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RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
("Randgold" or the "Company")
Randgold Resources Limited is pleased to announce that, together with
AngloGold Ashanti Limited ("AngloGold"), it has entered into a definitive
agreement with L'Office des Mines d'Or de Kilo-Moto ("OKIMO") to purchase
an additional 20% stake in the Moto gold project (the "Moto Gold Project")
for an aggregate consideration of approximately US$113.6 million (the
"Acquisition").
On 15 October 2009, Randgold announced that, together with AngloGold, it
had completed the acquisition of Moto Goldmines Limited ("Moto"), a gold
exploration and development company which has a 70% interest in the Moto
Gold Project. The Moto Gold Project is being developed by Kibali Goldmines
sprl ("Kibali Goldmines"), a joint venture company which owns 100% of the
Moto Gold Project and in which OKIMO, a Congolese para-statal entity,
currently holds a 30% stake.
The Acquisition will be effected through the purchase from OKIMO of 20% of
the issued share capital of Kibali Goldmines which will be held through
Kibali (Jersey) Limited ("Kibali (Jersey)"), a company that is jointly
owned by Randgold and AngloGold and the same vehicle which holds Randgold
and AngloGold's joint venture interest in Moto. Following completion of
the Acquisition, Randgold and AngloGold will together hold a 90% joint
venture interest in Kibali Goldmines through Kibali (Jersey) (both directly
and indirectly) and OKIMO will hold the remaining 10% stake.
Increasing its stake in the Moto Gold Project through the Acquisition is in
line with Randgold's growth strategy of creating value by developing
discoveries rather than paying a premium for established operations. As a
result of the Acquisition, Randgold will dedicate the same management time
and expertise that will be required to develop the Moto Gold Project, but
will be able to leverage this intellectual capital over a larger economic
interest in the project, increasing the return for its shareholders.
To view the full text of this press release, paste the following link into
your web browser:
http://www.rns-pdf.londonstockexchange.com/rns/7344B_1-2009-11-1.pdf
Contact Information: ENQUIRIES Chief Executive Dr Mark Bristow +44 788 071 1386 +44 779 775 2288 Financial Director Graham Shuttleworth +44 1534 735 333 +44 779 614 4438 Investor & Media Relations Kathy du Plessis +44 20 7557 7738 Email: Website: www.randgoldresources.com