Kibali Gold Mine
The Kibali gold mine is located in the northeast of the Democratic Republic of Congo (DRC), approximately 220 kilometres east of the capital of the Haut Uele province, Isiro, 150 kilometres west of the Ugandan border town of Arua and 1 800 kilometres from the Kenyan port of Mombasa. The mine is owned by Kibali Goldmines SA (Kibali) which is a joint venture company effectively owned 45% by each of Randgold and AngloGold Ashanti, and 10% by Société Miniére de Kilo-Moto (SOKIMO). The mine was developed and is operated by Randgold.
¹ Refer to explanation of non-GAAP measures provided on page F-41 of this annual report.
Kibali Key Results
|12 months ended 31 December||2017||2016|
|Tonnes mined (000)||36 522||31 879|
|Ore tonnes mined (000)||6 761||6 218|
|Tonnes processed (000)||7 619||7 296|
|Head grade milled (g/t)||2.9||3.1|
|Ounces produced||596 225||585 946|
|Ounces sold||604 667||568 375|
|Average price received ($/oz)||1 248||1 248|
|Cash operating costs1 ($/oz)||720||678|
|Total cash costs1 ($/oz)||773||736|
|Profit from mining activity1 ($000)||287 676||291 101|
|Gold sales1 ($000)||339 683||319 217|
|Ounces produced||268 301||263 676|
|Ounces sold||272 100||255 769|
|Gold on hand at period end2 ($000)||10 216||13 840|
|Profit from mining activity1 ($000)||129 454||130 995|
Randgold owns 45% of Kibali with the DRC State and joint venture partner owning 10% and 45% respectively. The group equity accounts for its 45% joint venture holding in Kibali
1 Refer to explanation of non-GAAP measures provided on page F-41 of this report.
2 Gold on hand represents gold in doré at the mines multiplied by the prevailing spot gold price at the end of the period.
Achieved In 2017
- Produced 596 225oz of gold at a total cash cost of $773/oz
- Completed vertical shaft development
- Commissioned ore handling (haulage, crushing, hoisting) through shaft
- Started automation of underground materials handling system
- Continued ramping-up underground ore production
- Completed UFG and associated circuit expansion
- Integrated Ambarau hydropower station into power grid
- Advanced construction of Azambi hydropower station
- Environmental management system certification updated to latest revision ISO 14001:2015
- Completed commercial maize trial
- Supported continued economic development of surrounding community
Targeted for 2018
- Produce 730 000oz
- Reduce total cash cost per ounce of production
- Optimise underground materials handling system
- Ramp-up underground to full production
- Complete Azambi, final new hydropower installation and integrate into power grid
- Reduce LTIFR and malaria incidence rate
- Maintain ISO 14001 certification
- Replace reserve depletion
Kibali Production And Five Year Forecast
Kibali Total Mineral Resources And Ore Reserves^2
Kibali Mineral Resources And Ore Reserves
|Mine/Project||Category||Tonnes (Mt)||Grade (g/t)||Gold (Moz)||Attributable Gold3 (Moz)|
|at 31 December Category||2017||2016||2017||2016||2017||2016||2017||2016|
|Measured and indicated||126||135||3.3||3.2||13||14||5.9||6.2|
1 Open pit mineral resources are the insitu mineral resources falling within the $1 500/oz pit shell reported at an average cut-off of 0.6g/t. Underground mineral resources in the KCD deposit are insitu mineral resources, that meet a cut-off of 1.6g/t within a minimum mineable stope shape, reported at and a gold price of $1 500/oz. KCD mineral resources were generated by Simon West an officer of the company, under the supervision of Simon Bottoms, an officer of the company and competent person. Mineral resources for Pakaka and Gorumbwa were generated by Rolly Wassonga, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and competent person. Mineral resources for Kombokolo & Pamou were generated by Abdoulaye Ngom, an officer of the company and competent person.
2 Open pit ore reserves were reported at a gold price of $1 000/oz except KCD open pit which is reported inside a $1 100 pit design at an average cut-off of 1.0g/t, including both dilution and ore loss factors. Open pit ore reserves were calculated by Nicholas Coomson, an officer of the company and a competent person. Underground ore reserves are reported at a gold price of $1 000/oz&and a cut-off of 2.5g/t and include dilution and ore loss factors. Underground ore reserves were calculated by Andrew Fox, an external consultant and a competent person.
3 Attributable gold (Moz) refers to the quantity attributable to Randgold based on its 45% interest in the Kibali gold mine.
Mineral resource and ore reserves are quoted as per JORC 2012 guidelines and thus reported to the second significant digit. All mineral resource tabulations are reported inclusive of that material which is then modified to form ore reserves. Refer to the notes to the annual resources and reserves declaration on page 107 of this annual report.