Kibali Gold Mine Officially Opens Today

kibali gold projectThe Kibali gold mine, located in  Democratic Republic of Congo (DRC), officially opened today.

The mine is a joint venture of 2 mining giants Randgold Resources (LSE: RRS) (NASDAQ: GOLD) and AngloGold Ashanti (NYSE: AU). Kibanki gold mine is expected to be one of the biggest gold mines in Africa once it is on its full operation. It is expected to produce about 600,000 ounces a year on its first 12 years of its operation life.

Randgold and AngloGold both have 45% share and the remaining is owned by the Democratic Republic of Congo (DRC).

Kibali produced about $68.3 million in September to December 2013, although it was still not in full operation. The mine produced rooughly about 88,200 ounces of gold.

AngloGold Ashanti chief executive Srinivasan Venkatakrishnan said: “The government now has an important opportunity to show the world that it is welcoming of gold mining by helping to create what can in a short time become one of the largest gold producers in the world and an engine of growth for this region and this country.”