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Loulo-Gounkoto site visit…January 2015
Overview…
Mali
Côted’Ivoire
Senegal
Massawa Feasibility
Project, SenegalEquity 83%
Total Reserves 2.0Moz
Total Resources 4.7Moz
Tongon Gold Mine
Côte d’IvoireEquity 89%
Total reserves 2.2Moz
Total resources 3.6Moz
2013 production 233 591oz
Loulo-Gounkoto Mine
Complex, MaliEquity 80%
Loulo:
Total reserves 5.3Moz
Total resources 9.7Moz
Gounkoto:
Total reserves 2.3Moz
Total resources 4.4Moz
Loulo-Gounkoto
2013 production 580 364oz
Morila Gold Mine
MaliEquity 40%
Total reserves 0.3Moz
Total resources 0.6Moz
2013 production 141 822oz
AFRICA
2
Fiscal parameters summary…
Royalty on gold sales
6% 6%
Corporate tax rate
30% 30%
Corporate taxminimum
0.75%of revenue
0.75%of revenue
Corporate taxholiday
5 years2000-2005
from first production
2 years 2011-2013
can extend on further investment
from first production
Import dutyholiday
3 yearsFuel and lubricants exempted for LOM
3 yearsFuel and lubricants exempted for LOM
Dividend withholding tax
none none
State participation
20%State participation
Not free
20% financed by RRL
10% preferreddividend
Tax stabilisation
Indefinitevalidity of convention
Indefinitevalidity of convention
PARAMETERS LOULO GOUNKOTO
3
Discovery and development of Loulo-Gounkoto Complex...
1996BHP Mali acquired
Gara resource – 659koz
Yalea discoveryresource -
2003Updated feasibility studyTotal reserve 1.28Moz
2004Construction begins
on Loulo mine
2005Loulo mine
opening
Loulo UG feasibility approved
2014
2005
Loulo UG development starts
2006
Yalea UG first gold
2008
Gounkoto discoveryresource -
2009Gounkoto
incorporated as separate
company
2010
Gounkoto first gold from open pit
2011
GounkotoFirst dividend paid
to shareholders
2012Gounkoto
UG feasibilitycommences
Production exceeds
600 000oz
Gara UG first gold
2011
1997
2014Loulo plant expansion
4
Loulo-Gounkoto...organogram
GM Loulo
Chiaka Berthe
Operations Mngr
Tahirou Ballo
Financial& AdminDaoudaDembele
HumanResources
Samba Diallo
Health &Safety
Dr MamaKanta
Security
HarryJooste
Process-ing
DrissaArama
Engineer-ing
AbbasCoulibaly
MineralResources
AmadouFamanta
Environment/Community
Hilaire BDiarra
UG MiningMamouToure
Open pitMiningThomas
Frempong
SupplyChain
CheiknaKonare
5
Mine Mngr Gounkoto
Thomas Frempong
Safety and Health…
Loulo-Gounkoto…safety, health, environment
Improving safety due to
proactive identification and
management of H&S risks
Decreasing malaria rate
No major environmental
incident reported
Both operations are certified
OHSAS 18001: 2007 and
ISO 14001:2004
Improved natural resources
management – water,
biodiversity and energy
Addressing EBOLA threat
through an integrated
prevention programme
0
1
2
3
2010 2011 2012 2013 YTD2014
0
10
20
30
40
50
60
2010 2011 2012 2013 YTD2014
0.0
0.1
0.2
0.3
0.4
2011 2012 2013 2014
Fresh water/tonne of ore milled
m3
Malaria incidence rate
LTIFR
0
1
2
3
2011 2012 2013 YTD2014
0.00
0.10
0.20
0.30
2011 2012 2013 2014
m3
0
20
40
60
80
2011 2012 2013 YTD2014
7
Mineral Resources…
Reserves and resources…
Yalea deposit…
Reserves…..3.3Moz @ 5.96g/t
Resources…5.9Moz @ 5.12g/t
<0.7 g/t
0.7 - 3.0 g/t
3.0 - 4.0 g/t
4.0 - 8.0 g/t
> 8.0 g/t
Planned drilling
2.7Km
90
0m
2003
2013
10
Previously drilled intercepts
Planned drilling
Reserves…..1.6Moz @ 4.32g/t
Resources…2.7Moz @ 4.18g/t
Gara deposit…reserve and resource envelopes
1.8Km
75
0m
2003
<0.5 g/t
0.5 - 3.0 g/t
3.0 - 5.0 g/t
5.0 - 8.0 g/t
> 8.0 g/t
