Randgold, Newcrest join forces to explore Ivory Coast for more gold

Africa-focused gold producer Randgold Resources (LON:RSS) is partnering with Newcrest to explore for gold in the south-east of the Ivory Coast, as part of its ambitious plan to discover three new deposits in the next five years.

The area in the Ivory Coast is an extension of Ghana’s rich gold belt, Randgold said. Randgold will manage the exploration as well as any mines they find.

“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,” Randgold chief executive Mark Bristow said in a statement.

Bristow said earlier this month that the gold industry had neglected exploration, which would lead to a shortage of gold production over the next decade.

Randgold already operates the Tongon gold mine in the Ivory Coast and Bristow has said he is confident the country will deliver its next “world-class discovery”.

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