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Morila Gold Mine

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Morila Gold Mine REVIEW OF OPErations MORILA GOLD miNE MORILA GOLD MINE OVERVIEW OUNCES PRODUCED PROfit FROM miNING ACtiVITY1 122 374 60.5 oz $Million The Morila gold mine is situated some 280 kilometres south-east of Bamako, the capital of Mali and is owned by Société des Mines de Morila SA (Morila) which is a joint venture company owned by Randgold (40%), AngloGold Ashanti (40%) and the State of Mali (20%). The mine is operated by Randgold. 46 RANDGOLD RESOURCES ANNUAL REPORT 2015 TOTAL CASH COSTS1 TOTAL RESERVES 674 0.3 $/oz Moz MORILA KEY RESULTS ACHIEVED IN 2015 Produced 122 374oz, exceeding annual target 12 months ended by 11% 31 December 2015 2014 Reduced total cash cost of production Mining substantially to $674/oz Tonnes mined (000) 3 425 18 405 Successfully completed pit 4S pushback Ore tonnes mined (000) 939 1 035 Continued profitable processing of Milling mineralised waste Tonnes processed (000) 3 063 3 242 Workforce appropriately downsized to ensure Head grade milled (g/t) 1.4 1.2 continued profitability Recovery (%) 91.1 89.8 Plant recovery rate improved despite lower Ounces produced 122 374 110 272 grades Ounces sold 122 374 110 272 Waste de-capping commenced in line with the Average price received ($/oz) 1 168 1 258 TSF retreatment plan Cash operating costs1 ($/oz) 645 1 109 Commercial scale agribusiness projects advanced Total cash costs1 ($/oz) 674 1 143 and potential partners identified Profit from mining activity1 ($000) 60 487 12 631 LTI free year ATTRIButaBLE (40%) TARGETED FOR 2016 Gold sales1 ($000) 57 197 55 489 Produce 90 000oz of gold Ounces produced 48 950 44 109 Maintain low total cash cost/oz of production Ounces sold 48 950 44 109 Gold on hand at period end2 Complete mining and processing of mineralised ($000) - - waste ore Profit from mining activity1 ($000) 24 195 5 052 Mine and process ore from Domba pit Randgold owns 40% of Morila with the State of Mali and joint venture Start processing TSF material partner owning 20% and 40% respectively. The group equity accounts for its 40% joint venture holding in Morila. 1 Refer to explanation of non-GAAP measures provided on page F-34 of Manage downsizing of the operation this annual report. 2 Gold on hand represents gold in doré at the mines multiplied by the Continue to advance the agribusiness projects prevailing spot gold price at the end of the period. and begin handover to partners ANNUAL REPORT 2015 RANDGOLD RESOURCES 47 REVIEW OF OPErations MORILA GOLD miNE (CONTINUED) MORILA GOLD MINE N ALGERIA MALI MAURITANIA SENEGAL Bamako Morila gold mine GUINEA BURKINA CÔTE FASO LIBERIA D’IVOIRE 500km Randgold permits MinEral REsourcES anD orE RESERVES Mineral resources currently consist of mineralised waste material recovered from the waste dumps and old stockpiles, a portion of the tailings storage facility MORILA METALLURGICAL (TSF) and Domba open pit oxide ore. PLANT Only the higher grade portion of the TSF is reported as ore reserves and forms the bulk of the feed for the current LoM plan. Domba contains 454kt at 3.1g/t for 45koz of oxide material currently in the 2016 mine plan but not currently declared as ore reserve while the mine awaits approval from Malian authorities. 48 RANDGOLD RESOURCES ANNUAL REPORT 2015 MORILA PRODUCTION AND MORILA total MINERAL RESOURCES AND FIVE YEAR FORECAST ORE RESERVES1 Moz Cash cost Production Capex Grade $/oz 000oz $m g/t 7 1 200 7 6 1 000 6 5 5 800 4 4 600 3 3 400 2 2 200 1 1 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 0 Actual production Capex 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Forecast production Grade Reserves Resources Total cash cost/oz 1 Refer to the notes to the annual resources and reserves declaration on page 95 of this annual report. MINERAL RESOURCES AND ORE RESERVES Attributable Tonnes (Mt) Grade (g/t) Gold (Moz) gold3 40% (Moz) at 31 December Category 2015 2014 2015 2014 2015 2014 2015 2014 MINERAL RESOURCES1 ■ Stockpiles Measured - 0.02 - 4.0 - 0.003 - 0.001 Inferred 0.8 1.3 0.7 0.8 0.02 0.03 0.01 0.01 ■ Open pit Indicated 0.5 0.6 3.2 3.0 0.05 0.06 0.02 0.02 Inferred - 0.2 - 3.7 - 0.02 - 0.01 ■ TSF Indicated 23 14 0.5 0.5 0.4 0.2 0.2 0.09 Inferred 0.9 9.7 0.5 0.5 0.01 0.2 0.01 0.06 TOTAL MINERAL Measured RESOURCES and indicated 24 14 0.6 0.6 0.4 0.3 0.2 0.1 Inferred 1.8 11 0.6 0.6 0.03 0.2 0.01 0.1 ORE RESERVES2 ■ Stockpiles Proved - 0.02 - 4.0 - 0.003 - 0.001 ■ Open pit Probable - 0.6 - 3.0 - 0.06 - 0.02 ■ TSF Probable 15 12 0.6 0.5 0.3 0.2 0.1 0.08 TOTAL ORE RESERVES Proved and probable 15 13 0.6 0.7 0.3 0.3 0.1 0.1 1 Open pit mineral resources are those located within the $1 500/oz pit shell reported at $1 500/oz cut-off of 0.5g/t. Stockpile mineral resources are also reported at a $1 500/oz gold price and reported at a 0.5g/t cut-off. TSF mineral resources are reported at a $1 500/oz reported at a 0.3g/t cut-off. Open pit and TSF mineral resources were generated by Mr Jonathan Kleynhans, an officer of the company and competent person. 