Exploration review
Exploration has always been an integral part of Randgold’s strategy of creating value through the discovery and development
of world-class gold mines as well as replacing the ounces produced through ongoing exploration around existing mines.
  • Group resources increase year on year (after depletion) with reserves down slightly
  • Inferred ounces added at Gara replaced depletion at Loulo and highlighted the potential for further addition
  • High grade extensions and potential confirmed at Yalea
  • Massawa feasibility study makes progress
  • Confirmed high grade extensions at Sofia highlights potential for significant resource growth
  • Increased footprint in DRC and Mali through JVs
  • Large mineralised systems delineated in Côte d’Ivoire at Fapoha, Mankono and Boundiali
  • Progressed four permits through new system in Côte d’Ivoire
  • Domba grade control programme at Morila delivered a resource upgrade
  • Identified potential at Tete Bakangwe and Sessengue SW at Kibali
  • Extend footprint in key regional structures
  • Progress Massawa feasibility study and bring Sofia to account
  • Progress WAXI data interpretation to update interpretations and prospectivity analysis for
  • Loulo district, Kedougou Kenieba Inlier and West African Craton
  • Complete detailed orebody audits on Yalea and Kibali
  • Complete NE DRC isotope and geochronology study
  • Start work on new DRC portfolio in the Moto and Ngayu belts
  • Advance Bakolobi and other key targets along Senegal-Mali Shear
  • Continue to add ounces at Gara and Yalea
  • Generate and test targets on Boundiali permit using updated information from VTEM survey
  • Start work on new Côte d’Ivoire permit portfolio
  • Drill test and define potential on Mankono and Fapoha permits
  • Move Tongon satellites and depth extensions into reserves
  • Deliver Kibali brownfields targets by converting to reserves
  • Continue to generate targets and explore potential along the KZ trend
Review Intro
The team continued its drive to replace mining depletion and find deposits which pass Randgold’s strategic filters: an IRR of 20% and the potential for 3 million minable ounces at a long term gold price of $1 000/oz. Work during the year discovered a number of interesting targets and added resources which more than replaced the 1.4Moz depleted by mining.
The focus was sustained on the priority areas: the MTZ in Senegal, the Senegal-Mali Shear in Mali, the Boundiali and Senefou belts in Côte d’Ivoire and the KZ Structure in NE DRC, a portfolio which contains 141 targets. During 2015 Randgold also developed new business functions to ensure an equal balance between greenfields and brownfields work. By the end of the year three joint venture agreements had been concluded in the DRC, giving Randgold control over the Ngayu Archean greenstone belt and increasing its groundholding in the country to over 6 500km2, and its permit portfolio in Africa to 13 912km2 with a further 4 299km2 under application. Joint venture agreements on properties in western Mali have also been signed and a number of other negotiations were in progress at year end.