Randgold Resources (GOLD) pours first gold at Loulo,Mali
LONDON (SHARECAST) - 28 September 2005 - Gold miner Randgold Resources today announced that it had poured the first gold at its new Loulo mine in Mali, signalling the start-up of production.
Chief executive Dr Mark Bristow said the mine was expected to build up to design levels of commercial production in October, with its first commercial shipment of bullion due in November.
This will initiate a five-year tax holiday for the mine as prescribed by Mali's mining code, he added
“The first gold pour is an event of great symbolic significance in the development of a new mine,” Bristow said.
“In the case of Loulo, it crowns a considerable achievement by the Randgold Resources team, which fast-tracked this project in the face of substantial logistical odds while at the same time driving ahead our exploration programmes,” he added.
The Africa-focused miner also discovered the Morila mine, which has produced almost 3.5m ounces of gold since it was commissioned in October 2000.
