also has an extensive portfolio of organic growth prospects, which is constantly replenished by intensive exploration programmes in Burkina Faso, Côte d'Ivoire, DRC, Mali and Senegal. Company information at http://www.randgoldresources.com.