efd-services(LIVE CHAT) Randgold sees gold output from Tongon hitting 260,000 ounces in 2014 Gold production from Randgold Resourcess RRS.L Tongon mine in northern Ivory Coast will hit 260,000 ounces this year, up from 233,591 ounces in 2013, the company said. Mark Bristow, Randgolds CEO, said that if gold prices remained between $1,200 and $1,300 per ounce, the $480 million spent on the Tongon mine would be repaid by 2015 and investors in the operation would start receiving dividends. Randgold is one of the main gold miners in Ivory Coast, which produced around 12 tonnes of gold last year. The government hopes output will rise to around 25 tonnes by 2015 as new mines come on stream. Speaking in Ivory Coast late on Saturday, Bristow said the increased output would come from improved recovery rates at the mine and production would rise consistently over the next five years. The Tongon mine, which poured its first gold in 2010, is expected to produce for another seven years but Bristow said the firm was confident that exploration elsewhere, especially in Mankono, also in the north, would yield new resources.
Posted on: Mon, 28 Apr 2014 08:39:46 +0000
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