Randgold Resources, the London-listed gold miner, would launch international arbitration to enforce its rights in the Democratic Republic of Congo (DRC) if there was no further discussion with the industry about “ill-considered” mining code revisions, CEO Mark Bristow said on Monday. Besides Randgold Resources, which is a joint shareholder with AngloGold Ashanti in the Kibali gold mine in the DRC, other multinational miners affected by the changes include Glencore and Ivanhoe Mines. The changes to the code include revoking a 10-year “stability clause”, which guaranteed legal certainty for existing investors. Randgold Resources doubled its dividend for the year to December to $2 a share after increasing gold production 5% to 1.32-million ounces and cutting cash costs 3% to $620/oz. The value of gold sold rose 7% to $1.65bn. At end-December it had $720m cash and no debt. Profit on mining at Kibali fell slightly to $129.5m from $130.9m in 2017, as costs of production increased while vo...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.