RANDGOLD IN GROUND-BREAKING MINERAL RIGHTS EMPOWER
Reg No 1992/005642/06
Sharecode : RNG
ISIN: ZAE000008819
NASDAQ trading symbol: RANGY
For further information call:
Roger Kebble on +27 11 309-6037 or
John Berry on +27 11 309-6049 or +27(0)82 807 7744
RANDGOLD IN GROUND-BREAKING MINERAL RIGHTS EMPOWERMENT DEAL
Johannesburg, 12 February 2003 - Randgold & Exploration has announced that the
black empowerment company Marothodi Resources has obtained a 26% stake in its
mineral rights management company Minrico, which is to be developed as a fully
fledged, South African based resource company.
Minrico`s business to date has been the evaluation of Randgold`s extensive
minerals portfolio and the placing of selected rights with mining companies. It
also manages mineral rights on behalf of other mineral right holders. In all,
Minrico currently manages 3 million hectares of mineral rights in South Africa,
of which some 65% is being investigated by exploration companies. In addition,
Minrico will hold Randgold`s joint ventures for diamonds with SouthernEra and
Rio Tinto, and with Eurasia on the Doornbosch platinum project.
"Our creation of the Minrico concept in 1994 in effect anticipated the current
developments in the South African mineral rights dispensation. Following
Minrico`s incorporation two years ago, this business is now well positioned to
grow by taking advantage of the changes introduced in the Minerals and Petroleum
Resources Development Act, notably the use-it-or-lose-it provisions," said
Randgold chairman Roger Kebble.
He said the new Minrico would be drawing on the substantial exploration and
development skills its sister company Randgold Resources has developed in West
Africa, where among other things it discovered the Morila deposit and developed
this into one of the world`s top 10 gold mines. Minrico was also expanding its
local team as part of this exercise.
"We selected Marothodi as our partners in the development of the new Minrico
because we wanted to broaden participation in the mining industry beyond the
established empowerment players. We also believe that Marothodi`s principals,
Thelma Mathamelo and MK Mohlala, will add considerable value to the business
through their intellectual and networking capabilities. As a requirement of the
partnership between Randgold and Marothodi, a trust has been created to hold 25%
of Marothodi`s interests. This trust will focus on delivering broad based
empowerment to Minrico."
Thelma Mathamelo , who chairs Marothodi, is an entrepreneur with extensive
knowledge of the mining industry, and Mohlala is the chief executive of
Johannesburg City Power. They founded Marothodi in 2001 with the intent of
developing mineral resources to create employment opportunities, particularly in
disadvantaged areas.
Issued on behalf of Randgold & Exploration by du Plessis Associates.
dPA contact Kathy du Plessis on e-mail randgold@dpapr.com,
Tel: 27(11) 728 4701 or cell: (0)83 266 5847.
www.randgold.co.za
Date: 12/02/2003 01:47:00 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
