Loulo-Gounkoto site visit…
January 2015
Overview…
Morila Gold Mine
Mali
Equity
Total reserves
Total resources
2013 production
40%
0.3Moz
0.6Moz
141 822oz
Loulo-Gounkoto Mine
Complex, Mali
Equity
Loulo:
Total reserves
Total resources
Gounkoto:
Total reserves
Total resources
Loulo-Gounkoto
2013 production
AFRICA
80%
5.3Moz
9.7Moz
2.3Moz
4.4Moz
Mali
Senegal
580 364oz
Massawa Feasibility
Project, Senegal
Equity
Total Reserves
Total Resources
83%
2.0Moz
4.7Moz
Côte
d’Ivoire
Tongon Gold Mine
Côte d’Ivoire
Equity
Total reserves
Total resources
2013 production
89%
2.2Moz
3.6Moz
233 591oz
2
Fiscal parameters summary…
LOULO
PARAMETERS
GOUNKOTO
Royalty on
gold sales
6%
6%
Corporate tax
rate
30%
30%
Corporate tax
minimum
0.75%
of revenue
0.75%
of revenue
Corporate tax
holiday
5 years
2011-2013
can extend on
further investment
from first production
2 years
Import duty
holiday
2000-2005
from first production
3 years
3 years
Fuel and lubricants exempted for LOM
Fuel and lubricants
exempted for LOM
none
none
Dividend
withholding tax
20%
20%
State
participation
financed by RRL
10% preferred
dividend
State participation
Not free
Tax
stabilisation
Indefinite
Indefinite
validity of convention
validity of convention
3
Discovery and development of
Loulo-Gounkoto Complex...
2011
2011
2012
2014
2014
Gounkoto first
gold from open pit
Gara UG
first gold
Loulo plant
expansion
Gounkoto
UG feasibility
commences
Production
exceeds
600 000oz
2010
Gounkoto
incorporated
as separate
company
Gounkoto
First dividend paid
to shareholders
2009
Gounkoto discovery
resource -
1997
Yalea discovery
resource -
1996
2006
Loulo UG
development starts
2008
2005
Yalea UG
first gold
Loulo UG
feasibility
approved
2003
BHP Mali acquired
Updated feasibility study
Gara resource – 659koz Total reserve 1.28Moz
2004
2005
Construction begins
on Loulo mine
Loulo mine
opening
4
Loulo-Gounkoto...organogram
GM Loulo
Chiaka Berthe
Operations Mngr
Tahirou Ballo
Mine Mngr Gounkoto
Thomas Frempong
Human
Resources
Samba
Diallo
Health &
Safety
Dr Mama
Kanta
Financial
& Admin
Daouda
Dembele
Open pit
Mining
Thomas
Frempong
Security
Harry
Jooste
Engineering
Abbas
Coulibaly
Mineral
Resources
Amadou
Famanta
Environment
/Community
Hilaire B
Diarra
UG
Mining
Mamou
Toure
Supply
Chain
Cheikna
Konare
Processing
Drissa
Arama
5
Safety and Health…
Loulo-Gounkoto…
safety, health, environment
0.4
Improving safety due to
proactive identification and
management of H&S risks
Decreasing malaria rate
No major environmental
incident reported
Both operations are certified
OHSAS 18001: 2007 and
ISO 14001:2004
m3
Fresh water/tonne of
ore milled m3
0.3
0.30
0.2
0.20
0.1
0.10
0.0
0.00
2011 2012 2013 2014
Addressing EBOLA threat
through an integrated
prevention programme
2012
2013
2014
LTIFR
2
2
1
1
0
0
Improved natural resources
management – water,
biodiversity and energy
2011
3
3
2010 2011 2012 2013 YTD
2014
2011 2012 2013 YTD
2014
Malaria 80
incidence rate
60
50
40
30
20
10
0
60
40
20
0
2010 2011 2012 2013 YTD
2014
Mineral Resources…
2011 2012 2013 YTD
2014
7
Reserves and resources…
Yalea deposit…
2003
2013
2.7Km
Planned drilling
900m
<0.7 g/t
0.7 - 3.0 g/t
3.0 - 4.0 g/t
4.0 - 8.0 g/t
> 8.0 g/t
Reserves…..3.3Moz @ 5.96g/t
Resources…5.9Moz @ 5.12g/t
10
Gara deposit…reserve and resource
envelopes
2003
2013
1.8Km
750m
<0.5 g/t
0.5 - 3.0 g/t
Previously drilled intercepts
Planned drilling
Reserves…..1.6Moz @ 4.32g/t
Resources…2.7Moz @ 4.18g/t
3.0 - 5.0 g/t
5.0 - 8.0 g/t
> 8.0 g/t
11
