Complete Annual Report 2009

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C M Y CM MY CY CMY K
Randgold Resources
Randgold Resources is an African
|
Annual Report 2009
focused gold mining and exploration
company with primary listings on the
London Stock Exchange and Nasdaq.
Annual Report 2009
|
Broadening horizons
Major discoveries to date include the 7.5 million ounce Morila
deposit in southern Mali, the 7 million ounce Yalea deposit
and the 3 million ounce Gounkoto deposit, both in western
Mali, the 4 million ounce Tongon deposit in the Côte d’Ivoire
and the 3 million ounce Massawa deposit in eastern Senegal.
Randgold Resources (‘Randgold’) financed and built the

Morila mine which since October 2000 has produced more
than 5.5 million ounces of gold and distributed more than
US$1.5 billion to stakeholders. It also financed and built the
Loulo operation which started as two open pit mines in
November 2005. Since then, an underground mine has been
developed at the Yalea deposit and construction of a second
underground operation is underway at the Gara deposit.
First gold production from the company’s new mine being
developed at Tongon is scheduled for the fourth quarter of
2010.
Randgold’s current major projects are Gounkoto on the Loulo

permit in Mali, Massawa in Senegal and Kibali in the
Democratic Republic of the Congo. In 2009 the company
acquired a 45% interest in the Kibali project, which now
stands at 9.2 million ounces of reserves and is one of the
largest undeveloped gold deposits in Africa. Randgold also
has an extensive portfolio of organic growth prospects, which
is constantly replenished by intensive exploration programmes
www.randgoldresources.com in Burkina Faso, Côte d’Ivoire, DRC, Mali and Senegal.
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Randgold Resources
|
Annual Report 2009
Annual Report 2009
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Broadening horizons

2010.

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Cover (R) 3/25/10 8:36 AM Page 2
WEST AFRICA
Key assets
MASSAWA LOULO MALI
GOUNKOTO
Dakar
SENEGAL
BURKINA
FASO
Contents
Bamako
Ouagadougou
GUINEA
MORILA
TONGON
SIERRA
LEONE CÔTE GHANA
AFRICA LIBERIA
D’IVOIRE 01 Marks of distinction | 01 Key numbers | 02 Our strategy continues to deliver growth
WEST Accra
DELIVERING GROWTH 04 Chairman’s statement | 06 Directors | 08 Chief executive’s review | 12 Executives and officers
Abidjan 14 Financial review | 18 Market overview | 20 Senior management
AFRICA
600km
OPERATIONS 22 Loulo mining complex | 28 Morila mine
CENTRAL
AFRICA Birimian Belt PROJECTS AND 32 Tongon mine development | 38 Gounkoto project | 42 Massawa project | 48 Kibali project
Proterozoic Plutonic EXPLORATION 54 Exploration review | 78 New business
CENTRAL AFRICA rocks
RESERVES AND RESOURCES 80 Table of mineral rights | 80 Resource triangle | 81 Annual resource and reserve declaration
CENTRAL AFRICAN PEOPLE AND 84 Social responsibility, sustainability, environment and human resources report
SHAREHOLDERS’
REPUBLIC PARTNERSHIPS
CAMEROON
KIBALI 90 Corporate governance report | 96 The remuneration report | 103 Nomination and governance report
DIRECTORS’ REPORTS 104 Directors’ report
UGANDA KENYA
CONGO
DIARY
GABON DEMOCRATIC 106 Statement of directors’ responsibilities | 107 Report of the independent auditors
REPUBLIC RWANDA FINANCIAL STATEMENTS 108 Financial statements
OF CONGO BURUNDI
Kinshasa
TANZANIA 152 Directory | 153 Operations | 154 Analysis of shareholding | 156 Group structure
SHAREHOLDERS’ 157 Notice of annual general meeting | 159 Proxy form | 160 Notes to proxy form
INFORMATION 161 Shareholders’ diary
Financial year end 31 December
Annual general meeting Tuesday 4 May 2010
ANGOLA ZAMBIA
600km
ANNOUNCEMENT OF QUARTERLY RESULTS
Archean
First quarter Thursday 6 May 2010
Mesoproterozoic
Second quarter Thursday 5 August 2010
Third quarter Tuesday 9 November 2010
Year end and fourth quarter Monday 7 February 2011
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Stock exchange Ticker symbol
Randgold BHP IPO and Tongon Gold price Morila pours US$81m Nasdaq Net profit of Work starts Loulo begins Develop- Go-ahead Construction
Resources Minerals listing on discovered at 20-year first gold returned to listing US$47.5m on new production ment of for Tongon of Tongon TICKER SYMBOLS
incorp- Mali London low shareholders posted Loulo mine Yalea under- mine starts London Stock Exchange (ords) RRS
orated acquired Stock Morila ground Nasdaq Global Select Market (ADRs) GOLD
Exchange Go-ahead produces Cash grows starts US$240m First ore from
Yalea and for Morila one million to US$100m equity Yalea under-
Morila ounces in placing ground Note that the above dates may be subject
to change and should be confirmed by
discovered one year secures checking on the website closer to the time.
funding Massawa
major new
discovery
Cover photograph: Taken by West Africa exploration manager Joel Holliday from the bottom
of the Gara pit at Loulo, this photograph shows the mineralised quartz tourmaline of the orebody
as the dark black rock in the foreground; the red and yellow upper portion is the oxidised
weathered horizon, rich in clay and iron, of the exposed pit.
Randgold Resources Limited

Incorporated in Jersey, Channel Islands
Registration Number 62686 Designed and produced by du Plessis Associates
RANDGOLD RESOURCES | ANNUAL REPORT 2009 161
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WEST AFRICA
Key assets
MASSAWA LOULO MALI
GOUNKOTO
Dakar
SENEGAL
BURKINA
FASO
Contents
Bamako
Ouagadougou
GUINEA
MORILA
TONGON
SIERRA
LEONE CÔTE GHANA
AFRICA LIBERIA
WEST Accra
AFRICA
600km
CENTRAL
SHAREHOLDERS’
CAMEROON
UGANDA KENYA
CONGO
DIARY
OF CONGO BURUNDI
Kinshasa
ANGOLA ZAMBIA
600km
Archean
Mesoproterozoic
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
funding Massawa
major new
discovery

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Cover (R) 3/25/10 8:37 AM Page 3
Marks of distinction
Proven ability to Strong balance sheet
discover multi-million to support funding of
ounce gold deposits new developments
and convert them into
profitable mines Conservative business
plan modelled on
Substantial pipeline of US$700/oz gold price
future prospects -
production estimated West African hub
to increase 50% by provides operational
2011 leverage through
shared infrastructure
Cost profile being
driven down by higher DRC entry extends
anticipated grades and presence into
volumes prospective new
goldfield
Superior historic and
prospective reserve Pure gold focus with
growth per share undiluted exposure to
gold price upside
London Stock Exchange: RRS

NASDAQ: GOLD
Key numbers
31 Dec 31 Dec
US$000 2009 2008
Gold sales* 434 194 338 572

Total cash costs* 249 183 199 970
Profit from mining activity* 185 011 138 602
Profit before income tax and financing activities 113 764 75 937
Net profit 84 263 47 020
Net profit attributable to equity shareholders 69 400 41 569
Net cash generated from operations 63 747 57 501
Cash and cash equivalents 589 681 257 631
Attributable production (oz)§ 488 255 428 426
Group total cash costs per ounce (US$)*§ 510 467
Group cash operating costs per ounce (US$)*§ 458 421
* Refer to explanation of non-GAAP measures provided in note 25 on page 147.
§ Randgold Resources consolidates 100% of Loulo and 40% of Morila.
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01-20 Achievements (R) 3/25/10 8:38 AM Page 1
OUR STRATEGY CONTINUES

TO DELIVER GROWTH
What we achieved
Profit up by 79% year-on-year and
dividend up 30%
Cash in hand increased to US$590 million after
successful equity placement; no net debt
Group production up 14% on the back of
Loulo output record
Tongon project on track for Q4 2010
production
Massawa prefeasibility delivered 1.5Moz
of reserves; more upside potential
Gounkoto discovered - high grade deposit
with underground potential
Group attributable reserves increased by 75%
Moto acquisition completed and Kibali
stake upped to 45%
Kibali reserves increased by 67% to 9.2Moz
Morila successfully transitioned - strong
cashflow generated
02 RANDGOLD RESOURCES | ANNUAL REPORT 2009
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What we’re working on

Ramp up Loulo production to
plus 400 000 oz in 2010
Advance Gara underground

development for first ore by year end
Complete and commission Tongon

to start production in Q4 2010
Complete Gounkoto and Massawa

feasibility studies
Progress Kibali for first production

in 2014
Continue to build resource base

and prospect pipeline
RANDGOLD RESOURCES | ANNUAL REPORT

REPORT 2009 03
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CHAIRMAN’S
STATEMENT
Consistent strategy delivers record results
Randgold established as an African mining leader
Foundations laid for next growth phase
The record results achieved in 2009, the most challenging year in

the company’s history, have underlined Randgold’s growing stature
as a leader in the African gold mining industry. They have also
demonstrated again the crucial importance of a strategy focused
on the long term creation of value rather than on seizing short term
gains.
It was a year in which the gold price strengthened further, and while this contributed
to the company’s performance, it is worth noting that, as the philosopher Seneca
observed, if you do not know to which port you are sailing, even a favourable wind
will not carry you there. Randgold has always had a clear vision of where it wants
to go. Consequently it has been able to benefit fully from gold’s buoyancy at a
time when much of the industry continued to grope for a way forward. That is why
in 2009 Randgold was able to pluck some of the fruits of its past investments in
the discovery and development of profitable gold projects, as well as in people and
partnerships.
By the same token, we believe that the work done during the past year will deliver
its rewards in times to come. As Mark Bristow details in his Chief Executive’s
Review elsewhere in this report, in 2009 the foundations were laid, through organic
development as well as acquisition, for the next stage in the company’s growth.
At this raised level, Randgold’s horizons are being broadened significantly on every
front: the geographical spread of its activities; its resource base and production
profile; and the reach of its ambitions.
The extension of Loulo, the new mine taking shape at Tongon, the advanced
projects at Gounkoto and Massawa, the expansion into the Democratic Republic
of the Congo and, by no means least, the drilling rigs that continue to turn across
Africa’s most prospective gold belts, are all designed to sustain Randgold’s profitable
growth - and its ability to deliver value to all its stakeholders - far into the future.
This process is taking place in a complex operating environment and in markets

which are regulated with increasing rigour. Here as well Randgold’s strategy-driven
approach and the sound business principles which have been entrenched in its
structures and systems serve it well, enabling the company to deal effectively with
operational risk and to meet high standards of governance. In the latter regard,
Randgold’s approach consistently has been to comply not only with the letter but
with the spirit of regulation, incorporating this as a key component of its accountability
to stakeholders.
The company, last year, also showed again that its exploration and operational
expertise is matched by its corporate competence, executing the contested
acquisition of Moto (one of the gold mining industry’s more complex M&A transactions)
and the subsequent purchase of a further 20% interest for the joint venture in Moto’s
Kibali project with well-ordered efficiency.
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Randgold has grown in a relatively short time from a junior explorer to a

substantial, integrated gold company which has a market capitalisation in
excess of US$6 billion and is included in the FTSE 100 index. In line with
its long term approach to all aspects of its business, the company has
consistently invested in the development of its intellectual capital, building Philippe Liétard - Chairman
a balanced and versatile management team capable of dealing with the
demands of growth - a team, in fact, which is widely regarded as one of the
best in the industry. We apply the same principle of intellectual enlargement
and renewal at board level, and in this regard have recently appointed
Dr Kadri Dagdelen as a non-executive director. Dr Dagdelen is an eminent
academic, who is a professor and departmental head at the Colorado School
of Mines in the USA. His technical knowledge and industry experience will
be a significant asset in our strategic direction of the company. The board
has adopted a charter formally setting out its functions and responsibilities
to spell out the accountability for the company’s performance and strategic
direction.
The development of people and partnerships ranks alongside the discovery

and exploitation of profitable gold deposits in the Randgold business
philosophy. Central to this is the company’s belief that it should create value
not only for investors but for all its stakeholders, and in particular its host
countries.
Arising from this creed, and in line with its commitment to the long term, RANDGOLD SHARE PRICE
Randgold has a strong sense of responsibility to the countries and communities PERFORMANCE AND GOLD
in which it operates. Extending far beyond the payment of taxes and the
PRICE
creation of employment, this is evident in everything the company does,
from the initial social and environmental impact studies for a new project to
the preparations for the closure of a mine. It also includes the provision of £ US$ US$/oz
education and healthcare facilities as well as the improvement of basic 55 110 2 000
infrastructure in what are generally impoverished areas. These initiatives,
incidentally, are not imposed unilaterally but are devised and implemented 50 100 1 800
in close consultation with the communities concerned.
45 90
1 600
The ideal model for successful and sustainable mining in Africa, as Randgold
has often stated, is that of a partnership between the company, its investors 40 80
and the host government. The results of the past year have again 1 400
demonstrated how effective this can be. I would like to thank the governments, 35 70
the mining authorities and the people of the countries in which Randgold 1 200
operates for the contribution they made through the provision of their 30 60
resources and the maintenance of an enabling environment. Our shareholders 1 000
stood squarely behind us in the Moto acquisition and the equity placement,
25 50
and I thank them as well for their continued support. I would like to place
on record our appreciation of our joint-venture partners and our other business 800
20 40
associates, advisors and suppliers. On a personal level I would firstly like
to offer my thanks to Aubrey Paverd and Bernard Asher, who both retired 600
15 30
at the last AGM, for their substantial contribution to the company in its
formative years and secondly to express my gratitude for the strategic 400
10 20
counsel of a board which is independent in its thinking and commands a
wide range as well as a deep level of skills. Finally, on behalf of the board
5 10 200
and all our stakeholders, I wish to pay tribute to Mark Bristow and the
Randgold team for yet another accomplished performance.
0 0 0
J F M A M J J A S O N D J F
2009 2010
Share price (Nasdaq: GOLD) (US$)
Philippe Liétard Share price (LSE: RRS) (£)