2013
11
Opportunities…
Three world class orebodies:
Yalea
Gara
Gounkoto
Multiple ore sources which give flexibility for feeding the plant
Several satellite orebodies on Loulo and Gounkoto leases
Very prospective groundholding
Exploration…
Senegal Malian
Shear
Massawa
S E N E G A L M A L I
N
Randgold…controlling West Africa’s most prospective gold belts
Legend JV
Bambadji
Permit
Bena
Permit
Bakolobi JV
Reconnaissance mapping
completed along 17km strike -
9 anomalous lithosample results
return between 0.23g/t and 5.9g/t
Permit reissued -
south of Gounkoto
permit
Multiple
mineralised
intersections:
14m @ 2.47g/t
incl 5m @ 4.56g/t
8m @ 3.05g/t
incl 2m @ 4.58g/t
10km
1km
2km
Loulo
Gounkoto
Loulo
Gounkoto
Permit
reissued
5km
Main
Transcurrent
Zone 14
Loulo District…a proven world class destination
Loulo 3
Yalea
Loulo 2
P129
WarabaApparent
Resistivity
Residual
PQ10
P125
81
9
2
4
7
5
311
10
6
12Gara
Deposit
High resistivity
Medium resistivity
Low resistivity
Brownfields Exploration
Yalea and Gara structural
models generate new
targets along strike
Structural Mapping
Widespread “Gara Style”
fold related mineralisation
potential
Geochemical
Orientation Study
New targets generated
in district; further
interpretation in Q4
New IP Targets
12 potential targets
being field validatedN
2km15
Loulo – Yalea…drill results show high grade extension to orebody
Drilling intersected dilational structures giving increased grade and
width, exceeding expectations
High grade open to the south as well as at depth below the block
model, generating several new exploration targets
Gold g/t
>8g/t
5–8g/t
3–5g/t
0.5–3g/t
<0.5g/t
Yalea long section looking west
N2.7Km
YaDH11
6.30m @ 1.99g/t
YaDH15
30.7m @ 6.42g/tYaDH13
41.0m @ 3.56g/t
Open
Open
60o dip
80o dip
Dip change
(Yalea Shear)
Intersection
Yalea Structure
(upper strand)
Intersection
Yalea Structure
(lower strand)
Conversion Targets
16
Exploration Targets
Loulo - Gara…focus on extending high grade mineralisation
High grade mineralisation open down plunge
Gara long section
looking east
2Km
L0CP185
9.30m @ 10.48g/t
L0CP174
11.0m @ 5.88g/t
L0CP183
2.30m @ 8.33g/t
L0CP186
12.80m @ 1.08g/t
N
L0CP180
26.40m @ 4.49g/t
L0CP176
8.50m @ 6.74g/t
L0CP177
4.50m @ 5.63g/t
L0CP184
16.20m @ 5.96g/t
L0CP179
8.40m @ 3.15g/t
L0CP178
9.20m @ 4.05g/t
Open
OpenConversion Target
Warp Fold
Axis
‘S’ Fold
Axis
L0CP175
16.20m @ 5.96g/t
Gold g/t
>8g/t
5–8g/t
3–5g/t
0.5–3g/t
17
Exploration
Targets
Processing…
Processing…
Simplified metallurgical flow sheet…
20
Smelt-house
Primary
Mill
Stockpile
Elution
Secondary
Crushing
SOFT ORE
PRIMARY
CRUSHER
Conveyor
CIL Tank Farm
Cyclones
Knelson
Concentrators
Mineral
Sizer
Eluate
Gravity
concentrate
TAILINGS DISPOSAL DAM
8km
Upgraded
pipeline
Gold Bullion
Thickener and Clarifier
Accounting Sampling points
Regrind
Mills
Stockpile
Ball Mills
Ball Mills
Primary Mill
AARL
Intermediate Plant
Yalea and Gara
Paste Plant
Tertiary
Crushing
Processing projects underway…
TSF elevated toe drain
Intermediate plant
Cyclone pumps and cluster
Oxygen plant upgrade
New Elution Circuit
Gravity circuit upgrade
21
Intermediate plant
ILR Gekko
Engineering…
Achieved in 2014…
Commissioning of paste fill plants at Gara and Yalea
Upgraded secondary crushing plant
Commissioning of additional medium speed generators (7
MW capacity)
Installation and commissioning of primary fans
Upgraded the oxygen plant by adding additional 10 tonnes
per day
Projects 2014 …
Paste plant cement silo.