Opportunities…
Three world class orebodies:
Yalea
Gara
Gounkoto
Multiple ore sources which give flexibility for feeding the
plant
Several satellite orebodies on Loulo and Gounkoto leases
Very prospective groundholding
Exploration…
Randgold…controlling West Africa’s most
prospective gold belts
Legend JV
Reconnaissance mapping
completed along 17km strike 9 anomalous lithosample results
return between 0.23g/t and 5.9g/t
N
Bambadji
Permit
10km
Loulo
Bena
Permit
SENEGAL
MALI
Gounkoto
Permit reissued south of Gounkoto
permit
2km
Massawa
Bakolobi JV
Loulo
Gounkoto
Permit
reissued
5km
Main
Transcurrent
Zone
Senegal Malian
Shear
1km
Multiple
mineralised
intersections:
14m @ 2.47g/t
incl 5m @ 4.56g/t
8m @ 3.05g/t
incl 2m @ 4.58g/t
14
Loulo District…a proven world class
destination
Waraba
Apparent
Resistivity
Residual
1
6
4
Brownfields Exploration
Yalea and Gara structural
models generate new
targets along strike
New IP Targets
12 potential targets
being field validated
9
8
N
7
10
3
Geochemical
Orientation Study
New targets generated
in district; further
interpretation in Q4
11
5
PQ10
Gara
12
Loulo 2
P129
Deposit
High resistivity
Medium resistivity
Low resistivity
Loulo 3
2
Structural Mapping
Widespread “Gara Style”
fold related mineralisation
potential
P125
Yalea
2km
15
Loulo – Yalea…drill results show high grade
extension to orebody
Intersection
Yalea Structure
(upper strand)
Yalea long section looking west
Intersection
Yalea Structure
(lower strand)
Dip change
(Yalea Shear)
N
2.7Km
YaDH11
6.30m @ 1.99g/t
60o dip
80o
dip
Open
Exploration Targets
Conversion Targets
Open
Gold g/t
>8g/t
5–8g/t
3–5g/t
0.5–3g/t
<0.5g/t
YaDH13
41.0m @ 3.56g/t
YaDH15
30.7m @ 6.42g/t
Drilling intersected dilational structures giving increased grade and
width, exceeding expectations
High grade open to the south as well as at depth below the block
model, generating several new exploration targets
16
Loulo - Gara…focus on extending high
grade mineralisation
Gara long section
looking east
N
L0CP176
8.50m @ 6.74g/t
L0CP180
26.40m @ 4.49g/t
2Km
L0CP174
11.0m @ 5.88g/t
L0CP175
16.20m @ 5.96g/t
L0CP185
9.30m @ 10.48g/t
L0CP184
16.20m @ 5.96g/t
Open
L0CP178
9.20m @ 4.05g/t
Conversion Target
L0CP183
2.30m @ 8.33g/t
L0CP179
8.40m @ 3.15g/t
Gold g/t
>8g/t
5–8g/t
3–5g/t
0.5–3g/t
L0CP177
4.50m @ 5.63g/t
Open
L0CP186
12.80m @ 1.08g/t
Warp Fold
Axis
Exploration
Targets
‘S’ Fold
Axis
High grade mineralisation open down plunge
17
Processing…
Processing…
Simplified metallurgical flow sheet…
PRIMARY
CRUSHER
TAILINGS DISPOSAL DAM
8km
Upgraded
pipeline
Thickener and Clarifier
Secondary
Crushing
Tertiary
Crushing
Cyclones
Knelson
Concentrators
Yalea and Gara
Paste Plant
Intermediate Plant
Primary Mill
CIL Tank Farm
SOFT ORERegrind
Mills
Stockpile
Mineral
Sizer
Primary
Mill
Stockpile
Conveyor
AARL
Ball Mills
Ball Mills
Elution
Smelt-house
Accounting Sampling points
Gravity
concentrate
Eluate
Gold Bullion
20
Processing projects underway…
TSF elevated toe drain
Intermediate plant
Intermediate plant
Cyclone pumps and cluster
Oxygen plant upgrade
New Elution Circuit
Gravity circuit upgrade
ILR Gekko
21
Engineering…
Achieved in 2014…
Commissioning of paste fill plants at Gara and Yalea
Upgraded secondary crushing plant
Commissioning of additional medium speed generators (7
MW capacity)
Installation and commissioning of primary fans
Upgraded the oxygen plant by adding additional 10 tonnes
per day
Projects 2014 …
Intermediate plant
Paste plant cement silo.