Chairman Gold price (US$/oz)
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DIRECTORS
Philippe Liétard D Mark Bristow

Non-executive chairman # Chief executive
Managing director of the Global Natural Resources Chief executive since its incorporation of Randgold,
Fund from 2000 to 2003. Prior to July 2000, he which was founded on his pioneering exploration
was director of the Oil, Gas and Mining Department work in West Africa. Has subsequently led the
of the International Finance Corporation. His company’s growth through the discovery and
experience in corporate and project finance with development of world-class assets into a major
gold mining business with a market capitalisation
UBS, IFC and the World Bank extends over
of more than US$6 billion. Has also played a
30 years, most of them in the minerals business
significant part in promoting the emergence of a
and in Africa. Now an independent consultant sustainable mining industry in West Africa. A
and a promoter of mining and energy investments. geologist with a PhD from Natal University, South
Appointed a director in February 1998 and Africa, has held board positions at a number
chairman in November 2004. of global mining companies and is currently a non-
executive director of Rockwell Resources
International.
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Photographed in January 2010 while inspecting the newly constructed

dam wall at the Tongon mine’s main water storage facility: board members
(from left to right) Kadri Dagdelen, Christopher Coleman, Robert Israel,
Graham Shuttleworth, Mark Bristow, Philippe Liétard, Karl Voltaire, Jon Walden
and Norborne Cole Jr.
Graham Shuttleworth Robert I Israel *

Financial director Non-executive
Joined Randgold as chief financial officer and financial Until April 2000, a managing director of Schroder & Co
director in July 2007 but had been associated with the Inc and head of its energy department, he is now partner
company since its inception, initially as part of its at Compass Advisers, LLP. He holds a BA from
management team involved in listing the company on Middlebury College and an MBA from Harvard Business
the LSE in 1997, and subsequently as an advisor. School. His experience in corporate finance, especially
A chartered accountant, he was a managing director in the natural resources sector, extends over 30 years.
and the New York-based head of metals and mining for Joined the Randgold board in 1997.
the Americas in the global investment banking division
of HSBC before taking up his new position at Randgold. Karl Voltaire ~ $
At HSBC he led or was involved in a wide range of Independent non-executive
major mining industry transactions, including Randgold’s A graduate in mineral resources engineering from the
Nasdaq listing, and subsequent equity offerings. Ecole des Mines in Paris, he holds an MBA and a PhD
in economics and finance from the University of Chicago.
Norborne P Cole Jr @ * He started his career as a mining engineer in Haiti and
Senior independent non-executive subsequently spent 23 years in the World Bank Group
Started working for the Coca-Cola Company as a field in Washington DC, the bulk of these at the International
representative in the USA in 1966 and advanced steadily Finance Corporation (IFC) where his last position was
through the organisation, becoming chief executive of that of director of global financial markets. Subsequently
Coca-Cola Amatil in Australia in 1994, a position he held he was director of the Office of President at the African
until 1998. Under his leadership, Coca-Cola Amatil grew Development Bank. He was the CEO of the Nelson
into the second largest Coca-Cola bottler in the world. Mandela Institution from 2005 to 2009, and is currently
Now based in San Antonio, Texas, he serves on the a member of the Board of Trustees of the African University
boards of a number of US companies. Became a director of Science and Technology. Was appointed to the
of Randgold in May 2006. Randgold board in May 2006.
Christopher Coleman * ^ $ Jon Walden ^

Independent non-executive Independent non-executive
Co-head of banking at NM Rothschild, a director of A chartered accountant, he is the senior independent
NM Rothschild & Sons, chairman of Rothschild Bank director at Morgan Sindall plc and chairman of
International in the Channel Islands and serves on a HR Owen plc. He was formerly the managing director
number of other boards and committees of the Rothschild of Lex, the UK’s leading vehicle leasing company and a
Group, which he joined in 1989. A BSc (Econ) graduate subsidiary of HBOS, and was a former main board
from the London School of Economics, he served as a director of RAC plc, where he held a number of senior
non-executive director of the Merchant Bank of Central positions during his executive career. He was appointed
Africa from 2001 to 2008. Was appointed to the Randgold to the Randgold board in November 2008.
board in November 2008.
Kadri Dagdelen ^
Independent non-executive
A professor and head of the Department of Mining
Engineering at the Colorado School of Mines, USA, he
began his professional career as a mining engineer at
Homestake Mining Co (now Barrick Gold Corporation)
and was the technical services manager when he left for
academia in 1992. With a PhD in Mining Engineering
and an ME in Geostatistics he has been involved in
numerous research and consulting projects worldwide,
also serving on the board of directors of the Society of # Chairman of nomination and governance committee
Mining, Exploration and Metallurgy in USA for six years ~ Chairman of audit committee
@ Chairman of remuneration committee
and chairing other professional societies that support
* Member of nomination and governance committee
the mining industry. He joined the Randgold board in ^ Member of audit committee
January 2010. $ Member of remuneration committee
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CHIEF EXECUTIVE’S
REVIEW
Profit, production and reserves increased substantially
Loulo expansion starts to deliver
Tongon on track for Q4 2010 production
Robustness of Gounkoto and Massawa projects confirmed
Kibali projected to pour first gold in 2014
Strong balance sheet secures development funding
At the beginning of 2009, we knew we were in for a tough year

but we also believed we were well prepared for it. Looking back,
that’s exactly what happened. We had to deal with some daunting
challenges in operations as well as new business, but the team
rose magnificently to the occasion, and what was the most difficult
year in our history was also the most successful.
In the end, we finished well in every sphere of our business. Profit was up 79%
for the year on the back of a 14% increase in gold production - achieved thanks
to a 36% surge at Loulo and despite a 20% decline at Morila. We advanced the
Yalea underground development in the face of some technical hitches and started
work on Gara, which will be the second underground mine at Loulo. Our new
Tongon mine is ahead of schedule, and should pour its first gold early in this year’s
fourth quarter. Our exploration teams enhanced Loulo’s flexibility, completed the
prefeasibility study on Massawa while progressing our regional exploration in this
exciting new region, and delivered a major new discovery on the Loulo lease, in
the form of Gounkoto, now being fast-tracked through its prefeasibility phase.
On the corporate front, we had a successful fully registered equity placement,

ending the year with US$590 million in cash and no bank debt on the balance
sheet. We also completed the contested acquisition of Moto, purchased an additional
20% stake in its Kibali project on behalf of the joint venture, and subsequently
managed the successful integration of the company and the project into our
business.
None of this would have been possible had it not been for our strategy which is
core to our business and a management team that is fully committed to it.
Operations beat the odds

The past year was one in which Loulo truly earned its status as our flagship. The
team had to contend with ambitious production targets and the commissioning
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of a complex plant expansion project as well as the demands of a difficult

underground development at Yalea, and came up trumps with record
production and profit. This fine performance was made possible by the
increase in throughput from the expanded plant as well as the flexibility
Mark Bristow - Chief executive
provided by our geologists’ development of the Loulo 3 satellite deposit.
(The exploration team continues to add more targets and ounces within
trucking distance of the plant.) In December, we decided to take over the
work at the Yalea underground ourselves from the contractor; the rate of
development and ore production have since both improved.
The effort and attention we concentrated on Loulo and Yalea did not distract
us from Gara, which will be the complex’s second underground mine. The
boxcut is scheduled for completion in the first quarter of this year and with
development due to start in the following quarter, we expect to access the
first ore by the end of 2010.
The overall Loulo expansion programme is still on the critical path and
continues to receive management attention. Management is committed to
meet its 2010 production goal of plus 400 000 attributable ounces.
Our Morila joint venture was successfully converted to a stockpile treatment

operation at the beginning of 2009. Morila also had a very good year in its
new incarnation, exceeding its production forecast and beating its dividend GROWING OUR BUSINESS
target by more than 30%. While its output will continue to decline, it will PROFITABLY
remain a strong cash generator for the next two years, after which we plan
as part of the closure strategy, to transform it into an agribusiness for the Forecast attributable
production (Moz)
benefit of the local community. 1.4
Tongon takes shape

1.2
In Côte d’Ivoire, meanwhile, development of the Tongon mine is slightly
ahead of schedule and, at this stage, still under budget. The first mill is
already on its foundation, all 14 CIL tanks have been installed and the standby
1.0
power station is being commissioned in stages. Most of the equipment has
arrived on site and construction of the various plant elements is making
good progress.
0.8
There are now some 1 600 people on site and the management of the
transition from construction to operation has begun. The operating team 0.6
for the mine has been appointed, the manpower plan completed, and the
selection and training of key operators and artisans are under way. Provided
there are no major setbacks, we plan to start feeding ore to the plant by 0.4
October this year. Should we achieve this, Tongon’s production for 2010
is forecast to be around 75 000 ounces.
0.2
Progressing the new discoveries

Gounkoto, which is some 25 kilometres south of Loulo but within the
same mining lease, is proving to be a very exciting discovery. The scoping 0
study indicated a high grade open-pittable deposit in excess of 2.5 million 2010 2011 2012 2013 2014
ounces and, with the prefeasibility study now nearing completion, the
project just gets better. It shows some striking similarities to Morila - a PROJECTS
good consistent grade, a consistent orebody and a relatively simple Tongon (89%)* Gounkoto (80%)*
metallurgy with high recoveries - and, of course, its proximity to Loulo offers Loulo (80%)* Massawa (83%)*
significant synergistic and logistical advantages. Morila (40%)* Kibali (45%)*
* Attributable percentage
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These will become even more attractive when the new Bamako/Dakar highway is completed,
which is expected to be within the next two years. If all goes according to plan, we could start
building a mine there in 2011.
After Gounkoto, Massawa in Senegal, which is already at the feasibility stage, is our next organic
growth prospect. It is more complex than Gounkoto in terms of metallurgy as well as structural
controls and modelling, but it offers some significant upside. The long strike length, the setting
at a greenstone belt boundary and the different styles of mineralisation are reminiscent of the
famous Obuasi gold deposits in Ghana. In addition, extensions and nearby satellite deposits
could hold considerable potential. Although technically challenging, it is a significant asset in
our development portfolio and the board has approved the prefeasibility study which confirms
the project meets our investment criteria.
Getting to grips with Kibali

Our team moved on site at the Kibali project in the Democratic Republic of the Congo on
16 October and within a matter of three months their review of the existing data had resulted
in a significant upgrade in the quality of the resources and a spectacular increase in the reserves,
which now stand at 9.2 million ounces.
While I believe there is a lot more to come, this is already enough to move ahead with the
development of the mine. We recently published a development road map which essentially
allows two years for resettlement and site clearing - a massive exercise that will involve the
relocation of some 15 000 people over three phases - and a further two years for the construction
of the mine, with first production scheduled for 2014. The challenge now is to convert this road
map into a detailed business plan, schedule and budget. In addition to finalising the relocation
action plan and the environmental and social baseline studies, we will be updating the feasibility
study to include the new reserves, optimising the underground and pit interface and focusing
on critical issues such as the hydropower strategy, the water management plan, the underground
portal positions and the backfill and stoping designs.
While the Moto acquisition happened relatively quickly for such a complex transaction, it was
in fact not an opportunistic thrust but the product of three years of strategic planning and
preparation. During that time we were often criticised for not joining the mining industry’s M&A
mania and for what was perceived as our overly conservative focus on organic growth. As we
said then, we were and are not acquisition-averse on principle: we were simply looking for the
right opportunity - one that could rank with our own discoveries in terms of value creation
potential and strategic significance. Moto was that and more. It has not only given us a 45%
stake in Kibali - which has every chance to become one of the world’s great gold mines - but
it has also broadened our horizons into Central Africa, which we have long targeted as a gold
region with great potential.
The engine that drives the train

The excitement generated by the Moto/Kibali acquisition will not, however, distract us from our
key strategy of organic growth through exploration success and our primary objective is still
to create value through the development of profitable mining projects.
The past year was one of considerable achievement on the exploration front. The discovery
of Gounkoto was obviously a major event, but so was the conversion of Loulo 3 into a significant
satellite deposit, with continuing exploration along the Yalea structure turning up more potential
for additional ounces. At Massawa, the team delivered a positive prefeasibility, while I have
already noted the rapid advances they made at Kibali.
All these bear witness to the value of sustained exploration and of an exploration strategy which
recognises that world-class gold orebodies are found in world-class gold terrains. As planned,
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we now have a strong presence in both world-class gold regions in Africa

(outside South Africa), concentrated in the more significant gold bearing
sites and structures in West and Central Africa.
Our exploration success is also evident in the continued growth of our

resource base. As can be seen in the updated reserve and resource
declaration which appears elsewhere in this report, the new projects and a
resource conversion drive increased group attributable reserves by
Senior Randgold executives inspect core samples
some 76% last year, laying a strong foundation for the projected growth in at Kibali.
our production profile.
Strengthening the team and the systems

The growth of the business has made great demands on our people. To
enable them to cope successfully with these challenges, we continually grow
and develop the team. I have recently also strengthened it, particularly with
respect to day-to-day operational oversight, by promoting Samba Touré,
previously general manager of Morila, to general manager of operations for
West Africa, while Willem Jacobs has joined us to take up a corresponding
position for Central and East Africa. Given that one of our key objectives
is the delivery of four new mines in four years, John Steele, the Randgold
stalwart who has supervised the construction of the Syama, Morila, Loulo
and Tongon mines, has been promoted to technical and capital projects
executive.
Following a group-wide review, we have also started implementing a new

