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Randgold Resources' (GOLD) CEO Mark Bristow on Q3 2017 Results - Earnings Call Transcript

Nov. 04, 2017 4:14 PM ETBarrick Gold Corporation (GOLD), ABX:CA
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Randgold Resources Limited (NYSE:GOLD) Q3 2017 Results Earnings Conference Call November 2, 2017 11:00 AM ET

Executives

Chris Coleman - Non-Executive Chairman

Mark Bristow - CEO

Graham Shuttleworth - CFO

John Steele - Technical and Capital Projects Executive

Analysts

Dan Major - UBS

Alain Gabriel - Morgan Stanley

James Bell - Bank of America Merrill Lynch

Richard Hatch - RBC

Robert Bonte-Friedheim - BlueCrest

Chris Coleman

Good morning, ladies and gentlemen, and welcome to Randgold's Third Quarter Results. In a busy and productive quarter, the main operational focus was on steering Kibali to the eminent commissioning of its fully automated underground haulage or handling and shock system, which, as Mark will explain, is a first for Africa and also one of the most sophisticated of its kind in the global mining industry.

Ranking among the world's largest gold mines, Kibali is an enormous and complex enterprise built in one of Africa's most remote and least-developed regions. And it's also the latest in a long series of technological challenges that Randgold has taken on and overcome.

Since the start, at the opencast Morila mine, with its simple three milling ore, the company has, with each subsequent project, introduced new mining methods and metallurgical processes. Loulo evolved into Randgold's first underground mine, with Gounkoto adding a large-scale open pit to the complex.

Tongon's complex ore called for significant innovations in crushing, milling and floatation, including the introduction of ultrafine grinding. Kibali has a 20,000 tonnes per day plant, which employs a combination of processes from Randgold's other mines to treat different ore feeds from multiple sources. And looking ahead, Massawa will more than likely represent another technological advance, this time involving a bioleaching process to treat refractory ore.

Now Randgold has been able to progress in this way because it has always

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