Morila gold mine
The Morila gold mine is situated some 280 kilometres south-east of Bamako, the capital of Mali and is owned by Société des Mines de Morila SA (Morila) which is a joint venture company owned by Randgold (40%), AngloGold Ashanti (40%) and the State of Mali (20%). The mine is operated by Randgold.

OVERVIEW

Production, resources and reserves
MORILA KEY RESULTS

12 months ended 31 December

2015

2014

Mining

 

 

Tonnes mined (000)

3 425

18 405

Ore tonnes mined (000)

939

1 035

Milling

 

 

Tonnes processed (000)

3 063

3 242

Head grade milled (g/t)

1.4

1.2

Recovery (%)

91.1

89.8

Ounces produced

122 374

110 272

Ounces sold

122 374

110 272

Average price received ($/oz)

1 168

1 258

Cash operating costs1 ($/oz)

645

1 109

Total cash costs1 ($/oz)

674

1 143

Profit from mining activity1 ($000)

60 487

12 631

Attributable (40%)

 

 

Gold sales1 ($000)

57 197

55 489

Ounces produced

48 950

44 109

Ounces sold

48 950

44 109

Gold on hand at period end2 ($000)

-

-

Profit from mining activity1 ($000)

24 195

5 052

Randgold owns 40% of Morila with the State of Mali and joint venture partner owning 20% and 40% respectively.  The group equity accounts for its 40% joint venture holding in Morila.

1  Refer to explanation of non-GAAP measures provided on page F-34 of this annual 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 2015
  • Produced 122 374oz, exceeding annual target by 11%
  • Reduced total cash cost of production substantially to $674/oz
  • Successfully completed pit 4S pushback
  • Continued profitable processing of mineralised waste
  • Workforce appropriately downsized to ensure continued profitability
  • Plant recovery rate improved despite lower grades
  • Waste de-capping commenced in line with the
  • TSF retreatment plan
  • Commercial scale agribusiness projects advanced and potential partners identified
  • LTI free year
TARGETED FOR 2016
  • Produce 90 000oz of gold
  • Maintain low total cash cost/oz of production
  • Complete mining and processing of mineralised waste ore
  • Mine and process ore from Domba pit
  • Start processing TSF material
  • Manage downsizing of the operation
  • Continue to advance the agribusiness projects and begin handover to partners