IT strategy and platform.
RANDGOLD ATTRIBUTABLE
Under great pressure, everyone at Randgold performed exceptionally well
RESERVES AND RESOURCES
last year, and the individual contributions each one made added up to a truly
exceptional collective achievement. I thank all of them most sincerely for Attributable Moz
their commitment to the company’s vision and values, and their efforts on 30
its behalf. I would also like to express my deep appreciation to our board
for their sage guidance and support.
25
The road ahead
Our key performance indicators for the year ahead are:
to reach a production of 400 000 ounces at Loulo by achieving the 20
full ramp-up of the Yalea underground development;
to start the Gara underground development and access first ore by
the end of the year;
to commission Tongon and pour first gold there in the fourth quarter; 15
to advance Gounkoto, Massawa and Kibali towards development; and

to maintain the flow of quality targets into our prospect pipeline.
10
It is undoubtedly going to be another very challenging year, but with our
strategic compass we have mapped the road ahead very clearly, and we
are confident that we have the capabilities to achieve the goals we have set
5
ourselves, and once again to deliver real value to all our stakeholders.
0
98 99 00 01 02 03 04 05 06 07 08 09
Reserves
Mark Bristow Resources
Chief executive
Composite
EXECUTIVES
AND OFFICERS
Luiz Correia
General manager - Tongon
A metallurgist with 24 years’ experience in the gold mining Amadou Konta
industry, he has a BSc Eng as well as a BCom degree. He General manager - Loulo
joined Randgold in 2005 and in 2006 was appointed operations Has a degree in civil engineering
manager responsible for the mining, planning, processing, as well as several management
maintenance and engineering functions at Loulo. He was a n d p ro j e c t m a n a g e m e n t
recently appointed general manager of the Tongon mine in qualifications. Was appointed
Côte d’Ivoire, which is scheduled to be commissioned in the by BHP as mine foreman and
last quarter of 2010. superintendent at Syama mine
and served as mining manager
from 1997. In 2001, was
Tania de Welzim promoted to construction manager
Group financial manager for Randgold in Mali and then
Tania was appointed group financial manager in April 2009 to Loulo general manager in
having served previously as group financial controller. She is 2004.
a chartered accountant with 11 years’ experience in finance
including nine years in the mining industry. She is responsible
for the group’s financial reporting as well as internal control
procedures.
David Haddon
General counsel and secretary
Qualified as an attorney in 1984. He has overseen the
administrative obligations of Randgold since its incorporation
and assumed secretarial responsibility when it listed on the
London Stock Exchange in July 1997. This continued with
the subsequent listing on Nasdaq and for the various corporate
and related activities since then. He is a director of Seven
Bridges Trading and other group subsidiaries.
Victor Matfield
Corporate finance manager
A chartered accountant, he was
Paul Harbidge appointed corporate finance
Group exploration manager manager in 2001. Prior to that he
A geologist with over 16 years’ experience, mainly in West served as financial manager of the
Africa, having previously worked for Rio Tinto, Anglo American Syama mine and of the Morila
and Ashanti, he joined Randgold in 2000. He was appointed project. He is a director of Seven
exploration manager in 2004. Bridges Trading.
Bill Houston
General manager human capital and social responsibility
Has a masters’ degree in human resources management and
30 years’ experience in HR and organisational development.
Joined Randgold in 1992 as group training and development
manager, and headed the group human resources function
from 1996. He is a director of Morila Ltd, Somilo SA and
Seven Bridges Trading and designed and implemented the
human resources and social systems for Syama, Morila and
Loulo.
Philip Pretorius
Willem Jacobs Human resources executive
General manager operations - Central and East Africa Joined Randgold in 2008, bringing
With a BPL(Hons) and DCom he is a seasoned executive. with him 21 years of human
Having served as a director of listed and private companies resources experience of which the
in the areas of mining, engineering and manufacturing in last 14 years were spent
Southern, Central and Eastern Africa for the past 15 years, exclusively dealing with the West
he joined the group in January 2010. African gold mining industry. With
a post-graduate diploma in
management practice, he has
been involved in establishing
various gold mining projects in
Mali.
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N’golo Sanogo
General manager - Mali
Chris Prinsloo Has a masters degree in economics from the National
General manager commercial School of Administration of Bamako as well as several
and operations finance management, accounting and financial qualifications.
Qualified as a chartered secretary Qualified as an auditor in 1992 before joining BHP Mali in
and has 36 years’ experience 1995. Appointed material manager in 1998 and
in the mining industry including management accountant in 2001 at the Syama mine.
f i n a n c e , c a p i t a l p ro j e c t s , Following the sale of Somisy SA in 2004, joined Randgold
administration and supply chain as Mali financial controller. He was appointed Mali general
management. Appointed as manager in March 2009.
commercial manager in 2002,
responsible for group accounting, John Steele
supply chain management plus Technical and capital projects executive
the risk management and Responsible for the successful construction and
insurance portfolio. Currently commissioning of Randgold’s Morila and Loulo mines and
serves on the boards of Morila SA, currently leads the team developing the new Tongon mine
Somilo SA, Tongon SA and in Côte d’Ivoire. As well as heading the capital projects
Kankou Moussa SARL. function within Randgold, he continues to provide operational
oversight at Morila and Loulo as well as supplying engineering
due diligence expertise to the group. John is a director of
Morila Limited, Somilo SA and Kibali Goldmines SPRL.
Samba Touré
General manager operations - West Africa
Joined Morila gold mine in 2000 and held various
responsibilities, culminating in the appointment in 2007 as
the mine chief executive. Under his leadership, the mine
was run successfully, delivering on its promises. In 2010,
promoted to group operations GM for West Africa. With
the experience gained in mining during the last 10 years,
he is destined to continue adding value to the company’s
Rod Quick increasing operations portfolio in West Africa.
General manager evaluation
and environment
A geologist with 15 years’
experience in the gold mining Lois Wark
industry, he joined Randgold in Group corporate communications manager
1996. He has been involved in A member of the Randgold team since its inception who
the exploration, evaluation and assumed management of the cartography department in
production phases of the Morila, 1995, she is responsible for the coordination of the group’s
Loulo and Tongon projects. communication and investor relations programmes as well
Having served as the Somilo as for the management of its South African subsidiary,
resource manager since 2006, he Seven Bridges. She holds a diploma in land surveying:
was given his new responsibilities Cadastral and topographical.
for all project development and
evaluation in 2009.
Louis Watum
General manager - Kibali gold project; Country manager -
DRC
A metallurgist with 20 years’ experience in base metals, coal
and gold processing, he has an MSc in Chemical Engineering.
He joined Randgold Resources in 2009 and was appointed
general manager and country manager responsible for:
Building and leading the Kibali team; communicating with
the DRC government and local authorities; directing and
managing Kibali business; and, delivering on strategies,
objectives and the Kibali business plan.
Mahamadou Samaké
General manager - West Africa
A professor of company law at the
University of Mali, Mahamadou
was instrumental in writing the
Malian labour legislation. He is the
resident executive manager in Mali
and is responsible for government
liaison and legal counsel for the
Francophone region.
Composite
FINANCIAL REVIEW
Profit increased by 79%
Dividend increased for the fourth year in a row
Substantial capital appreciation for shareholders
Total revenue for the group of US$432.8 million increased by 28%

on the previous year on the back of a 14% increase in attributable
production of 488 255 ounces and a 12% higher average gold
price received of US$886 per ounce. Profit for the year was
US$84.3 million, an increase of 79% compared to the previous
year.
Higher revenues were partially offset by higher mining costs at Loulo, primarily due
to increased open pit mining costs resulting from deepening pits, revised mining
rates and the introduction of a second mining contractor at the site, necessitated
in part by the slower build up in tonnes from the underground mine.
Costs at both operations were also impacted by the increased royalties payable
resulting from the higher average gold price received and general cost increases
in reagents, other consumables and duties, following the end of the exoneration
period at Loulo in November 2008. Profit was also impacted by a further provision
of US$9.6 million against investments in auction rate securities.
Basic earnings per share of 86 cents increased by 59% from the previous year,
not withstanding an increase in the number of shares outstanding. Cash operating
costs for the group were US$458 per ounce, up from US$421 per ounce in 2008.
Total cash costs for the group, which include royalties, were US$510 per ounce
for the year compared to US$467 per ounce in 2008.
Cash operating costs per ounce remained in line at Loulo, following increased
grades and production. At Morila the mine was converted to a stockpile treatment
operation in April. The consequent impact of processing lower grade ore and
adverse stockpile adjustments had a material impact on the mine’s reported cash
costs, which increased by 22%. Grades at Morila decreased from 3.4g/t in 2008
to 2.7g/t, while Loulo’s grade increased to 4.2g/t (2008: 3.23g/t).
Expenditure on exploration and corporate costs increased by US$6.0 million.

Extensive drilling programmes were undertaken on the group’s exploration targets,
especially at the Massawa prefeasibility project in Senegal (now at feasibility stage)
and the Gounkoto prefeasibility project in Mali. Since the company was listed in
1997, it has discovered over 23 million reserve ounces which, when divided by
the exploration and corporate costs over this period, equates to less than
US$14 per ounce of gold. (This calculation does not include the Kibali reserve
ounces as stated at the date of the Moto acquisition.)
Morila’s five year corporate tax holiday ended in November 2005 and the
accounts include a charge of US$21.5 million for the tax payable compared to
Composite
US$24.6 million the previous year. Loulo continues to benefit from exoneration
from corporate tax for five years from the date of first commercial production,
which was 8 November 2005, as should Tongon upon commencement of
production.
Graham Shuttleworth - Financial director and
chief financial officer
The company’s cash position is very healthy with US$589.7 million of cash
(2008: US$257.6 million) on the balance sheet, and borrowings of
US$4.2 million (2007: US$5.8 million), boosted by strong operating cashflows
and the successful equity placing and Moto Goldmines Limited (‘Moto’)
transactions described below. Net cash has remained at a significant level
despite the substantial expenditure on capital, exploration and corporate
costs. US$196.7 million was spent on capital projects, US$74 million at
Loulo, primarily on the development of the underground project, including
the development of the twin declines, as well as upgrades to the crushing
plant and expenditure on the overland conveyor and power plant expansion.
Expenditure related to the Tongon project amounted to US$120 million and
consists primarily of payments for the mills, crushers and fleet, as well as
site establishment costs, infrastructure improvements, earthworks, design
and engineering and advanced grade drilling.
As reported in the 2008 accounts, the company is invested in a portfolio of

auction rate securities (‘ARS’) which, following a further provision of
US$9.6 million during the year, now has a carrying value of US$29.0 million
and is disclosed in non-current available for sale financial assets. The
provisions have been made as a result of the deterioration of the underlying
credit ratings of the collateral of certain of the ARS, and management
estimates the fair value of these investments at each reporting period using
a mark to model valuation method. As previously indicated, the company
has started arbitration proceedings against the individual brokers and the
investment bank who sold these products, on the grounds of what it believes
to be fraud through material misrepresentation of the nature of these
investments. Arbitration of these proceedings is expected to be concluded
by the middle of 2010. There can be no assurance that the company will
be successful in its actions against the individual brokers or the investment
bank, and consequently it has not relied upon this for the determination of
the provision.
Property, plant and equipment increased significantly year on year

as highlighted above. The decrease in the deferred tax asset (US$1.3 million),
as well as the decrease in long term ore stockpiles (US$14.7 million) over
the year, is due to the decrease in stockpiles at Morila following the conversion
from open pit mining to stockpile processing. The decrease in non-current
receivables from December 2008 to December 2009 (US$4.1 million) is the
result of the continued decrease in TVA and fuel duty balances at Morila.
Mineral properties of US$405.8 million at 31 December 2009 reflect the

acquisition of 50% of Moto in October 2009 and the subsequent acquisition
of an effective 10% of the issued share capital in Kibali Goldmines SPRL,
resulting in an effective interest in the Kibali project of 45%. Non-current
available-for-sale financial assets consist of the ARS as discussed above.
Current available-for-sale financial assets represent an investment in
20 million Volta Resources Inc shares valued at US$16 million and
our 50% share of 7.9 million shares in Kilo Goldmines Ltd valued at
US$1.8 million.
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The shares in Volta Resources were acquired as part of the consideration received for the sale
of the Kiaka project in Burkina Faso to Volta Resources while the shares in Kilo Goldmines were
acquired as part of the Moto acquisition.
The increase in current inventories and ore stockpiles of US$27.3 million is due to an increase
in supplies and insurance spares at Loulo, due to increased demand for mining strategic stocks,
reagents and grinding media resulting from the development of the underground mines, as well
as an increase in stockpiles at Loulo during the year in line with the mine plan. The increase
in short term receivables of US$74.3 million from 31 December 2008 to 31 December 2009
is primarily due to an increase in TVA balances at Loulo following the end of the exoneration
period on 8 November 2008 (US$36.8 million increase), as well as advances made to contractors
at Loulo. The gold receivable at Loulo at 31 December 2009 also increased by US$8.5 million
from the previous year, due to the timing of the receipt of funds from the sale of gold. The
increase in receivables also include an amount owed by AngloGold Ashanti Limited of
US$5 million at year end following the Moto acquisition and subsequent additional 20% Kibali
acquisition. US$3.7 million of deferred cash consideration in respect of the sale of the Kiaka
project is also included in receivables.
The increase in cash and cash equivalents (US$332.1 million) is the result of the successful
equity raising in August 2009 where 5.75 million shares were issued to shareholders, raising
US$329.7 million after underwriting commission and expenses. The acquisition of the Moto
group in October 2009 lead to a net cash increase of US$171 million (Refer to note 30 of the
financial statements for disclosure on the acquisitions made). The acquisition of a further
effective 10% of the issued share capital in Kibali
partially offset these with a net cash outflow of
TOP 10 STOXX EUROPE 600 (PRICE) INDEX
US$57 million. The group also produced strong
MEMBERS OVER 10 YEARS
cashflows from operations (US$63.7 million)
which were offset by significant investments in
1 January 2000 to 31 December 2009
% property, plant and equipment, mostly related to
the development of the Loulo underground and
4 776
5 000
Tongon mines, as previously reported.
4 000 The financial instruments liability decreased from

US$53.1 million at 31 December 2008 to
US$25.3 million at the end of December 2009,
3 000 calculated at the gold price as at 31 December
2 326
2009 of US$1 096 per ounce (31 December

2008: US$865 per ounce), due to the company
1 793
1 688
2 000
1 671
1 618
delivering 84 996 ounces into its hedge positions

1 593
1 440
1 280
1 280
during the year ended 31 December 2009. The

remaining hedged position of 41 748 ounces at
1 000
US$500 per ounce will be delivered into during
2010. Full details relating to the group’s financial
0 risk management are contained in note 21 of the
financial statements. The increase in accounts
(33)
payable and accrued liabilities is mainly the result

(1 000) of the timing of payments of creditors and closer
management of trade creditors at Loulo and
STOXX Europe
600 Index
International
Soco
Antofagasta
Solarworld
Tullow Oil
Vallourec
Randgold
Elekta AB
Puma
Cairn
Energy
Meda AB
Morila (US$15 million increase year on year).

