Randgold, Newcrest Form Joint Venture for Exploration, Development and Mining of Mineral Resources in Côte d'Ivoire

Randgold Resources and Newcrest have signed a heads of agreement to establish a joint venture for the exploration, development and mining of mineral resources in an area of interest in the south-east of Côte d'Ivoire. The area covers the extension of some of the more prolific Ghanaian gold belts and associated structures.

Randgold will manage the exploration programme as well as any mines that it produces. A technical committee of senior geologists from both companies will work closely with the Randgold exploration team and a joint venture board will oversee the exploration programme and any consequent development projects.

Randgold chief executive Mark Bristow said the joint venture would bring together two of the world's leading gold mining explorers in a concerted effort to unlock the potential of an area that has not yet been explored in depth.

"The bigger the footprint, the greater the opportunity, and both Newcrest and Randgold believe in Côte d'Ivoire and the potential for the discovery of truly world class gold deposits," he said.