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Randgold targets development decision on Massawa gold project by year-end

Randgold Resources Ltd. will make a development decision on the Massawa gold project in Senegal at the end of the year. CEO Mark Bristow on June 11 said at a news briefing in Dakar that the feasibility study on the project is nearing finalization.

Bristow said the latest test work shows that 75% of Massawa's ore reserves can be processed through the low-cost gravity and leach method, overcoming the obstacle initially presented by the project's complex metallurgy. The remaining 25% would be produced at the end of the mine's life, either through the BIOX process, which involves pretreatment using biological oxidization, or sold as concentrate to a specialized process facility.

Exploration is aiming to expand the Massawa reserve, the general manager of exploration, Joel Holliday, said at the briefing, adding that it is short of the company's 3 million-ounce minimum requirement but all other metrics are positive.

A draft environmental and social impact assessment study is scheduled for submission in July.