The increase is further due to an US$8 million
Source: Bloomberg as at 31 December 2009.

Note: Performance is based on the current member stocks of
the STOXX Europe 600 Index which were listed as at
1 January 2000 ie excludes the 146 companies not then
publicly listed.
Composite
accrual as a result of the acquisition of an additional 5% interest in the

Tongon gold project. Accounts payable also include an amount of
US$5 million relating to our share of the new joint venture asset leasing
company’s payables as at 31 December 2009.
The current tax payable balance of US$3.6 million at 31 December 2009 is

lower than the balance at 31 December 2008 as a result of the lower profits
from mining at Morila during the current year, following the conversion of the
mine to a stockpile treatment operation.
Looking forward to 2010, notwithstanding the additional non-cash adjustments

relating to the Morila stockpiles, total cash costs per ounce for the group
are forecast to be less than US$500 per ounce, depending on the actual
oil price and euro/dollar exchange rates, which movements have a significant
impact on operating costs. Capital expenditure at Loulo for this year is
estimated at US$65 million, the largest part being expended on the
development of the Gara underground mine. The development of the Tongon
project is now well underway and capital expenditure in this regard is
anticipated to be US$155 million in 2010, including preproduction expenses
but excluding the fleet. The group also anticipates significant capital
expenditure at its Kibali project (US$20 million), Massawa project
(US$10 million) and Gounkoto project (US$10 million) assuming a successful
prefeasibility study is completed at this project by the end of the first quarter.
Based on current forecasts, the group has sufficient cash resources to fund
all its existing capital projects and ongoing exploration programmes.
In view of the significant profit increase, strong cash flows from operations
and the company’s robust balance sheet, the board again decided to declare
an increased annual dividend of 17 cents per share (US$15 million) representing
a 30% increase on the previous year. Shareholders have also enjoyed
substantial capital appreciation in the year with the share price rising 80%
from US$43.92 to US$79.14. Over the last 10 years, the company was the
best performing stock in the STOXX 600 Europe Index, rising 4 776% over
this period.
Graham Shuttleworth
Financial director
Composite
MARKET OVERVIEW
Gold price rises for ninth consecutive year, reaching
high of US$1 212/oz
Investor sentiment underpins gold’s role as safe haven
and store of value
The gold price rose for the ninth consecutive year in 2009, increasing
by 25% from US$870 to US$1 088. The average gold price for
the year rose by 11.5% from an average of US$872 in 2008 to
US$972 for 2009, reaching a historic high of US$1 212 per ounce
in December.
The strong performance of the gold price is the result of a combination of factors.
Gold benefited from investors pursuing its safe haven status, and the large increase
in money supply pumped into the markets, creating concerns about inflationary
pressure down the line, also supported its price. Investment demand has further
been lifted by the large increase in investors seeking protection against US dollar
depreciation, record levels of producer de-hedging, and low interest rates
accompanied by the expectation that rates will remain close to zero for a long time.
Unease about rising government debt and counterparty credits risk also added to
the allure of gold. The increase in investment demand was evident in strong inflows
into physically-backed ETFs. Although jewellery demand started to recover
towards the end of 2009, it is not playing any major role in the price surge.
On the supply side, flat mining output, weaker recycling and a fall in central bank
sales provided important support for the gold price. Goldfields Mineral Services
estimates that net official sector sales in 2009 fell to 24 tonnes. This is the lowest
level in two decades, and is almost 90% lower than the prior year. The substantial
decline is primarily the result of lower sales by the Central Bank Gold Agreement
(CBGA) signatories. Total sales for the year 2009 amounted to 157 tonnes, which
is significantly lower than the 500 tonne maximum quota.
During the first part of the year demand was driven by investors moving away from
risky assets and ongoing concerns about the health of the global financial system.
During the second half of the year support for the gold price came from a negative
US dollar outlook and developing countries increasing their gold holdings.
Although the world economy started to show signs of recovery during the second
half of 2009, the pace remains slow and uncertain, leaving the motivation for lower
interest rates and monetary easing intact. This should underpin the role of gold
as a safe haven and a store of value role. In the longer term the fundamentals for
gold appear positive as strong structural demand from newly industrialising
economies, finite supply and rising extraction cost should continue to support the
market.
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GLOBAL GOLD PRODUCTION VS GOLD PRICE
Mine production Mine production (tonnes) Average gold price (US$/oz) Gold price
(tonnes) (US$/oz)
2 700 1 000
2 600 800
2 500 600
2 400 400
2 300 200
2 200 0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009*
Source: GFMS, LBMA

* Latest estimate
CENTRAL BANK GOLD SALES
Net sales (tonnes)

700
600
500
400
300
200
100
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: GFMS
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SENIOR
MANAGEMENT
Drissa Arama Felix Kiemde
Morila metallurgical manager Country manager: Burkino Faso
Tahirou Ballo Adama Kone

Loulo operations manager Morila mineral resources manager
Chiaka Berthe Alfred Lunga

Loulo mineral resources manager Kibali capital and site manager
Sebastiaan Bock David Mbaye

Group financial operations manager Country manager: Senegal
Abbas Coulibaly Stephen N’dede

Morila engineering manager Tongon operations manager
Marcel Damen Bodiel N’Diaye

Group consulting mining engineer Country manager: Côte d’Ivoire
Koydou Diallo Marie-Laure Popelier

Loulo financial manager Kibali financial manager
Mohamed Diallo Graeme Rapley

Morila financial manager Tongon construction manager
Lindsay Earl Thinus Strydom

Group projects engineering manager Group underground mining manager
Paul Gillot Onno ten Brinke

Group manager metallurgy Group mine planning engineer
Ken Green Geoff Wattrus

Group supply manager Tongon financial manager
Joel Holliday
Exploration manager: West Africa
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00 Markers (R) 3/25/10 8:37 AM Page 2
OPERATIONS
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22-30 Operations (R) 3/25/10 8:39 AM Page 1
LOULO MINE
COMPLEX
In 2009, Loulo produced a record 351 591 ounces of gold
at a total cash cost of US$522 per ounce, within 2% of
budgeted production, despite a change in the underground
mining schedule. The mine reported record gold sales
of US$302.0 million and record profit from mining of
US$118.3 million.
The Loulo mine was officially opened on 12 November 2005. Loulo is controlled
by a Malian company, Société des Mines de Loulo SA (Somilo), which is owned
80% by Randgold and 20% by the Malian government. The Loulo mine complex
is comprised of two open pit operations, Yalea and Gara, and two corresponding
underground mines, the first of which has commenced operations and the second
which is now in construction.
Loulo is located in western Mali, bordering Senegal, adjacent to the Falémé River.
The mine is located within the Kedougou-Kéniéba inlier of Birimian rocks which
hosts several major gold deposits, namely Gara, Yalea and Gounkoto on the Loulo
lease as well as Sadiola and Yatela in Mali and the Senegalese deposits of Massawa
and Sabodala.
MALI: LOULO MINE
LOULO MALI
Dakar
SENEGAL
BURKINA
Bamako FASO
Ouagadougou
GUINEA
SIERRA
LEONE CÔTE
D’IVOIRE GHANA
LIBERIA
Birimian Belt
Proterozoic Plutonic rocks Abidjan Accra
Randgold permits
600km
Capital city
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Successful plant upgrade to

300 000 tpm
Record crusher and process
plant throughput
Record gold production of
351 591 ounces
Record profit from mining
of US$118.3 million
LOULO: PRODUCTION RESULTS

for the 12 months ending 31 December 2009 2008
Total mined (Mt) 27.98 26.23

Ore mined (Mt) 3.35 3.40
Mined grade (g/t) 3.71 3.02
Strip ratio (waste:ore) 8.5:1 6.9:1
Ore milled (Mt) 2.95 2.72
Head grade (g/t) 4.22 3.22
Recovery (%) 87.7 91.2
Ounces produced (oz) 351 591 258 095
Average gold price received (US$/oz) 864 738
Cash operating costs (excluding royalty) (US$/oz) 473 469
Total cash costs (US$/oz) 522 511
Profit from mining (US$ million) 118.3 58.52
Higher revenues were partially offset by higher mining costs, primarily due to
increased open pit mining costs resulting from increased tonnes mined, deepening
pits, revised mining rates and the introduction of a second mining contractor at the
site, necessitated in part by the slower build up in tonnes from the underground
mine.
LOULO: MINE PRODUCTION LOULO: TOTAL RESERVES AND RESOURCES
Actual Forecast Reserves Resources

000 Oz Moz
600 12
500 10
400 8
300 6
200 4
100 2
0 0
05 06 07 08 09 10 11 12 13 14 98 99 00 01 02 03 04 05 06 07 08 09
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RESOURCES AND RESERVES

Total resources for the year ended 2009 are inclusive of depletions due to mining and additions as a result of increases from
the Yalea North underground block, under the north portion of the Yalea pit and the additions from Loulo 3.
LOULO: MINERAL RESOURCES AND ORE RESERVES

Attribu-
table
Tonnes Grade Gold gold***
(Mt) (Mt) (g/t) (g/t) (Moz) (Moz) (Moz)
at 31 December Category 2009 2008 2009 2008 2009 2008 (80%)
MINERAL RESOURCES*
Stockpiles Measured 1.11 0.86 1.78 1.73 0.06 0.05
Gara Measured 5.66 6.66 4.05 3.84 0.74 0.82
Indicated 19.05 18.84 4.21 4.19 2.58 2.54
Inferred 3.28 3.46 3.68 3.13 0.39 0.35
Yalea Measured 3.69 4.73 4.09 4.28 0.48 0.65
Indicated 30.17 29.81 5.15 5.17 4.99 4.96
Inferred 9.03 8.39 3.47 3.62 1.01 0.98
Loulo 3 Measured 0.19 0.25 3.66 3.34 0.02 0.03
Indicated 1.42 0.21 3.22 4.65 0.15 0.03
Inferred 0.70 0.25 3.39 5.51 0.08 0.04
Satellites Indicated 1.82 1.33 2.40 2.39 0.14 0.10
Inferred 12.46 12.13 2.22 2.21 0.89 0.86
Total measured and indicated 63.10 62.69 4.52 4.55 9.17 9.18 7.33
Total inferred 25.47 24.23 2.89 2.86 2.36 2.23 1.89
ORE RESERVES**
Stockpiles Proven 1.11 0.86 1.78 1.73 0.06 0.05
Gara open pit Proven 3.59 4.49 3.60 3.32 0.42 0.48
Probable 0.06 0.11 3.49 3.60 0.01 0.01
Yalea open pit Proven 0.79 1.47 5.25 4.59 0.13 0.22
Probable - - - - - -
Gara West open pit Probable 1.23 1.07 2.07 2.03 0.08 0.07
Loulo 3 open pit Proven 0.06 0.26 4.25 3.02 0.01 0.02
Probable 0.94 0.12 2.86 3.75 0.09 0.02
P129 open pit Probable 0.23 0.15 2.73 2.65 0.02 0.01
Total surface reserve Proven
and probable 8.00 8.53 3.17 3.20 0.82 0.88
Gara underground Probable 15.57 17.35 4.27 4.07 2.14 2.27
Yalea underground Probable 25.87 24.71 4.90 5.09 4.08 4.05
Total underground reserve Probable 41.45 42.06 4.66 4.67 6.22 6.32
Total proven 5.55 7.08 3.48 3.38 0.62 0.77 0.50
Total probable 43.91 43.51 4.54 4.60 6.41 6.43 5.13
TOTAL MINE 49.45 50.59 4.42 4.42 7.03 7.20 5.63
* Open pit mineral resources are those insitu mineral resources at 0g/t gold cut-off falling inside the US$1 000/oz pit shell.
Underground mineral resources are those insitu mineral resources at a 1.5g/t gold cut-off falling below the open pit underground interface.
** Mineral reserves are calculated at US$700/oz gold price and include dilution and ore loss factors.
*** Attributable gold (Moz) refers to the quantity of gold attributable to Randgold based on its 80% interest in Somilo.
All mineral resources were compiled by Mr Chiaka Berthe, an officer of the company, under the supervision of Mr Rodney Quick, a Qualified Person
and officer of the company.
All mineral reserves were calculated by Mr Samuel Baffoe, Mr Alexander Oduro and Mr Chris Moffat, each officers of the company, under the
supervision of Mr Onno ten Brinke, a Qualified Person and officer of the company.
See comments and US disclaimer on page 81.
Composite
EXPLORATION
The exploration team had another successful year with its targets being met at all During 2009, open pit mining at the Loulo
levels. At the base of the resource triangle, new interpretations drawn from the mine complex was principally from the Gara,
integration of existing local and regional data with the 2008 airborne electromagnetic Yalea and Loulo 3 pits.
programme resulted in a prospectivity map for the Loulo district which has generated
a host of new targets for follow-up work.
Following the completion of a viable scoping study on the Gounkoto orebody in

the south of the mining permit, the Loulo mining permit has been divided into a
northern area, which includes the Loulo mine infrastructure as well as the Gara and
Yalea orebodies, and the southern area where the Faraba and recently discovered
orebodies are located. Consequently exploration work within the southern area is
reported on under the Gounkoto development project. In the north of the permit
the team focused on generating high grade ounces for the plant and successfully
delivered the Loulo 2 deposit and the Loulo 3 complex, which resulted in over
60 000 additional ounces being fed to the plant during 2009. The team has added
more than 170 000 ounces to the Loulo 3 resource since work restarted there and
continues to locate new potential around the pits, most recently under the old
exploration camp.
In addition, a broader programme has been carried out along the full length of the
Yalea structure where wide spaced RC fences have outlined numerous anomalous LOULO: YALEA, GARA, LOULO 3
intersections which now form part of the exploration portfolio. This work also AND SATELLITES
covered the Loulo 1 and Loulo 3/P125 Gap targets.
OPEN PIT MINING