New secondary crusher
Intermediate plant
Power plant extension CM 9 & CM10 2014…
25
The two CM’s were commissioned and they are in operation. The fire
suppression system for the 2 additional generators will be completed early in 2015
All CM’s Start & Stop in
LFO & run in HFO
New UG primary fan and 10tpd oxygen plant…
Installation and
commissioning of primary fansYalea
Gara
Upgrade oxygen plant to improve the recovery
Focus for 2015…
Secure the mine medium voltage power distribution
Elution and regeneration upgrades
Improve oxygen distribution
Upgrade the Yalea underground crushing and
conveying system
Upgrade gravity circuit
Finalize refrigeration design for underground in 2015
Underground mining…
Loulo mining…
Yalea transverse area 15m wide with footwall development
Gara design in full retreat dependent on backfill
Primary and secondary stopes – reserves available vs backfill
0
0.2
0.4
0.6
0.8
Yalea Gara
Backfill reserves
Longitudinal Secondary stopes
Full-Retreat
Transverse
Secondary stopes
Longitudinal
Secondary stopes
Mt
0
0.5
1
1.5
2
Yalea Gara
Developed reserves
Mt
Yalea
Gara
29
Underground fill implementation…
CAF production
continues in both
mines until paste is in
full production
30
0
100
200
300
400
500
600
700
800
Q1 - 2013 Q2 - 2013 Q3 - 2013 Q4 - 2013 Q1 - 2014 Q2 - 2014 Q3 - 2014
Gara UG Yalea UG
Loulo UG mining shows a steady improvement…
Yalea and Gara achieved record production in Q3 2014
Tonnes mined
31
Procurement…
Supply routes to West African operations…
33
Dakar
MassawaLoulo
Gounkoto
Morila
Tongon
Abidjan
Abidjan to Tongon
Abidjan to Morila
Dakar to Loulo-Gounkoto
625 km
800 km
1000 km
Achievements 2014…
Integrated supply chain and finance SAP system successfully
implemented
Stock value as at December 31, compared to 2013, excluding fuel,
decreased by 34% or USD 24.4 million
Successful year end stock take with a negative variance of 0.8%
Negotiated new contracts for key reagents resulting in a reduction to
2012 prices
Opportunities…
Increase consignment agreements for more high volume
consumables, reagents, spares, etc in order to reduce inventory
holding (Current value of consignment stock at Loulo mine = USD
6.4 M)
Target to double over 2 years
Reduce stores further through continued effective demand
planning and optimisation of supply routes
Continued contract negotiation for group fixed pricing contracts to
reduce input costs
Gounkoto…
Gounkoto…exploration opportunities
Potential
targets
Toronto
P64
MZ1
MZ2
Gounkoto Faraba
North
Interpreted
structure
Gounkoto North AreaSoil Geochemistry with EM
(AdTau)
Toronto
Trenching to test model and
oxide resource potential
Cover Mapping
Depth to saprock map over
project is underway
MZ3 Deep
New target, down plunge of
MZ3 Extension
Gounkoto SW
Mapping target structure.
