(Ecofin Agency) - Randgold Resources, which has gold assets in Africa, recorded significant progress during the last three months, in the development of the Tongon gold project located on the Nielle permit, about 55 km from the Côte d'Ivoire border with Mali.

The mining company listed in London and New York reported this development which concerns the achievement of its production goals, in an update on 25 July.

It declares, among other things, an improvement in the recovery rate of the mine, in spite of the difficulties experienced due to an erratic supply of electricity from the national grid. The gold company has, one learns, carried out the extension of its exploration beyond the Nielle permit, notably to the Boundiali permit.

Under this other permit, a series of targets covering a strike of 66 kilometres has been identified at the western edge of the Boundiali belt believed to be the extension of the Syama gold strike located in Malian territory.

On the Fonondara target, Randgold reports having drilled six trenches on a strike of 1.5 km which exposed a large ore system averaging 16 metres at 2.96 g/t. “In extending targets beyond Tongon, we have intensified our exploration efforts in Côte d'Ivoire thanks to its favourable new mining code and the results confirm our belief in the high potential of the country's prospectivity”, commented Mark Bristow, Chief Executive of Randgold Resources.

Randgold Resources holds 89% in the Tongon gold project in Côte d'Ivoire, where it announced, some months ago, its objective to produce about 260,000 ounces of gold at a total direct cost of US$820 per ounce in 2015.