Mining operations at Loulo are carried out under contract by BCM Mali SA, a
subsidiary of BCM International Ltd, and by MARS Mali, a subsidiary of DTP, the
mining division of the French Bouygues Group. BCM operates a fleet to mine the
Yalea and Gara pits. In the middle of 2009 the decision was taken to contract PQ10
Loulo 3 mining to MARS, as well as the development of the Gara boxcut for the Loulo 1
new underground mine. Gara
Gara W
Mining during the year was principally from the Gara, Yalea and Loulo 3 pits. The Loulo 2
average production volume for the mining fleet during 2009 was 919kbcm per Loulo 3
month, compared to 886kbcm per month in the previous year. P129
MINE PLANNING P125

During the year, the mine made significant changes in the budgeted plan due to a
number of challenges: A wall failure that occurred in the south of Yalea pit prevented Yalea Ridge
Yalea
access to the high grade ore in this area containing approximately 50 000 ounces;
the slower build up of ore tonnes from the Yalea underground mine; and the poor
availability and lower contracted volumes from the open pit miner during the first 2km
half of the year. Notwithstanding these challenges, the mine did exceptionally well
to come within 2% of its budgeted production, through the incorporation of additional Northern area of Loulo permit
which includes the mine
in pit mining and satellite pits, notably Loulo 2 and Loulo 3. infrastructure and the Yalea, Gara
and Loulo 3 deposits and satellite
targets.
LOULO: OPEN PIT MINING RESULTS

for the 12 months ended 31 December 2009 2008
Ore mined (million tonnes) 2.86 3.30

Ore grade (g/t) 3.60 3.02
Waste mined (million tonnes) 24.36 22.65
Strip ratio 8.5:1 6.9:1
Total mined (million tonnes) 27.22 25.95
Composite
PROCESSING
A total of 2 946 706 tonnes of ore was milled at a reconciled head grade of 4.22g/t,
with throughput being 8.3% higher than the prior year’s 2 721 208 tonnes as a
result of the crushing and process plant upgrade. At the crushing plant, the two
secondary crushers were replaced by one super secondary crusher with three
tertiary crushers against two in the previous flow sheet. These changes allowed
the operation to reach the higher hourly and daily throughput of >650 and
>12 500 tonnes respectively. The challenge is to optimise and maintain this high
throughput by managing the secondary relining and good coordination of operation
and maintenance downtimes. The screening before the secondary crusher has
been removed.
A screening plant has been commissioned during the year, giving a finer
product for the process plant feed (P80 <12mm). The hard rock crusher
throughput was 3 117 251 tonnes and was 16.1% higher than the previous year
of 2 686 060 tonnes.
ENGINEERING
During the year maintenance activities, including upgrades and modifications, were
carried out according to schedule, resulting in the achievement of the budgeted
combined mills and crusher availabilities of 95% and 85% respectively. Looking
forward the mine is examining the implementation of an integrated planned
maintenance system, to ensure the highest levels of availability and production.
UNDERGROUND MINING AND DEVELOPMENT

During 2009, a total of 5 788 metres of development was completed and
500 267 tonnes of ore at a grade of 4.38g/t was hauled to surface. Despite the
slower than planned build up, the development rates are now increasing, with the
December development of 618 metres and 56 634 ore tonnes representing monthly
project records. The following table shows a summary of the underground section’s
progress to date.
LOULO: YALEA UNDERGROUND
DEVELOPMENT
P125 pit Yalea pit
High grade
‘purple patch’
P125-Yalea orebody
Tabaski incline Yalea pit
P125 pit 1 000m
Tabaski decline
080 to 046L stoping
080L up stoping 046L stoping
028L stoping
038L S/D N 028L & 012L SDs S
013L S/D N 038L S/D S
038L dam
038L workshop complex
Declines are here
Q4 2009 face positions
Composite
LOULO: YALEA UNDERGROUND DEVELOPMENT

The completion of the ventilation loop and
Develop- the installation of the new main fan unit,
ment Ore Grade Mined Total have resulted in a significant improvement
at 31 December (metres) (tonnes) (g/t) (oz) (tonnes) in the underground operating conditions at
the Yalea underground mine.
Total 2009 5 788 500 267 4.38 70 394 763 677

Total 2008 3 861 107 805 4.42 15 312 310 904
Total 2007 618 - - - -
Project total 10 267 608 072 4.38 85 706 1 074 581
The Yalea declines have now been advanced to a distance of 1 443 metres from
surface and a vertical depth of 232 metres.
A number of significant milestones were achieved during the year, including the
commissioning of the four kilometre overland conveyor belt linking the Yalea
underground with the plant, the commissioning of the main dam on 038 Level,
which now pumps directly to surface, the completion of the ventilation loop and
the installation of the new main fan unit, which have resulted in a significant
improvement in the underground operating conditions.
Following the setbacks experienced during the year, including the slower build up
of tonnes, management terminated the underground mining contract with the
previous contractor in December and has assumed this responsibility within the
company. This change has delivered immediate improvements as evidenced by
the record tonnes in December. The mine is still on the critical path and continues
to receive additional management attention.
The Gara underground mine budget and planning for 2010 have been completed
and the development contractor has been appointed. The Gara mine will be
accessed via a twin decline system situated inside the southern part of the current
open pit. Access will be provided via a boxcut, into the pit, which will later be filled
in after concrete tunnels have been constructed. Gara ore is scheduled to be
accessed at the end of 2010, ramping up to full production by the end of 2011.
Work on the boxcut is moving ahead steadily and will be completed in the first
quarter of 2010.
LOULO: GARA UNDERGROUND
DEVELOPMENT PLAN
Gara underground portal
Current Gara open pit
Planned underground stoping
Planned underground development

500m
Composite
MORILA MINE
The mine was commissioned in October 2000 and, since
the start of production to December 2009, has produced more
than 5.5 million ounces of gold at a total cash cost of
US$196 per ounce.
Morila is owned by a Malian company, Société des Mines de Morila SA (Morila),

which in turn is owned 80% by Morila Limited and 20% by the Malian government.
Morila Limited is jointly owned by Randgold and AngloGold Ashanti Limited and
the mine is controlled by a 50:50 joint venture management committee. Responsibility
for the day-to-day operations rests with Randgold.
As planned, the mine was converted in April 2009 from open pit mining to a 100%
stockpile treatment operation. Gold production for the year was 342 000 ounces,
3% ahead of budgeted production. Total cash cost for the year was US$480 per
ounce, including stockpile adjustments of US$98 per ounce. The mine successfully
completed a rightsizing exercise as part of the cost saving initiatives to ensure
that it continued to be a positive cash generator for the rest of its life, which is
anticipated to continue until 2013. Consequently, despite the drop in grade
associated with processing the stockpiles, the mine still reported US$166.7 million
in profits from mining activity and paid US$155 million to its shareholders.
MALI: MORILA MINE
MALI
Dakar
SENEGAL
BURKINA
Bamako FASO
Ouagadougou
GUINEA
MORILA
SIERRA
LEONE CÔTE
D’IVOIRE GHANA
LIBERIA
Birimian Belt
Randgold permits
Capital city 600km
Composite
Successful conversion
to stockpile treatment
operation
Dividends of
US$155 million paid to
shareholders in 2009
Agribusiness feasibility study
makes good progress
In order to leave a sustainable source of economic activity for the local community
after the closure, an agribusiness feasibility study has been advanced in conjunction
with USAID. More details are given in the social responsibility report on page 84.
MORILA: PRODUCTION RESULTS

for the 12 months ended 31 December 2009 2008
Total mined (Mt) 3.66 19.88

Ore mined (Mt) 1.62 4.97
Mined grade (g/t) 2.65 3.19
Strip ratio (waste:ore) 1.3:1 3.0:1
Ore milled (Mt) 4.3 4.3
Head grade (g/t) 2.73 3.44
Recovery (%) 91.4 91.2
Ounces produced (oz) 341 661 425 828
Average gold price received (US$/oz) 968 870
Cash operating costs (excluding royalty) (US$/oz) 422 347
Total cash costs (US$/oz) 480 400
Stockpile adjustment (US$/oz) 98 (93)
Profit from mining activity (US$ million) 166.7 200.2
MORILA: MINE PRODUCTION MORILA: TOTAL RESERVES AND RESOURCES
Actual Forecast Reserves Resources

000 Oz Moz
1 200 7
1 000 6
5
800
4
600
3
400
2
200
1
0 0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 98 99 00 01 02 03 04 05 06 07 08 09
Composite
RESOURCES AND RESERVES

Despite the drop in grade associated with There was no significant change in the measured and indicated mineral resource
processing the stockpiles, the mine still
base apart from depletion from mining and processing. Remaining reserves were
reported US$166.7 million in profits from
slightly higher than last year after depletion has been taken into account as a result
mining activity and paid US$155.0 million
of ‘good bye’ cuts carried out below the pit design in 2009. Open pit mining
to its shareholders in 2009.
activities ended in April 2009, as planned, and therefore the current reserves are
based on already mined stockpiles. Already mined mineralised waste has been
included as an inferred resource due to its sensitivity to the price of gold.
EXPLORATION
In 2009 it was decided to stop further exploration on the Morila lease, following
extensive programmes over the Life of Mine, including a final drilling programme
in the first quarter of the year on four conceptual targets which failed to intersect
additional economic mineralisation.
OPEN PIT MINING

Open pit mining ceased in April 2009, as planned, and hence the mining figures
reported above reflect less than four in pit months mining for 2009.
MINE PLANNING
The mine operated broadly in line with its budgeted mine plan, including the
successful transition from in pit mining to stockpile processing at the end of
April 2009. Overall recoveries and throughput were slightly ahead of budget resulting
in the mine exceeding its forecast production by 3%.
PROCESSING
During the year, the mine processed 4.30 million tonnes, in line with the prior year
and slightly ahead of budget. Recoveries of 91.4% were in line with the prior year,
but ahead of budget, an excellent achievement given the drop in the average head
grade.
ENGINEERING
The mine faced plant maintenance challenges from the primary crusher and
SAG mill during the year. However, with focused maintenance, the SAG mill
Combiflex was re-built promptly to ensure a just-on-target plant availability of 93.8%
versus a budget of 94%. The team also relocated the aggregate crusher to supply
finer crushed ore to feed the ball mill during extended planned maintenance and
relining of the SAG mill. As the plant ages, so the issue of ensuring operational
availability becomes more important, and in this regard a more integrated planned
maintenance system will be pursued during the year ahead.
MORILA: MINERAL RESOURCES AND ORE RESERVES

Attribu-
table
Tonnes Grade Gold gold***
(Mt) (Mt) (g/t) (g/t) (Moz) (Moz) (Moz)
at 31 December Category 2009 2008 2009 2008 2009 2008 (40%)
TOTAL MINERAL
RESOURCES*
Measured and indicated 16.76 20.64 1.49 1.75 0.80 1.16 0.32
Inferred 0.95 - 0.81 - 0.02 - 0.01
TOTAL ORE RESERVES**
Proven and probable 16.76 20.62 1.49 1.72 0.80 1.14 0.32
* Mineral resources are those stockpiles that are deemed economic at a gold price of US$1 000/oz.
** Mineral reserves are calculated at a US$700/oz gold price.
*** Attributable gold (Moz) refers to the quantity attributable to Randgold based on its 40% interest in Morila.
Mineral resources were calculated by Mr Adama Kone, an officer of Morila gold mine, under the supervision of Mr Rodney Quick, a Qualified Person
and officer of Randgold.
Mineral reserves were calculated by Mr Stephen N’dede, a Qualified Person and officer of the company.
Composite
00 Markers (R) 3/25/10 8:37 AM Page 3
PROJECTS & EXPLORATION
Composite
32-53 Projects (R) 3/25/10 8:39 AM Page 1
TONGON MINE
DEVELOPMENT
Construction of the Tongon gold mine commenced at the
end of 2008 and first production from the mine is anticipated
early in the fourth quarter of 2010.
Tongon is controlled by an Ivorian company, Société des Mines de Tongon SA, in

which Randgold has an 89% interest, the government of Côte d’Ivoire 10% and
1% is held by a local Ivorian company.
The Tongon project is located within the Nielle exploration permit in the north of
Côte d’Ivoire, 55 kilometres south of the border with Mali.
GEOLOGY
The Tongon deposits are located within the Lower Proterozoic Senoufo Belt, which
is a 200 kilometre long, volcanisedimentary belt of greenschist grade metamorphism
bounded on either side by variably tectonised granitoid gneiss terraines.
Mineralisation at Tongon is defined in two zones. In the Northern Zone, the major
part of the mineralisation is located within volcaniclastic rocks which have been
intruded by granodiorite and diorite intrusives and is bounded by sheared footwall
and hangingwall shale units. The mineralised zone varies in thickness from 3 metres
to 35 metres and averages 25 metres in zones of dilation. The mineralisation is
associated with increased silicification, sulphidation and fine brecciation.
CÔTE D’IVOIRE: TONGON MINE DEVELOPMENT PROJECT
MALI
Dakar
SENEGAL
BURKINA
Bamako FASO
Ouagadougou
GUINEA
TONGON
SIERRA
LEONE CÔTE
D’IVOIRE GHANA
LIBERIA
Birimian Belt
Randgold permits
Capital city 600km
Composite
Project on track for early

Q4 2010 production
2 600 000 Lost Time Injury
free man hours
Exploration continues with
new targets identified
TONGON: NORTHERN AND SOUTHERN ZONE OREBODIES
Northern Zone
Southern Zone Northern Zone
2km
Tongon resource block models
with US$700/oz pit designs
0.5 – 1.0g/t
1.0 – 2.0g/t
2.0 – 3.0g/t
3.0 – 4.0g/t
Southern Zone
> 4.0g/t
1 000m
TONGON: PLANNED
PRODUCTION The Southern Zone is more complex,
with mineralisation controlled by
multiple north-east trending, north-
Forecast
000 Oz
west dipping shears that occur
adjacent to a granodiorite intrusive
300
body. Mineralisation extends for two
250 kilometres along strike and consists
of a number of individual lodes.
200
Host rocks include a package of
150 volcaniclastics and intermittent
carbonaceous shale units. Alteration
100
is similar to the northern zone, being
50 located adjacent to shears and within
the predominantly brittle deformed ore
0 zones. Sulphide mineralisation
10 11 12 13 14 includes arsenopyrite, pyrrhotite and
pyrite.
Composite
TONGON: TOTAL RESERVES AND RESOURCES
Reserves Resources
Moz
5
0
98 99 00 01 02 03 04 05 06 07 08 09
TONGON: MINERAL RESOURCES

