How Randgold Resources delivers more than gold to Africa
Though that is crucial in the success of a company, as well as a key elemen...
It’s not all about generating value for stakeholders in the mining industry.
Though that is crucial in the success of a company, as well as a key element of generating future investment, there are other elements that factor into the success of the mining industry.
Take Randgold Resources for example. Situated within the major greenstone belts of West and Central Africa, the company has a strong commitment to developing human capital as well as its natural resources for the benefits of stakeholders.
This is exemplified in its youth gold academy, a joint initiative between the company and an Ivorian sport promotion business called Team STL. The academy aims to provide talented but underprivileged children with a first-rate academic education, all against the backdrop of their golf training.
World Class deposits brining home town growth
Randgold Resources operates five world class mines across Africa – Loulo Gounkoto and Morila in Mali. Tongon in Cote d’lvoire and Kibali in the DRC. The company also has a major project in Massawa in Senegal and a portfolio of exploration projects in prospective gold belts of West and Central Africa.
At December 31 2015, two of the most productive mine deposits under Randgold were the Kibali deposit which produced 642, 720 oz of Gold and the Loulo Gounkoto complex which produced 630, 167oz of gold.
The Kibali mine has a reserve base at 11.6Moz and still growing, it ranks as one of the largest gold mines in Africa. Throughout the development of the project, $2 million has been invested in direct contribution to community development with $1 million on local economic development projects.
More than $1 billion has been spent with Congolese suppliers and contractors project to date.
Any human heart
Randgold is committed to protecting its most important assets – the people. In actual fact, 92 percent of all employees and contractors are host country nationals, while 100 percent of senior management teams at Loulo, Morila and Gounkoto are Malian.
The company spends upwards of $1.3million on formal training to create a knowledgeable, effective but most importantly safe mining workforce. In the last year, there has been a 25 percent decrease in the total injury frequency rate, with zero lost time injuries at Gounkoto and Morila.
All but one of mines are accredited to OHSAS 18001 International safety standard, with the Kibali mine being assessed this year.
Part of this commitment to safety has seen Randgold ensure that each mine site has an emergency response team, with rescue teams on hand for underground operations. There is also a number of refuge chambers where workers can seek shelter from rock falls or cave ins.
Sussing out the secret to sustainability
All of Randgold’s mines are certified to ISO 14001 standard. To crunch some numbers, there has been a 45 percent decrease in significant environmental incidents in the last year while there has been an increase of 33 percent of energy used across all mines from clean energy sources.
$500,000 of investment was spent last year in protecting one of the DRC’s natural world heritage sites, resulting in a 40 percent improvement in climate change disclosure from CDP.
A goldmine in golf
As noted above, in April 2016 Randgold and Team STL created the Cote d’lvoire’s very first golf academy for children. Designed to provide first rate education to over 100 children across the country, Chief Executive Mark Bristow believes it as testament to the company’s commitment to growing and nurturing the future workforce of the local community.
“We are committed to discovering and nurturing talent in our host countries, and by giving youngsters the opportunity to develop their athletic as well as their academic potential, the academy will add an extra dimension to this drive,” he said.
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Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.