Geophysics identifies
untested potential
>100
30 – 100
Gold in soil (ppb)
Gounkoto NW / P64
New P64 geologic model
applied in north, generates
new targets
Gounkoto Resource
Advanced grade control
drilling completed at MZ4
and P64
Gounkoto MZ3
Conversion drilling
confirmed high grade, did
not deepen $1000/oz pit
shell.
N
1km37
Gounkoto…MZ3 extension highlights upside potential
High grade open at depth, new targets down plunge of controlling structures
GKDH41814.50m @ 31.59g/t
GKDH424
16.95m @ 11.03g/t
P64
Open
MZ4
MZ3
extension
open
GKDH4306.60m @ 3.25g/t
GKDH4286.75m @ 2.75g/t
GKDH42637.50m @ 3.29g/t
GKDH4216.50m @ 4.49g/t
GKDH42211.70m @ 0.85g/t
GKDH4235.70m @ 0.69g/t
P64
MZ3
MZ1
MZ2
Gold g/t
>8g/t
5–8g/t
3–5g/t
1–3g/t
0.5-1g/t
38
Reserves….. 2.3Moz @ 4.30g/t
Resources… 4.4Moz @ 4.28g/t
Gounkoto UG Feasibility
Low capital design
Decline from pit
CAF plant on surface
No underground crushing
Vent raises to hole into the pit
39
Updated UG mine design
Potential ~1Moz reserve potential
Plan to start decline in 2018 and be at full production when pit completes in 2020
Extends Loulo-Gounkoto plan to achieve close + 600koz for 10 years
Financial…
Mali, Loulo standalone…operating results
9 months ended 12 months ended
30 Sep
2014
31 Dec
2013
31 Dec
2012
Mining
Tonnes mined (000) 2 141 4 251 9 825
Ore tonnes mined (000) 2 036 2 541 1 964
Milling
Tonnes processed (000) 1 948 2 432 1 837
Head grade milled (g/t) 5.1 4.5 4.2
Recovery (%) 90.4 88.0 88.6
Ounces produced 288 299 308 420 219 745
Ounces sold 285 073 312 748 214 739
Average price received ($/oz) 1 287 1 397 1 664
Cash operating costs* ($/oz) 606 692 684
Total cash costs* ($/oz) 683 776 781
Gold on hand at period end# ($000) 3 924 - 7 212
Profit from mining activity* ($000) 172 026 194 190 189 588
Gold sales* ($000) 366 760 436 950 357 224
Refer to Q3 2014 quarterly report for footnotes
41
Mali, Gounkoto standalone…operating results
Refer to Q3 2014 quarterly report for footnotes
9 months ended 12 months ended
30 Sep
2014
31 Dec
2013
31 Dec
2012
Mining
Tonnes mined (000) 17 960 28 936 28 706
Ore tonnes mined (000) 1 419 2 624 2 492
Milling
Tonnes processed (000) 1 373 2 032 2 518
Head grade milled (g/t) 5.4 4.7 3.9
Recovery (%) 90.3 88.8 89.7
Ounces produced 214 790 271 943 283 479
Ounces sold 213 165 274 802 287 712
Average price received ($/oz) 1 287 1 351 1 651
Cash operating costs* ($/oz) 521 541 607
Total cash costs* ($/oz) 598 622 706
Gold on hand at period end# ($000) 1 977 - 4 749
Profit from mining activity* ($000) 146 904 200 444 272 112
Gold sales* ($000) 274 333 371 361 475 126
42
Loulo-Gounkoto complex…operating results
9 months ended 12 months ended
30 Sep
2014
31 Dec
2013
31 Dec
2012
Mining
Tonnes mined (000) 20 101 33 188 38 531
Ore tonnes mined (000) 3 454 5 165 4 456
Milling
Tonnes processed (000) 3 321 4 463 4 354
Head grade milled (g/t) 5.2 4.6 4.0
Recovery (%) 90.4 88.4 89.2
Ounces produced 503 090 580 364 503 224
Ounces sold 498 238 587 550 502 451
Average price received ($/oz) 1 287 1 376 1 657
Cash operating costs* ($/oz) 570 621 640
Total cash costs* ($/oz) 647 704 738
Gold on hand at period end# ($000) 5 901 - 11 961
Profit from mining activity* ($000) 318 930 394 633 461 700
Gold sales* ($000) 641 094 808 311 832 350
Refer to Q3 2014 quarterly report for footnotes
43
Loulo-Gounkoto…5 year plan
0
1
2
3
4
5
6
7
0
100
200
300
400
500
600
700
800
900
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Actual production Total cash cost/oz Capex Grade
Grade g/tTotal cash cost/oz
Capex $m
Gradeg/t
ProductionOz 000
Cash cost$/oz
Capex$m
44
Contribition to Malian economy…to date
Total payment
$2.1 billion
$1 526m
$407m
$158m
Direct and
indirect taxes
Royalties
Loulo
Total payment
$425 million
$243m
$69m
Local suppliers, local
salaries, community
investment
Royalties
Gounkoto
$60m
Dividendspaid
$60m
Direct and Indirect taxes
Local suppliers, local
salaries, community
