Loulo-Gounkoto Gold Mine Complex

The Loulo-Gounkoto complex comprises two distinct mining permits, Loulo and Gounkoto, and is situated in western Mali, bordering Senegal and adjacent to the Falémé River. It is located 20 kilometres to the north of the all-weather paved Millennium Highway approximately 500 kilometres northwest of Bamako, the capital of Mali, and 800 kilometres to the southeast of Dakar, the port city and capital of Senegal. Société des Mines de Loulo SA (Loulo) owns the Loulo gold mine and Société des Mines de Gounkoto (Gounkoto) owns the Gounkoto gold mine. Both Loulo and Gounkoto are owned by Randgold (80%) and the State of Mali (20%).

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loulo-gounkoto

¹ Refer to explanation of non-GAAP measures provided on page F-41 of this annual report.

Loulo-Gounkoto Complex Key Results

12 months ended 31 December 2017 2016
Mining    
Tonnes mined (000)    34 965    37 776
Ore tonnes mined (000)    5 028    4 804
Milling        
Tonnes processed (000)     4 918    4 875
Head grade milled (g/t)         5.0       5.0
Recovery (%)       92.7     91.0
Ounces produced  730 372  707 116
Ounces sold  723 438  709 737
Average price received ($/oz)      1 260      1 242
Cash operating costs1 ($/oz)        468       489
Total cash costs1 ($/oz)         543       563
Gold on hand at period end2  ($000)      15 771    6 061
Profit from mining activity1 ($000)   518 396  481 651
Gold sales1 ($000)   911 452  881 529
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.

Loulo-Gounkoto Production and Five Year Forecast

Loulo-Gounkoto Production and Five Year Forecast

Loulo Total Mineral Resources and Ore Reserves^3

Loulo Total Mineral Resources and Ore Reserves

Gounkoto Total Mineral Resources and Ore Reserves^3

gounkoto total

Achieved In 2017

  • Produced 730 372oz, +40 000oz more than guidance
  • Reduced total cash cost per ounce by 4%
  • Increased plant throughput to +4.9Mt
  • Increased plant recoveries to +92%
  • Commissioned new Yalea underground crusher
  • Started stripping Gounkoto super pit
  • Upgraded tailing line to TSF
  • Completed wetland project to improve water quality
  • Maintained ISO 14001 environmental and OHSAS 18001 health and safety certification
  • Reduced LTIFR
  • Reduced malaria incidence rate
  • Replaced 81% of ore reserves depleted from mining through ongoing exploration and evaluation 
  • Continued community and agricollege development

Targeted for 2018

  • Produce 690 000oz of gold
  • Sustain plant throughput above 4.9Mt
  • Sustain plant recovery above 92%
  • Complete extension of tailings dam
  • Install striker belts at Gara and second underground crusher at Yalea
  • Full integration of automated dispatch system for Gounkoto
  • Replace ore reserves through ongoing exploration
  • Obtain updated ISO 14001 and OHSAS 18001 certification
  • Maintained ISO 14001 environmental and OHSAS 18001 health and safety certification
  • Reduced LTIFR
  • Reduced malaria incidence rate
  • Continue community and agricollege development