Modern Mining September 2016

EXPLORATION AND GEOSCIENCE

Exploration drives the Randgold success story Based on its track record over the past couple of decades, Randgold Resources is arguably the most successful gold explorer in Africa, with world-class deposits such as Morila (7,5 Moz), Yalea (7,2 Moz) and Gounkoto (5,9 Moz), all in Mali, and Tongon (4,9 Moz) in Cote d’Ivôire to its credit. As Group General

Manager Exploration Joel Holliday (left) recently explained to Modern Mining’s Arthur Tassell, the company’s high ‘strike rate’ is no accident but is based on a generative research programme which is unique in Africa, as well as hard, unrelenting work in the field which continues year in and year out through all the ups and downs of the commodities cycle.

H olliday says consistent fund- ing is one of the key principles guiding Randgold’s exploration effort. “Generally speaking, dis­ coveries don’t just come out of the blue,” he states. “They depend on sus- tained work over years. Most companies will cut budgets during downturns and this can be very disruptive to exploration programmes. By contrast, we maintain – and even increase – the

money allocated to exploration when times get tough. Fortunately, there is a keen apprecia- tion within Randgold, many of whose senior executives – including CEO Mark Bristow – have backgrounds in geology, that continuous well-resourced exploration is essential if the company is to make new discoveries and also replace depleted ounces.” Holliday, a geology graduate of the Uni­ versity of Portsmouth in the UK, has spent

A Randgold exploration team in the field in the north-eastern DRC in August this year.

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38  MODERN MINING  September 2016