New secondary crusher
Power plant extension
CM 9 & CM10 2014…
All CM’s Start & Stop in
LFO & run in HFO
The two CM’s were commissioned and they are in operation. The fire
suppression system for the 2 additional generators will be completed early in 2015
25
New UG primary fan and 10tpd
oxygen plant…
Gara
Installation and
commissioning of primary fans
Upgrade oxygen plant to
Yalea
improve the recovery
Focus for 2015…
Secure the mine medium voltage power distribution
Elution and regeneration upgrades
Improve oxygen distribution
Upgrade the Yalea underground crushing and
conveying system
Upgrade gravity circuit
Finalize refrigeration design for underground in 2015
Underground mining…
Loulo mining…
Yalea transverse area 15m wide with footwall development
Gara design in full retreat dependent on backfill
Primary and secondary stopes – reserves available vs backfill
Yalea
Developed reserves
2
Mt
1.5
1
0.5
0
Yalea
Transverse
Secondary stopes
Longitudinal
Secondary stopes
0.8
Gara
Mt
Gara
Backfill reserves
0.6
0.4
0.2
0
Longitudinal Secondary stopes
Full-Retreat
Yalea
Gara
29
Underground fill implementation…
CAF production
continues in both
mines until paste is in
full production
30
Loulo UG mining shows a steady
improvement…
Yalea and Gara achieved record production in Q3 2014
800
Tonnes mined
Gara UG
Yalea UG
700
600
500
400
300
200
100
0
Q1 - 2013 Q2 - 2013 Q3 - 2013 Q4 - 2013 Q1 - 2014 Q2 - 2014 Q3 - 2014
31
Procurement…
Supply routes to West African
operations…
Abidjan to Tongon
Abidjan to Morila
Dakar to Loulo-Gounkoto
Massawa
Loulo
Dakar
800 km
Morila
1000 km
Gounkoto
625 km
Tongon
Abidjan
33
Achievements 2014…
Integrated supply chain and finance SAP system successfully
implemented
Stock value as at December 31, compared to 2013, excluding fuel,
decreased by 34% or USD 24.4 million
Successful year end stock take with a negative variance of 0.8%
Negotiated new contracts for key reagents resulting in a reduction to
2012 prices
Opportunities…
Increase consignment agreements for more high volume
consumables, reagents, spares, etc in order to reduce inventory
holding (Current value of consignment stock at Loulo mine = USD
6.4 M)
Target to double over 2 years
Reduce stores further through continued effective demand
planning and optimisation of supply routes
Continued contract negotiation for group fixed pricing contracts to
reduce input costs
Gounkoto…
Gounkoto…exploration opportunities
Gounkoto North Area
Soil Geochemistry with EM
(AdTau)
Gounkoto NW / P64
New P64 geologic model
applied in north, generates
new targets
Gounkoto Resource
Advanced grade control
drilling completed at MZ4
and P64
Gounkoto MZ3
Conversion drilling
confirmed high grade, did
not deepen $1000/oz pit
shell.
