Randgold sees steady Ivorian output

Abidjan - Randgold Resources's Tongon mine in Ivory Coast is set to hit a target of 272 000 ounces gold output this year and maintain that level into 2020, Chief Executive Mark Bristow said in an interview.

"We are on the budget to achieve 272 000 ounces by the end of the year," Bristow told Reuters in Abidjan on Saturday.

"The mine will produce approximately the same level every year, currently and after for nine years," he added.

Along with other mining firms, Randgold was caught up in Ivory Coast's four-month conflict when incumbent Laurent Gbagbo refused to acknowledge defeat in a November election. The violence claimed at least three thousand lives and forced the economy to a standstill.
Gbagbo was finally arrested in April and his rival Alassane Ouattara took power.

The Tongon mine is located in the north of Ivory Coast, 55 kilometres south of the border with Mali. Randgold holds an 89% share, with the state share at 10%. Mining started in April 20120 and it has a 10-year lifespan.

Bristow said the temporary collapse of the local banking system prevented the company from selling output from Tongon during parts of February and March. But he said the situation was back to normal and allowing exploration across the country.

"We will meet the new (mining) minister. We believe in, and we encourage, exploration and reinvestment in the country," he said, adding that on top of five existing exploration permits, it was waiting for a decree to confirm two others and had applications in for four more.

While he said the company's top priority was to continue exploration in the Tongon region, he added: My first ambition is to discover another Tongon. We have to do that."