Attributable
gold***
Tonnes Grade Gold (Moz)
at 31 December 2009 Category (Mt) (g/t) (Moz) (89%)
NORTHERN ZONE
Open pit*
Indicated 10.71 2.45 0.84
Inferred 1.93 2.61 0.16
Underground**
Inferred 4.33 2.78 0.34
SOUTHERN ZONE
Open pit*
Indicated 28.14 3.05 2.76
Inferred 5.44 2.43 0.42
TOTAL INDICATED 38.85 2.89 3.61 3.21

TOTAL INFERRED 11.70 2.59 0.97 0.87
* Open pit mineral resources are those insitu mineral resources at 0g/t gold cut-off falling inside the US$1 000/oz pit shell.
** Underground mineral resources are those insitu mineral resources at a 2g/t gold cut-off falling below the US$1 000/oz pit shell.
*** Attributable gold (Moz) refers to the quantity of gold attributable to Randgold based on its 89% interest in the Tongon project.
Mineral resources were calculated by Mr Babacar Diouf, a Qualified Person and officer of the company.
TONGON: PROBABLE MINERAL RESERVES

Attributable
gold**
at 31 December 2009 (Mt) (g/t) (Moz) (89%)
Northern Zone* 9.23 2.36 0.70

Southern Zone* 28.79 2.72 2.52
TOTAL PROBABLE 38.02 2.63 3.22 2.86
* Mineral reserves are calculated at US$700/oz gold price and include dilution and ore loss factors.
** Attributable gold (Moz) refers to the quantity attributable to Randgold based on its 89% interest in the Tongon project.
Mineral reserves were calculated by Mr Onno ten Brinke, a Qualified Person and officer of the company.
Composite
MINERAL RESOURCES AND ORE RESERVES

No changes have been made to the mineral resources and mineral reserves models
published in 2008, but advanced grade control drilling has now been completed
to a 25 metre spacing over the two pits, in preparation for mining. Changes to
reserves are based on updated pit designs including slope optimisations and revised
costs together with a higher gold price of US$700 per ounce. Following additional
geotechnical drilling the inpit slope design has been optimised and steepened,
resulting in an increase of the mineral reserve.
Open pit resources were reported as those insitu mineral resources falling within
a US$1 000 per ounce whittle shell.
During the year Randgold acquired a further 5% interest in the Tongon project,
raising its stake in the project to 89%.
METALLURGY AND PLANT DESIGN

The metallurgical plant is designed to process 3.6 million tonnes per annum with
ores being treated through a primary, secondary and tertiary crushing circuit. Milling
will comprise two ball mills with the discharge from each mill being pumped into
separate cyclone feed pump and classifier systems.
A flash flotation circuit will be used to recover floatable gold, with the balance
(flotation tails) gravitating to the ball mills for further size reduction. A thickener will
be used to enhance the control around the milling and classification circuit, as well
as ensuring constant feed density to the carbon in leach (CIL) circuit. The thickener
underflow will be pumped to the leach/CIL circuit where gold will be dissolved and
adsorbed onto activated carbon. The resultant CIL tailings slurry will be subjected
to tailings thickening to recover the maximum amount of process water containing
available unused cyanide, which will reduce the amount of fresh cyanide required
for leaching. A cyanide destruction process will also be incorporated into the
process design. The thickened underflow will be pumped to the tailings storage
facility which will be located as a valley fill impoundment, approximately six kilometres
to the west of the plant site.
Gold will be recovered from the flotation concentrates through a combination of

fine grinding and cyanidation. The leached tails from the concentrate stream will
be combined with the flotation tails as these are fed to the main CIL circuit. Loaded
carbon from the CIL circuit will be acid washed prior to elution, followed by
regeneration of the eluted carbon. Gold will be deposited onto cathodes following
electrowinning of the eluate. The dried gold sludge will be smelted to produce gold The metallurgical plant is designed to
doré which will be shipped to the refinery. Average recoveries over the Life of Mine process 3.6 million tonnes per annum with
are expected to exceed 90%. ores being treated through a primary,
secondary and tertiary crushing circuit.
INFRASTRUCTURE
The footprint of the mine site has been delineated with the aim of keeping the
project area to a minimum. This reduces the impact on the environment and the
local population.
Electrical power will be supplied from the national grid via a dedicated overhead
line. Clearing of the power line corridor has started, with six kilometres of the
designated servitude already cleared. A full back-up power generation plant is also
being installed and a total of 12 x 1.2MW generator sets have already arrived at
on site at Tongon. In total there will be 20 x 1.2MW generator sets with a total
capacity of 24MW available as back-up power.
The phase 1 water storage dam has been completed to the 320 metre AMSL mark.
For phase 2 of the water storage dam construction, the final wall construction will
lift the water spillway height to the 324 metre AMSL mark, resulting in a storage
capacity of approximately 35 million cubic metres.
Composite
Construction of all 14 CIL tanks at the

Tongon plant has been completed. After
the commissioning and ramp-up of the
process plant, the mill feed throughput rate
will stabilise at 300 000 tonnes per month.
PRE-PRODUCTION OPERATIONS
Setting up the operational aspects of the mine started at the beginning of 2010
and the designated contractor miner, DTP, has started to mobilise to site. The first
of three 9350 Liebherr excavators has arrived and will be assembled by the team
on site. In addition, the first five of 17 CAT777F trucks has arrived in Abidjan. Other
support equipment has also arrived in Abidjan.
DTP are in the process of recruiting approximately 400 personnel, following

Randgold’s recruitment strategy of locals first, thereafter nationals and then
expatriates. The recruitment process is adhering to three phases namely a ‘learning
ability battery test’, then interviewing of potential candidates and thereafter, medical
examinations.
Operational management personnel have started to mobilise on site and started

recruiting 350 personnel, adhering to the same recruitment strategy and hiring
process.
DTP is scheduled to move first open pit ground at the end of March 2010. Prior
to this, local contractors are being used to strip vegetation and prepare the pit area
for mining. Low grade mineralised sands are being excavated and stockpiled for
first fill and production through the process treatment plant.
CONSTRUCTION*
Steady progress has been made during the past 12 months, with the following
major milestones achieved:
Completion of all 14 CIL tanks.
All CIL tank top steel completed.
First mill installed onto its bearings.
Second mill on site and foundations completed.
First primary crusher foundations completed.
Thickeners and clarifier 75% completed.
ROM pad retaining wall 65% completed.
Phase 1 of water storage dam completed.
Permanent spillway completed (483 000m3 of excavation and 33 000m3
of stone pitching).
TONGON: CONSTRUCTION SCHEDULE
2008 2009 2010

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
May
May
Aug
Sep
Nov
Dec
Aug
Sep
Nov
Dec
Aug
Sep
Nov
Dec
Mar
Mar
Oct
Feb
Feb
Jun
Jun
Oct
Jan
Oct
Jan
Apr
Apr
Key milestones
Jul
Jul
Commence site construction

Construction camp (housing, messing etc.)
Earthworks (airstrip, terracing etc.)
Construction (including Civil works)
CIL
Milling 1
Milling 2
Primary crushing
Thickening
Secondary and tertiary crushing
Stockpiles
Tailings dam and return water
Conveyors
Gold room
Reagents
Raw water
Cold commissioning
Hot commissioning
First gold production
* Updated to date of publication of this report.
Composite
Powerhouse foundations completed and 12 (of 20) generating sets (1.2MW

each) in position.
Construction of security fencing completed.
22 000m3 of concrete poured to date.
Outer boundaries of the north and south pits cleared with the north pit
vegetation cleared and topsoil moved onto the stockpile.
Safety has been excellent and the site has now achieved 2 600 000 man hours
without a Lost Time Injury (LTI).
To date, 55 single accommodation blocks, each with four rooms, have been built
and 12 senior staff units have been completed with another eight senior staff units
in various stages of construction.
Over the past 12 months of the main construction programme, expatriate employment
has been minimised by using local contracting companies to supply most of the
skills needed. The number of people working on the construction of the mine has
grown to 1 680, with 1 120 employed by Tongon (construction) and the balance
by various site contractors. Eight Ivorian contracting companies are currently on
site, performing functions such as welding, pipefitting, civil work, earthmoving and
machine hire. Of the 1 680 workforce, 7.2% are expatriates, which is within the
company's original projections and well within the guidelines set by Côte d'Ivoire’s
labour law. 81% have been recruited from the communities around the mine site
and the balance from other parts of the country.
PRODUCTION PROFILE
The process plant is currently being constructed in two phases, with the first phase
being the oxide stream. The sulphide stream, including the secondary and tertiary
crushing stages and concentrate treatment sections, will follow directly after the
completion of the oxide stream. After the commissioning and ramp-up of the
process plant, the mill feed throughput rate will stabilise at 300 000 tonnes per
month. Gold production is estimated at 75 000 ounces in 2010, with first gold still
on track for October 2010.
EXPLORATION
On the Nielle permit, following the successful conversion of resources to reserves
at Tongon, the exploration emphasis has shifted to the discovery of new ounces
close to the existing ore bodies, as well as the development of targets further afield. On the Nielle permit, following the successful
2009 was a difficult year for exploration as results were not forthcoming from the conversion of resources to reserves at
Tongon, the exploration emphasis has
initial targets evaluated. Consequently a decision was made to stop field exploration shifted to the discovery of new ounces close
and concentrate on reviewing all the data layers, including Landsat, airborne to the existing orebodies, as well as the
geophysics, geology, geochemistry, drill data and information from the Tongon development of targets further afield.
orebodies. This led to a new geological interpretation and the completion of a
revised prospectivity analysis. The results of this study helped to reprioritise targets
and a new field programme started after the rainy season. Positive results were
received from four soil grids on new targets and trenching was completed on key
targets, including Tongon West and Seydou.
Early indications suggest that Tongon West has the potential to develop into a small
low grade resource with results from trenching returning 28 metres at 1.50g/t and
38 metres at 1.16g/t. At Seydou a first trench, testing a 3.6 kilometre gold in soil
anomaly, returned 19 metres at 5.32g/t from altered volcaniclastics and consequently
further trenching is in progress. An airborne magnetic and electromagnetic survey
is currently being flown, not only over the Nielle permit but also the neighbouring
Diawala and Fapoha permits to the north and south, which is expected to further
aid the geological and structural understanding of the Senoufo Greenstone Belt.
Composite
GOUNKOTO
PRO ECT
The Gounkoto project is located 25 kilometres south of
the Loulo gold plant on the Loulo Exploitation Permit.
Randgold holds an effective 80% interest in the project.
The project has moved rapidly this year from a greenfields exploration find through
a scoping study and is approaching completion of a prefeasibility study.
GEOLOGY
The host rocks to the Gounkoto mineralisation are a sequence of fine grained
arkoses which have suffered an early silica carbonate alteration event. A suite of
Rare Earth Elements (REE) at Gounkoto suggests a similar fluid to Gara with a
possible magmatic component. More than 95% of the sulphide is pyrite (with
minor arsenopyrite and chalcopyrite) and additionally gold tellurides are present.
These tellurides also exist at Faraba and other southern targets.
Mineralisation is bounded by a hangingwall shear and footwall mylonite. In

the hangingwall there is a prominent limestone unit which is a good marker
horizon.
MALI: GOUNKOTO PROJECT
MALI
GOUNKOTO
Dakar
SENEGAL
BURKINA
Bamako FASO
Ouagadougou
GUINEA
SIERRA
LEONE CÔTE
D’IVOIRE GHANA
LIBERIA
Birimian Belt
Proterozoic Plutonic rocks Accra
Abidjan
Randgold permits
600km
Capital city
Main photograph: Potential weir position at Gounkoto.
Composite
Initial open pit mineral

reserves of 1.6Moz at
6.83g/t, with significant
potential along strike and
underground
Orebody open in all
directions
Project to be fast tracked
through development
stages
INITIAL SCOPING STUDY

Following the completion of the first drill campaign, an inferred mineral resource of
13.1 million tonnes at a grade of 6.29g/t for 2.65 million ounces was estimated
from the first 19 diamond holes, nine RC holes and three trenches over a one
kilometre strike length. The P64 target, which features 250 strike metres of similar
alteration and mineralisation, is located 300 metres to the northwest of Gounkoto,
while the Faraba deposit, with an inferred mineral resource of 6.78 million tonnes
at an average grade of 2.60g/t for 565 000 ounces, is located 2.5 kilometres to the
southeast.
A preliminary assessment was conducted on the inferred mineral resource and the
results of this scoping study were published in November 2009. This assessment
is preliminary in nature, in that it used inferred mineral resources considered too
speculative geologically to have economic considerations applied to them to be
categorised as mineral reserves, and there is no certainty that the preliminary
assessment will be realised. For preliminary purposes, pit optimisations were carried
out at US$650 and US$850 gold prices with the following input cost assumptions:
US$2.74/tonne Life of Mine mining cost.
US$19/tonne processing cost.
U$3.50/tonne administration cost.
95%, 93% and 91% metallurgical recovery for oxide, transition and fresh ore
assuming a simple process of crush, mill and cyanide leach.
Slope angles of 40o in oxide and 45o in hard rock.
10% dilution and 3% ore loss.
The following pit scenarios were produced:
GOUNKOTO: PIT ASSESSMENTS

Output Pit A* Pit B**
Total tonnes (Mt) 99.31 108.17

Waste tonnes (Mt) 86.37 94.35
Ore tonnes (Mt) 12.94 13.83
Strip ratio 5.7 5.8
Grade (g/t) 6.00 5.78
Pit ounces (Moz) 2.50 2.57
* Based on a US$650/oz whittle shell.
** Based on a US$850/oz whittle shell.
Composite
A financial model was run using a US$800 per ounce gold price with a 2.4 million
tonnes per year throughput and a US$230 million capital cost, flat 91% recovery,
together with five year tax holiday and 6% royalty, produced the following outputs:
GOUNKOTO: SCOPING STUDY FINANCIAL ASSESSMENTS