N
Potential
targets
Interpreted
structure
Toronto
Trenching to test model and
oxide resource potential
Cover Mapping
Depth to saprock map over
project is underway
Toronto
MZ3 Deep
New target, down plunge of
MZ3 Extension
P64
Gounkoto SW
Mapping target structure.
Geophysics identifies
untested potential
MZ2
Gounkoto MZ1
Faraba
North
Gold in soil (ppb)
>100
30 – 100
1km
37
Gounkoto…MZ3 extension highlights upside
potential
Gold g/t
>8g/t
5–8g/t
3–5g/t
1–3g/t
0.5-1g/t
Reserves….. 2.3Moz @ 4.30g/t
Resources… 4.4Moz @ 4.28g/t
MZ1
MZ2
MZ3
GKDH430
6.60m @ 3.25g/t
MZ4
P64
GKDH428
6.75m @ 2.75g/t
P64
Open
GKDH424
16.95m @ 11.03g/t
GKDH418
14.50m @ 31.59g/t
GKDH423
5.70m @ 0.69g/t
MZ3
GKDH422
11.70m @ 0.85g/t
extension
open
High grade open at depth, new targets down plunge of controlling structures
GKDH421
6.50m @ 4.49g/t
GKDH426
37.50m @ 3.29g/t
38
Gounkoto UG Feasibility
Low capital design
Decline from pit
CAF plant on surface
No underground crushing
Vent raises to hole into the pit
Updated UG mine design
Potential ~1Moz reserve potential
Plan to start decline in 2018 and be at full production when pit completes
in 2020
Extends Loulo-Gounkoto plan to achieve close + 600koz for 10 years
39
Financial…
Mali, Loulo standalone…
operating results
9 months ended
30 Sep
2014
12 months ended
31 Dec
2013
31 Dec
2012
Mining
Tonnes mined (000)
2 141
4 251
9 825
Ore tonnes mined (000)
2 036
2 541
1 964
1 948
2 432
1 837
5.1
4.5
4.2
90.4
88.0
88.6
Ounces produced
288 299
308 420
219 745
Ounces sold
285 073
312 748
214 739
1 287
1 397
1 664
Cash operating costs* ($/oz)
606
692
684
Total cash costs* ($/oz)
683
776
781
3 924
-
7 212
Profit from mining activity* ($000)
172 026
194 190
189 588
Gold sales* ($000)
366 760
436 950
357 224
Milling
Tonnes processed (000)
Head grade milled (g/t)
Recovery (%)
Average price received ($/oz)
Gold on hand at period end# ($000)
41
Refer to Q3 2014 quarterly report for footnotes
Mali, Gounkoto standalone…
operating results
9 months ended
30 Sep
2014
12 months ended
31 Dec
2013
31 Dec
2012
Mining
Tonnes mined (000)
17 960
28 936
28 706
1 419
2 624
2 492
1 373
2 032
2 518
5.4
4.7
3.9
90.3
88.8
89.7
Ounces produced
214 790
271 943
283 479
Ounces sold
213 165
274 802
287 712
1 287
1 351
1 651
Cash operating costs* ($/oz)
521
541
607
Total cash costs* ($/oz)
598
622
706
1 977
-
4 749
Profit from mining activity* ($000)
146 904
200 444
272 112
Gold sales* ($000)
274 333
371 361
475 126
Ore tonnes mined (000)
Milling
Tonnes processed (000)
Head grade milled (g/t)
Recovery (%)
Average price received ($/oz)
Gold on hand at period end# ($000)
42
Refer to Q3 2014 quarterly report for footnotes
Loulo-Gounkoto complex…
operating results
9 months ended
30 Sep
2014
12 months ended
31 Dec
31 Dec
2013
2012
Mining
Tonnes mined (000)
20 101
33 188
38 531
3 454
5 165
4 456
3 321
4 463
4 354
5.2
4.6
4.0
90.4
88.4
89.2
Ounces produced
503 090
580 364
503 224
Ounces sold
498 238
587 550
502 451
1 287
1 376
1 657
Cash operating costs* ($/oz)
570
621
640
Total cash costs* ($/oz)
647
704
738
5 901
-
11 961
Profit from mining activity* ($000)
318 930
394 633
461 700
Gold sales* ($000)
641 094
808 311
832 350
Ore tonnes mined (000)
Milling
Tonnes processed (000)
Head grade milled (g/t)
Recovery (%)
Average price received ($/oz)
Gold on hand at period end# ($000)
43
Refer to Q3 2014 quarterly report for footnotes
Loulo-Gounkoto…5 year plan
Cash cost Production
$/oz
Oz 000
900
Capex
$m
Grade
g/t
Total cash cost/oz
800
7
Grade g/t
6
700
5
600
4
500
400
3
Capex $m
300
2
200
1
100
0
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Actual production
Total cash cost/oz
Capex
Grade
44
Contribition to Malian economy…to date
Gounkoto
Loulo
Local suppliers, local
salaries, community
investment
Royalties
$158m
Direct and
indirect taxes
Royalties
$69m
Dividends
paid
Local suppliers, local
salaries, community
investment
$60m
$407m
$243m
$1 526m
Direct and
Indirect
taxes
Total payment
