Kibali Gold Mine Officially Opens Today

Kibali Gold Mine Officially Opens Today

kibali gold projectThe Kibali gold mine, located in  Democratic Republic of Congo (DRC), officially opened today.

The mine is a joint venture of 2 mining giants Randgold Resources (LSE: RRS) (NASDAQ: GOLD) and AngloGold Ashanti (NYSE: AU). Kibanki gold mine is expected to be one of the biggest gold mines in Africa once it is on its full operation. It is expected to produce about 600,000 ounces a year on its first 12 years of its operation life.

Randgold and AngloGold both have 45% share and the remaining is owned by the Democratic Republic of Congo (DRC).

Kibali produced about $68.3 million in September to December 2013, although it was still not in full operation. The mine produced rooughly about 88,200 ounces of gold.

AngloGold Ashanti chief executive Srinivasan Venkatakrishnan said: “The government now has an important opportunity to show the world that it is welcoming of gold mining by helping to create what can in a short time become one of the largest gold producers in the world and an engine of growth for this region and this country.”