Pit A* Pit B**
Recovered ounces 2.26Moz 2.33Moz

Mine life 5.5 years 6 years
Cash operating costs US$232/oz US$244/oz
Total cash costs US$280/oz US$292/oz
* Based on a US$650/oz whittle shell.
** Based on a US$850/oz whittle shell.
PREFEASIBILITY STUDY UPDATE

Following the very positive results from the preliminary assessment, the project has
been fast tracked to prefeasibility with the completion of an additional 59 diamond
holes, eight RC holes and nine trenches during the year. A decision was taken to
initiate full social and environmental assessments, including public consultation and
participation, prior to the completion of the final feasibility in the expectation that
the project will move rapidly to development. The drilling concentrated on infilling
the material within the US$850 per
ounce scoping pit shell. The drilling
has resulted in a thinning of the
geological model when compared to
GOUNKOTO: MINERAL RESOURCES the scoping geological model, but the
higher grades were confirmed. The
Attribu- thin nature of the geological model,
table particularly in the north of the pit, has
gold***
Tonnes Grade Gold (Moz) resulted in higher strip ratios in the
at 31 December 2009 Category (Mt) (g/t) (Moz) (80%) scoping model and thus the
prefeasibility pit shell does not extend
as deep as the scoping pit. However,
Open pit*
the material beneath the pit shell is
Indicated 8.38 7.28 1.96 steep and fairly narrow with a high
Inferred 0.31 9.02 0.09 grade and provides underground
Underground** potential. Thus additional underground
Inferred 4.44 5.79 0.83 mineral resources have been defined
TOTAL INDICATED 8.38 7.28 1.96 1.57 as such.
TOTAL INFERRED 4.75 6.00 0.92 0.73
* Open pit mineral resources are those insitu mineral resources at a 0g/t cut-off falling An optimisation and pit design was
within the US$1 000/oz pit shell. carried out with the same parameters
** Underground mineral resources are those insitu mineral resources below the as those used in the scoping study.
US$1 000/oz pit shell reported at a 2g/t cut-off.
All metallurgical testwork completed
*** Attributable gold (Moz) refers to the quantity attributable to Randgold based on its 80%
interest in the Loulo project. this year has confirmed the high
Mineral resources were calculated by Mr Chiaka Berthe, an officer of the company, under the recoveries in the ore. A simple process
supervision of Mr Rodney Quick, a Qualified Person and officer of the company. of crush, mill, gravity and cyanide leach
See comments and US disclaimer on page 81. is still proposed.
Composite
The following open pit mineral reserve was defined:

Drilling is currently underway to test depth
and strike extensions and these results will
GOUNKOTO: MINERAL RESERVES be used to evaluate upside potential.
Attribu-
table
gold**
OPEN PIT* Probable 7.47 6.83 1.64 1.31

* Mineral reserves are calculated at a US$700/oz gold price and include dilution and ore
loss.
** Attributable gold (Moz) refers to the quantity attributable to Randgold based on its 80%
interest in the Loulo project.
Mineral reserves were calculated by Mr Onno ten Brinke, a Qualified Person and officer of the GOUNKOTO: TOTAL RESERVES
company. AND RESOURCES
Reserves
Further potential exists below the present design pit where an additional 5.3 million Resources
tonnes at 6.08g/t for 1.05 million ounces of inferred material supports the likelihood Moz
of underground extensions. Drilling is currently underway to test depth and strike 3
extensions and these results will be used to evaluate upside potential from extending
the Gounkoto orebody together with incremental material from Faraba and P64.
Given the strong base of the Gounkoto orebody, the company is confident that this
area will grow into a multi-mine complex. 2
The prefeasibility study, on track for completion at the end of the first quarter of
2010, will be based on the open pit reserve at Gounkoto together with an upside
scoping that will include the underground results and those from Faraba and P64.
1
EXPLORATION
Mineralisation is open in all directions. To the north, the last drill hole GKDH145
returned 4.55 metres at 7.48g/t, to the south GKDH018 returned 18.7 metres at
0
9.12g/t, while at depth GKDH029 returned 49.6 metres at 13.73g/t and GKDH105
returned 67.4 metres at 5.76g/t. Future exploration will concentrate on delineating 09
the full dimensions of the deposit together with further testing of satellite deposits,
most notably Faraba and P64.
GOUNKOTO: BLOCK MODEL WITH US$700/OZ PIT DESIGN
Pit
>10g/t
5.0 - 8.0g/t
3.0 - 5.0g/t
2.0 - 3.0g/t
1.5 - 2.0g/t
500m 0-1.5g/t
Composite
MASSAWA
PRO ECT
The Massawa project is situated in eastern Senegal,
approximately 75 kilometres west of the border with Mali.
Randgold holds an effective 83.25% interest in the project.
The government of Senegal retains a 10% carried interest in the project while the
balance is held by a Senegalese joint venture partner.
During the first quarter of the year a scoping study was completed on the Massawa
inferred resource reported in the 2008 annual report. This study indicated that the
project passed the company’s hurdle rates and consequently the board approved
its progress to prefeasibility. This prefeasibility was completed by year end and
included 60 000 metres of drilling designed to infill the previous inferred resource.
Further metallurgical testwork was undertaken to determine bond work indices
and evaluate potential metallurgical process routes. Baseline environmental and
social and economic studies were completed.
GEOLOGY
The Massawa gold project is located within the Kounemba permit in Eastern
Senegal which geologically lies within the 150 kilometre long Mako belt, itself part
of the Kedougou-Kéniéba Inlier (KKI), the westernmost exposed part of the
Paleoproterozoic Birimian terrain. The volcanic belt and sedimentary basin
rocks are divided into the Mako supergroup in the west and the Dialé-Daléma
SENEGAL: MASSAWA PROJECT
MASSAWA MALI
Dakar
SENEGAL
BURKINA
Bamako FASO
Ouagadougou
GUINEA
SIERRA
LEONE CÔTE
D’IVOIRE GHANA
LIBERIA
Birimian Belt
Randgold permits
Capital city 600km
Composite
Prefeasibility delivers
1.5Moz of reserves at 4.64g/t
and points to more upside
potential
Feasibility study scheduled
for completion by year end
Exploration on the
8 kilometre structure
continues
MASSAWA: OREBODIES WITH PERMIT MAP
0.5 – 1.0g/t
Kounemba 1.0 – 2.0g/t
permit NZ2 and LE
2.0 – 3.0g/t
NZ1 3.0 – 4.0g/t

Massawa project on the 4.0 – 10g/t
Kounemba permit in Senegal
>10g/t
Massawa CZ
MZ
1 000m
Northern Zone 2 –
Lion Extension
Northern Zone 1
Massawa resource block model with

Central Zone US$700/oz pit designs
1 000m
MASSAWA: TOTAL RESERVES

supergroups in the east. The Mako
AND RESOURCES
supergroup comprises mafic-
ultramafic and felsic volcanic rocks Reserves
intruded by granitoids that form the Resources
Kakadian batholith. A regional crustal Moz
scale shear zone, the Main 4
Transcurrent Shear Zone (MTZ) with
northeast-southwest trend, exploits 3
the lithological contact between the
2
Mako and the Dialé-Daléma
Supergroups and is the host structure
1
to mineralisation at Massawa.
0
08 09
Composite
MINERAL RESOURCES AND ORE RESERVES

As part of the completion of the prefeasibility study a revised mineral resource was
completed, including the delineation of a revised geological model.
MASSAWA: MINERAL RESOURCES

Attribu-
table
gold***
OPEN PIT* Indicated 17.43 4.16 2.33 1.94

UNDERGROUND** Inferred 6.24 3.39 0.68 0.57
* Open pit mineral resources are those insitu mineral resources at 0g/t gold cut-off falling
inside the US$1 000/oz pit shell.
** Underground mineral resources are those insitu mineral resources at a 2g/t gold cut-
off falling below the US$1 000/oz pit shell.
*** Attributable gold (Moz) refers to the quantity of gold attributable to Randgold based on
its 83% interest in the Massawa gold project.
Mineral resources were calculated by Mr Babacar Diouf, a Qualified Person and officer of the
company.
Pit optimisations were carried out at a US$700 per ounce gold price and were used
for the pit design and scheduling to produce the following mineral reserves for an
open pit option.
MASSAWA: MINERAL RESERVES

Attribu-
table
gold**
OPEN PIT* Probable 10.51 4.62 1.56 1.30

* Mineral reserves are calculated at US$700/oz gold price and include dilution and ore
loss.
interest in the Massawa gold project.
Mineral reserves was calculated by Mr Onno ten Brinke, a Qualified Person and officer of the
company.
PREFEASIBILITY STUDY FINANCIAL AND OPERATING PARAMETERS

The prefeasibility was based on the above reserves and a summary of the key
aspects of the study are documented below.
Open pit mining

Contractor mining costs of US$2.76 per tonne have been assumed, based on
estimated Tongon contractor costs, adjusted for the load profiles at Massawa. Due
to the thin nature of the geological model and high gold grades, the strip ratios are
relatively high at 11.7:1.
Composite
Processing
The prediction of overall recoveries for Massawa has been based on calculations A prefeasibility study was completed by
using testwork results obtained from various composite samples of Run of Mine year end and included 60 000 metres of
material from the different ore zones. Average recoveries of 95%, 90% and 89% drilling designed to infill the previous inferred
have been predicted for the oxide, transition and sulphide material respectively. resource.
The metallurgical process plant has been designed to treat 150 000 tonnes of ore
per month equating to 1.8 million tonnes of ore per annum.
It is envisaged to have individual soft rock and hard rock crushing circuits for the
softer oxide and harder sulphide material respectively. The hard rock circuit will
consist of a jaw, secondary and tertiary crushers. The milling circuit has been
designed with two mills. Initially the first mill will be installed as a scrubber mill that
will later be upgraded to a ball mill when treating sulphides. Oxides, being wet and
containing clayey material, are sticky, and will bypass the secondary and tertiary
crushing circuit. The oxides and transition material will be fed to the scrubber mill
with coarse mill rejects passing onto the secondary/tertiary crushing section.
Sulphide ore will be treated through a primary, secondary and tertiary crushing
circuit to produce a ball mill feed product. Sulphide milling will consist of two ball
mills operating in parallel as opposed to the oxide circuit with the mills operating
in series. The discharge from each mill will be pumped via a cyclone feed pump
and classifier system. A proportion of the cyclone underflow will be bled to the
gravity circuit to maximise the recovery of gravity gold. When treating sulphides
the ore will in addition be subjected to a flotation recovery stage with the flotation
concentrate being treated through a pressure oxidation pre-treatment stage complete
with counter current decantation, neutralisation and precipitation prior to the liberated
gold being leached in the leach circuit.
A thickener will be used to enhance the control of the milling and classification
circuit, as well as ensuring constant feed density to the carbon-in-leach (CIL) circuit.
The thickener underflow will be pumped to the leach/CIL circuit where gold will be
dissolved and adsorbed onto activated carbon. The resultant CIL tailings slurry will
be subjected to tailings thickening to recover the maximum amount of process
water containing available unused cyanide, which will reduce the amount of fresh
cyanide required for leaching. A cyanide destruction process will be included in
the circuit prior to pumping process tails to the tailings storage facility.
Gold will be recovered from the gravity concentrates through a combination of

intensive cyanidation and electrowinning facilities. Loaded carbon from the CIL
circuit will be acid washed prior to elution, followed by regeneration of the eluted
carbon. Gold will be deposited onto cathodes following electrowinning of the eluate.
The dried gold sludge will be smelted to produce gold doré which will be shipped
to the refinery.
The preliminary tailings dam location and design have been finalised following
recommendations by external consultants.
General and administration costs

General and administrative costs were assumed to be US$3.85 per tonne, based
on Loulo actual costs and adjusted for lower throughputs.
Capital expenditure
The capital expenditure estimate for the prefeasibility model was US$237 million
with replacement capital of US$18 million.
Composite
Financial model
The mining and production schedule resulted in a six year mine life, producing
1.35 million ounces of gold. The models were run at a US$800 per ounce gold
price and produced an IRR of 24% with cash operating costs of US$446 per ounce
for the Life of Mine.
MASSAWA: PREFEASIBILITY STUDY FINANCIAL ASSESSMENTS