$2.1 billion
$60m
Total payment
$425 million
45
Disclaimer…
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for the historical information
contained herein, the matters discussed in this presentation are forward-looking statements within the meaning of
Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934, and
applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements
with respect to the future price of gold, the estimation of mineral reserves and resources, the realisation of mineral
reserve estimates, the timing and amount of estimated future production, costs of production, reserve
determination and reserve conversion rates. Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as ‘will’, ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’,
‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of
such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be
taken’, ‘occur’ or ‘be achieved’. Assumptions upon which such forward-looking statements are based are in turn
based on factors and events that are not within the control of Randgold Resources Limited (‘Randgold’) and there
is no assurance they will prove to be correct. Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level of activity, performance or
achievements of Randgold to be materially different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to mining operations, including political risks and instability
and risks related to international operations, actual results of current exploration activities, conclusions of
economic evaluations, changes in project parameters as plans continue to be refined, as well as those factors
discussed in Randgold’s filings with the US Securities and Exchange Commission (the ‘SEC’). Although Randgold
has attempted to identify important factors that could cause actual results to differ materially from those contained
in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Randgold does not undertake to update any forward-looking
statements herein, except in accordance with applicable securities laws.
CAUTIONARY NOTE TO US INVESTORS: The SEC permits companies, in their filings with the SEC, to disclose
only proven and probable ore reserves. We use certain terms in this release, such as ‘resources’, that the SEC
does not recognise and strictly prohibits us from including in our filings with the SEC. Investors are cautioned not
to assume that all or any parts of our resources will ever be converted into reserves which qualify as ‘proven and
probable reserves’ for the purposes of the SEC’s Industry Guide number 7.
Randgold reports its mineral resources and mineral reserves in accordance with the JORC 2012 code. As such
numbers are reported to the second significant digit. They are equivalent to National Instrument 43-101. Mineral
resources are reported at a cut-off grade based on a gold price of US$1 500/oz.
The reporting of mineral reserves is also in accordance with Industry Guide 7. Pit optimisations are carried out at a
gold price of US$1 000/oz, except for Morila which is reported at US$1 300/oz. Mineral reserves are reported at a
cut-off grade based on US$1 000/oz gold price within the pit designs. Underground reserves are also based on a
gold price of US$1 000/oz. Dilution and ore loss are incorporated into the calculation of reserves. Cautionary note
to US investors: The United States Securities and Exchange Commission (the SEC) permits mining companies, in
their filings with the SEC, to disclose only proven and probable ore reserves. Randgold uses certain terms in this
annual report such as ‘resources’, that the SEC does not recognise and strictly prohibits the company from
including in its filings with the SEC. Investors are cautioned not to assume that all or any parts of the company’s
resources will ever be converted into reserves which qualify as ‘proven and probable reserves’ for the purposes of
the SEC’s Industry Guide number 7.
46