Randgold Resources has reported attributable gold reserves at the end of 2015 of 14.6 Moz, a 3.5% reduction after depletion from the previous year. The average grade of reserves remained at 3.6 g/t using a gold price of US$1,000/oz. The largest reserve base is at Kibali, (45%-owned) in DRC, where reserves were 4.7 Moz of gold.
Attributable measured and indicated resources were in line with 2014, at 21.1 Moz, while inferred resources were up marginally to 6.7 Moz. Open pit resources were based on US$1 500/oz optimised pit shells.
Randgold’s board has proposed a 10% increase in the 2015 dividend to US$0.66 per share for approval at its annual general meeting on 3 May 2016. Financial director, Graham Shuttleworth, said that at a time when the gold mining industry was focused on survival, Randgold was able to maintain its dividend policy on the back of last year’s strong performance. He confirmed that the company still intended to build its net cash position to approximately US$500 million to provide financing flexibility for future new mine developments and other growth opportunities.
Randgold’s gold reserves at 14.6 Moz; 10% dividend rise proposed: RRS