investment
45
Disclaimer…
Randgold reports its mineral resources and mineral reserves in accordance with the JORC 2012 code. As such
numbers are reported to the second significant digit. They are equivalent to National Instrument 43-101. Mineral
resources are reported at a cut-off grade based on a gold price of US$1 500/oz.
The reporting of mineral reserves is also in accordance with Industry Guide 7. Pit optimisations are carried out at a
gold price of US$1 000/oz, except for Morila which is reported at US$1 300/oz. Mineral reserves are reported at a
cut-off grade based on US$1 000/oz gold price within the pit designs. Underground reserves are also based on a
gold price of US$1 000/oz. Dilution and ore loss are incorporated into the calculation of reserves. Cautionary note
to US investors: The United States Securities and Exchange Commission (the SEC) permits mining companies, in
their filings with the SEC, to disclose only proven and probable ore reserves. Randgold uses certain terms in this
annual report such as ‘resources’, that the SEC does not recognise and strictly prohibits the company from
including in its filings with the SEC. Investors are cautioned not to assume that all or any parts of the company’s
resources will ever be converted into reserves which qualify as ‘proven and probable reserves’ for the purposes of
the SEC’s Industry Guide number 7.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for the historical information
contained herein, the matters discussed in this presentation are forward-looking statements within the meaning of
Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934, and
applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements
with respect to the future price of gold, the estimation of mineral reserves and resources, the realisation of mineral
reserve estimates, the timing and amount of estimated future production, costs of production, reserve
determination and reserve conversion rates. Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as ‘will’, ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’,
‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of
such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be
taken’, ‘occur’ or ‘be achieved’. Assumptions upon which such forward-looking statements are based are in turn
based on factors and events that are not within the control of Randgold Resources Limited (‘Randgold’) and there
is no assurance they will prove to be correct. Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level of activity, performance or
achievements of Randgold to be materially different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to mining operations, including political risks and instability
and risks related to international operations, actual results of current exploration activities, conclusions of
economic evaluations, changes in project parameters as plans continue to be refined, as well as those factors
discussed in Randgold’s filings with the US Securities and Exchange Commission (the ‘SEC’). Although Randgold
has attempted to identify important factors that could cause actual results to differ materially from those contained
in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Randgold does not undertake to update any forward-looking
statements herein, except in accordance with applicable securities laws.
CAUTIONARY NOTE TO US INVESTORS: The SEC permits companies, in their filings with the SEC, to disclose
only proven and probable ore reserves. We use certain terms in this release, such as ‘resources’, that the SEC
does not recognise and strictly prohibits us from including in our filings with the SEC. Investors are cautioned not
to assume that all or any parts of our resources will ever be converted into reserves which qualify as ‘proven and
probable reserves’ for the purposes of the SEC’s Industry Guide number 7.
46