2 TSF ore reserves are reported at a $1 000/oz cut-off grade of 0.5g/t. Ore reserves were calculated by Mr Shaun Gillespie, an officer of the company and competent person. 3 Attributable gold (Moz) refers to the quantity attributed to Randgold based in its 40% interest in Morila. Mineral resource and ore reserve numbers are reported as per JORC 2012 and as such reported to the second significant digit. Refer to the notes to the annual resources and reserves declaration on page 95 of this annual report. ANNUAL REPORT 2015 RANDGOLD RESOURCES 49 REVIEW OF OPErations MORILA GOLD miNE (CONTINUED) OPErations Total power consumption of 106.4GWh was 4% higher Morila produced 122 374oz for the year, an than in 2014 and generated at a fuel efficiency of 11% improvement on the previous year’s production 0.240l/kWh, resulting in a total power cost of (2014: 110 272oz). The higher grade pit 4S ore $0.170/kWh (2014: $0.303/kWh). The lower was processed in the first half of the year and generated power cost was due to the reduction in the complemented by additional mineralised waste material diesel price through 2015. One high speed generator from waste dumps deposited earlier in the life of the has been relocated from the power plant to the river mine when the highest grades from the pit were being station to ensure an adequate power supply to boost mined. The gold production increase resulted from the pumping rate required for the TSF retreatment. a 17% rise in the head grade milled, partially offset by slightly lower throughput. Total cash costs were The process plant is now ready to receive the TSF significantly lower at $674/oz, a 41% decrease on the material with only the final tie-ins to be completed prior year, on the back of the increased production and when the feed is switched over from ore and lower mining costs. mineralised waste to slurry from the TSF. Gold sales, at $143.0 million (100% basis), were 3% TSF proJECT higher than the previous year due to the increased The TSF retreatment model and reclamation schedule production, notwithstanding the 7% drop in the were updated during the year and integrated into average gold price received. Profit from mining activity the LoM. The TSF mining project is being managed (before interest, tax and depreciation) increased to by Fraser Alexander Tailings, a specialised TSF $60.5 million for the year. retreatment operator. Capital expenditure for the year of $11.0 million mainly The 2016 LoM plan includes: related to the preparation for the treatment of the TSF. ■ 36.9Mt of low grade material stripped and pumped During the year, Morila paid a total of $25.7 million in directly into the pit from 2016 through to 2020; dividends to its shareholders. and ■ 15.5Mt of higher grade material (0.55g/t for Mining anD proDuction 275koz) processed through the plant, with the tailings also being deposited in the pit from 2016 Mining and processing of pit 4S was successfully through to 2019. completed at the end of March 2015 as planned. Waste was dumped in both pit 4N and pit 5 to reduce The TSF decapping activity commenced in April 2015 the hauling cost. Total tonnes mined in 2015 was with a total of 3.5Mt of waste discharged directly into 3.4Mt including 939kt of ore at 2.85g/t. the pit during the year. Morila is planning to mine ore from the Domba pit Domba proJEct during 2016, subject to agreement with the community The Domba project consists of a satellite deposit and government on relocation of a part of the village. located 6km to the northwest of the main Morila Timeous approval by the Malian authorities should open pit. The mineralisation is very different to result in first ore from the Domba pit being delivered in that of the Morila orebody, consisting of multiple Q2 2016, after which the mine is planning to switch to subparallel lodes along a north south corridor.
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