Randgold CEO expects new Congo projects by early 2016

KINSHASA, Oct (HKSE: 3366-OL.HK - news) 16 (Reuters) - Randgold Resources expects to expand operations in northeastern Democratic Republic of Congo by early next year, the company's chief executive Mark Bristow said on Friday.

Randgold operates the Kibali mine in northeastern Congo, a joint venture with AngloGold Ashanti (Xetra: AOD.DE - news) and state miner Sokimo. It (Other OTC: ITGL - news) also has a joint venture with Kilo Goldmines (CDNX: KGL.V - news) to explore for gold in the area.

"We have also engaged with a series of junior companies...to enter in joint ventures where we would be prepared to take over the project and complete the pre-feasibility (study) to earn a share in the project and take control," Bristow told a news conference in the capital Kinshasa.

Bristow added that Randgold currently has four confidentiality agreements in Congo and said he hoped to have news about exploration projects by his next quarterly news conference in Kinshasa.

Kibali and other new gold mines opened by companies like Banro Corporation (Toronto: BAA.TO - news) have boosted Congo's gold output from near zero in 2011 to over 20 tonnes last year.

Global gold production in 2014 stood at about 2,860 tonnes, according to the U.S (Other OTC: UBGXF - news) . Geological Survey. South Africa, which poured about 150 tonnes, was Africa's leading producer.

Kibali poured more than 525,000 ounces of gold in 2014, its first full year of production, and expects to produce more than 600,000 ounces this year. It is the second-highest producing mine for Randgold, which recorded revenues of $1.43 billion last year.

Congo, which hopes to become one of the continent's leading gold producers, increased output 69 percent in the first half of 2015 compared to the same period in 2014. (Reporting By Aaron Ross; Editing by Joe Bavier and Elaine Hardcastle)