Pit A* Pit B**
Cash operating costs US$446/oz US$481/oz

Total cash costs*** US$470/oz US$505/oz
IRR 24% 12%
* Prefeasibility model.
** Low grade high tonnage model.
*** The fiscal parameters are based on the prevailing Senegalese 2003 Mining Code, which
includes a 3% royalty.
FEASIBILITY OPTIONS
As part of the prefeasibility, a second study was undertaken, reviewing a broader
high tonnage, lower grade geological model. This incorporated the low grade
mineralisation surrounding the high grade shears in the Central Zone. This model
produced a mineral reserve of 20.84 million tonnes at a grade of 3.16g/t for
2.12 million ounces within a US$700 per ounce designed open pit. The mining
and production schedule for this option recovered 1.9 million ounces of gold over
a nine year period. Due to the higher tonnage, processing rates were increased
to 2.4 million tonnes per annum resulting in slightly lower sulphide processing and
G&A costs of US$22 and US$3.50 per tonne respectively.
The capital expenditure estimate for the longer life, low grade high tonnage model
increased to US$280 million followed by US$30 million for replacement capital.
The difference between this model and the feasibility model is illustrated above.
Based on the positive returns of the higher grade prefeasibility model the board has
agreed to progress the project to feasibility.
In 2009, a total of 220 diamond holes for
The feasibility will focus on increasing the mineral resource base. Although the
53 820 metres and 84 RC holes for
6 272 metres were drilled, for the present
prefeasibility mineral resource model does provide a suitable return, there is potential
mineral resource model. to further improve the project by including the low grade oxide material within the
pit that is outside the present model.
The steep dip and thin nature of the mineralised structure translates into a higher
strip ratio which limits the vertical extent to which open pit mining can provide
suitable returns. The ore morphology does, however, lend itself to vertical open
stope underground mining and this concept will be tested this year beneath the
known ore bodies. Further open pit potential does exist north and south of the
known mineral reserves with known gold mineralisation occurring continuously for
3.4 kilometres south of the present pits. There are also numerous satellite opportunities
in the Massawa region which have the potential to add incremental ounces
and additional ore for the project.
Further metallurgical testwork is under way to optimise gravity and flotation

and sulphide process route.
The prefeasibility has not identified any fatal flaws in the environmental and social
aspects and a full environmental and social assessment will now be completed.
Composite
Randgold expects to be in a position by the fourth quarter of 2010 to identify the

route which the project will take with regard to underground opportunities and
further open pit potential which will impact the final decision on the optimal throughput
for the project.
EXPLORATION
At Massawa, a total strike length of 8.5 kilometres has been drilled, but only a
four kilometre portion of this has been evaluated for the present mineral resource
model and has been drill tested to a 50 metre by 50 metre spacing to vertical
depths of 250 metres. In 2009, a total of 220 diamond holes for 53 820 metres
and 84 RC holes for 6 272 metres were drilled.
In 2010, the focus of exploration will be to test the extensions of Massawa both
along strike and down dip to evaluate additional open pit ounces as well as
underground opportunities. In addition to Massawa, there are a number of targets
which have had varying degrees of follow-up work completed on them, from
trenching through to RAB and diamond drilling, and all highlight the possibility of
finding additional ounces within a 15 kilometre radius of Massawa. These are Bakan
Corridor, Delaya, Sofia and Bambaraya.
SENEGAL EXPLORATION PERMITS
Bambaraya
Bakan Corridor Delya
Kounemba
Sofia Massawa
deposit In 2010, the focus of exploration will be to
test the extensions of Massawa both along
strike and down dip to evaluate additional
open pit ounces as well as underground
opportunities.
Kanoumering
Tomboronkoto
20km
Gold targets
Composite
KIBALI PRO ECT

The Kibali project is controlled by a 50:50 joint venture, between
Randgold and AngloGold Ashanti Limited, which holds an
effective 90% interest in Kibali Goldmines SPRL.
The remaining 10% of the shares are held by Okimo, the parastatal mining company
of the Democratic Republic of the Congo. Randgold’s interest in this project was
acquired following the acquisition of Moto Goldmines Limited, in conjunction with
AngloGold Ashanti, and the further acquisition of a 20% interest from Okimo on
behalf of the joint venture. The Kibali project is located some 560 kilometres
northeast of the city of Kisangani and 150 kilometres west of the Ugandan border
town of ‘Arua’ in the northeast of the Democratic Republic of the Congo. More
details of the acquisition consideration are contained in the financial statements
on page 150 of this report.
GEOLOGY AND MINERALISATION

The goldfields at the Kibali gold project are located within the Moto greenstone
belt, which is comprised of the Archean Kibalian (Upper and Lower) volcano-
sedimentary rocks and ironstone-chert horizons that have been metamorphosed
to greenschist facies. The goldfields at Kibali are transgressed by regional-scale
north, east, northeast and northwest trending faults and are bounded to the north
by the Middle Archaean West Nile granite-gneiss complex and cut to the south by
DEMOCRATIC REPUBLIC OF THE CONGO: KIBALI PROJECT
CENTRAL AFRICAN
REPUBLIC
CAMEROON
KIBALI
KENYA
CONGO
GABON
DEMOCRATIC RWANDA
REPUBLIC
OF CONGO BURUNDI
Kinshasa
TANZANIA
ANGOLA ZAMBIA
Archean
Mesoproterozoic
Randgold permits
Capital city 600km
Composite
45% interest acquired

through Moto acquisition
and additional Okimo
purchase
Mineral reserves increased
by 67% to 9.2Moz since
acquisition
Development roadmap
targets first production in
2014
the Upper Zaire granitic complex. The stratigraphy consists of a volcani-sedimentary

sequence comprising fine-grained sedimentary rocks, several varieties of pyroclastic
rocks, basaltic flow rocks, mafic-intermediate intrusions (dykes and sills) and
intermediate-felsic intrusive rocks (stocks, dykes and sills). The sequence is variably
altered from slight (texture benign) to intense (texture destructive) such that in some
cases the protolith rock is unrecognisable. In the Kibali district the majority of gold
mineralisation identified to date is disseminated style, hosted within a sequence of
volcaniclastics, coarse volcaniclastics, sedimentary rocks and banded ferruginous
cherts. The mineralisation is generally structurally controlled and associated with
quartz-carbonate alteration and pyrite.
The majority of mineralisation currently being delineated occurs within two broad
mineralised trends. The first group lies within a northeast trending structural-
alteration corridor; from the Kibali prospect in the southwest to the Ndala prospect
in the northeast, called the Kibali-Durba-Karagba Trend. The second group lies
within a northwest trending zone that stretches from the Pakaka prospect in the
southeast to the Mengu Hill prospect in the northwest and is called the Pakaka-
Mengu Trend.
KIBALI: OREBODY MODEL
Northeast Southwest
Open pit
500m
KCD deposit
Composite
MINERAL RESOURCES AND RESERVE UPDATE

Following the completion of the Moto acquisition, Randgold has moved swiftly to
update the mineral resources and reserves, retaining the services of Cube Consulting
and SRK Consulting in Perth, supported by in-house skills from both Randgold and
AngloGold Ashanti, to ensure continuity with regards to the updates. Following
incorporation of all drilling completed between April and August 2009, new resources
were reported in the fourth quarter as highlighted below:
KIBALI: TOTAL RESERVES AND
RESOURCES
KIBALI: MINERAL RESOURCES
Reserves
Attribu-
Resources table
Moz gold***
20 Tonnes Grade Gold (Moz)
at 30 November 2009 Category (Mt) (g/t) (Moz) (45%)
15
Open pit*
Indicated 92.23 2.10 6.25 2.81
10 Inferred 32.82 3.10 3.26 1.47
KCD underground**
Indicated 39.26 6.08 7.67 3.45
5 Inferred 18.24 4.38 2.57 1.16
TOTAL OPEN PIT AND
0
KCD UNDERGROUND
Indicated 131.49 3.29 13.93 6.27
09
Inferred 51.06 3.55 5.83 2.62
* Open pit recoverable mineral resources are reported at >0.5g/t gold cut-off inside the
US$1 000/oz pit shell and above the 5 685mRL for the KCD deposit.
** Underground mineral resources are those mineral resources >2.0g/t gold cut-off below
the 5 685mRL for the KCD deposit.
*** Attributable gold (Moz) refers to the quantity attributable to Randgold based on its 45%
interest in the Kibali gold project.
The 5 685mRL refers to the optimised open pit to underground interface for the KCD deposit.
Mineral resources were calculated by Mr Rick Adams, a director of Cube Consulting and an
independent Qualified Person.
The main changes in mineral resources from previous declarations made by Moto
Goldmines include:
Open pit resources have been classified as the insitu resources falling within
the US$1 000 per ounce whittle pit shell at a 0.5g/t gold cut-off to conform
with JORC requirements; and
In the case of the KCD deposit the underground resources are reported as
those insitu resources below the pit to underground interface (5 685mRL),
reported at a 2g/t gold cut-off.
To ensure mineral resources comply with the criteria laid out by the JORC Code,
only those mineral resources for which there is a reasonable prospect of eventual
economic extraction have been included in the declaration above. The net result
is slightly lower total resources than previously reported by Moto, but a significant
increase in indicated resources, with 70% of total resources now being classified
as indicated. The indicated mineral resource is now 13.93 million ounces, which
represents an increase of 23% over the previous indicated mineral resource.
7.67 million ounces at a grade of 6.08g/t from the Karagba-Chauffeur-Durba (KCD)
deposit is now classified as an underground indicated mineral resource and represents
an increase of 118% over the previous declared underground indicated mineral
resource.
Composite
Cube Consulting reviewed open pit reserves from the updated resource numbers,
while SRK Consulting completed an update of the underground reserves based on
The Kibali River is earmarked to provide the
a US$700 gold price. New reserve numbers are presented below and reflect a future hydro-electric power required by the
significant increase in underground reserves to almost 6 million ounces, bringing Kibali mine as well as meeting the needs of
the total reserve number to 9.2 million ounces, a 67% increase from the previous the surrounding communities.
declaration. The main changes to the reserve include the conversion of indicated
mineral resources beneath the KCD pit into the underground reserve.
KIBALI: MINERAL RESERVES

Attribu-
table
gold**
Open pit total* Probable 33.55 3.02 3.26 1.47

Underground total* Probable 30.25 6.10 5.93 2.67
TOTAL RESERVES Probable 63.80 4.48 9.19 4.14
* Open pit and underground reserves are carried out at a gold price of US$700/oz.
interest in the Kibali gold project.
Mineral reserves include dilution and ore loss factors.
Open pit mineral reserves were calculated by Mr Quinton de Klerk, a director of Cube Consulting
and an independent Qualified Person.
Underground mineral reserves were calculated by Mr Paul Kerr, an officer of SRK Consulting
Perth and an independent Qualified Person.
PROJECT DEVELOPMENT
The overall programme to complete the initial investment phase to establish gold
production at Kibali is estimated to take approximately four years, with first gold
expected early in 2014.
Orientation
The development of the project is based on four key building blocks:
Infrastructure: The road between Arua and the site (Doko) needs to be
upgraded to a standard where trucks with the loads needed to build and
operate the mine can pass consistently.
Security: The previous instability in the northeast corner of the DRC needs
to be suitably addressed, and stabilised, to allow the uninterrupted building
and operation of a mine.
Power: The generation of power through the optimisation of the available
hydro-electric facilities needs to be resolved in engineering and commercial
terms.
Relocation of people: The communities on and directly around the project
site need to be resettled in a peaceful and orderly manner to allow the
development and operation of a large scale gold mine.
The roadmap that has been developed has been designed to address each of
these four key aspects of the project. Management is now actively engaged in the
detailed steps required to take the project forward, including:
The road: A contractor has been appointed to upgrade the road in phases
over a three year period. The final outcome will represent a road at an
engineered standard where loads needed for construction and operation of
the mine can be consistently accommodated.
Security: The government of the DRC has made suitable and sustainable
arrangements with Uganda as well as Rwanda as to the combating of guerrilla
forces operating between the three countries. The governments concerned
Composite
In the fourth quarter of 2009 Randgold

updated the mineral resources and reserves
for the Kibali project and reported a revised
indicated resource of 13.93 million ounces,
representing an increase of 23% over the
previous amount reported.
have deployed enough troops and police to control the area. Randgold
has worked closely with the authorities to maintain the current peaceful
situation.
Power: Kibali is already in possession of the Nzoro hydro power station
licence. It is in the process of applying for additional licences for hydro
power stations in the area. These licences will inter alia involve
reconfiguration, refurbishment and maintenance of the power stations in
question. Should that be successful, Randgold can produce enough
power through hydro activity to sustain more than the planned size of
mine, inclusive of the provision of substantial power to local communities.
Resettlement Action Plan (RAP): The Randgold policy is to adhere fully
to local regulations and international standards, such as the Equator
Principles and the World Bank guidelines. Kibali has started with this
process, including consultation and base line studies. It is expected to
take some two years to complete the initial resettlement plans of the
communities. The total number of people to be resettled in phases is
approximately 15 000.
2010 focus
In 2010, work will focus on:
Completing the environmental baseline studies and updating the social
and environmental action plans prior to the start of pre-construction
activities.
Pre-construction activities, including the establishment of the construction
camp, construction of aggregate and sand production plants as well
as a brick making facilities.
Improving access to the site through the upgrading of the existing road
from the mine to the Ugandan border (160 kilometres).
Integration of construction activities within the RAP in order to provide
employment to the people who will be displaced by the future mining
activities in order to mitigate the impact of the resettlement process.
These initiatives and our commitment to assist their relocation to a suitable
area, along with our programme to decommission the old Durba mill, will
assist in maintaining employment of local people and improve the
environment while we develop alternative opportunities through the
construction of the mine.
KIBALI MINE: PROJECT SCHEDULE
Project phase 2010 2011 2012 2013 2014

Project development and planning
Resettlement and site clearing
Pre-construction
Main site construction
Plant and infrastructure construction
Start-up
Composite
Establishment of hydropower infrastructure. Our development plan calls for

the integration of the power supply from existing hydro stations (which require
re-investment to restore the stations’ production capabilities) into our new
infrastructure. This strategy facilitates supply from different catchments in the
region and reduces the supply risk.
Maximising the use of softer oxide material in the initial phase will allow us
to defer expenditure on hard rock crushing and additional milling installation
and reduce the need for additional power at the outset. This also gives us
time to establish the underground section at KCD so that we can feed higher
grade underground ore at the start up of the hard rock processing phase.
The programme is focused on the KCD deposit where the bulk of the Kibali
reserves are hosted, but exploration initiatives are in place to boost the supply
of ‘near plant’ soft oxide ore, which will allow higher mill throughputs initially
and deliver the necessary critical mass of gold production for development
of projects in remote areas.
EXPLORATION
Following the acquisition of Moto Goldmines at the beginning of the fourth quarter,
Randgold established a geological team on site at Kibali. The primary objective
was to complete a detailed geological analysis of the KCD deposit, to understand
the geology, structure, alteration and mineralisation, and to construct a geological
model, as well as to look at the possibility of a lateral link between the KCD and
Gorumbwa deposits.
Work undertaken included:

Resource drilling (44 holes completed, 8 484 metres).
Core review of selective KCD holes (60 holes) and geological modelling.
Surface mapping of the KCD - Gorumbwa area.
The completion of two strategic holes (1 557 metres) in the KCD - Gorumbwa
gap.
Ongoing soil geochemistry over block 1 west of KCD, where four new gold
anomalies were identified; sampling of the old Durba mill (251 samples).
First pass interpretation of the airborne magnetic data; and reconnaissance
pitting (10 pits) on the ATF concession.
Objectives in 2010 at Kibali will include:

Continued resource conversion work, not only on the KCD deposit but also
the satellite deposits.
Visiting investment analysts and fund
The identification of new near mine resources. managers next to the telecommunications
Generative work on the wider lease area through the completion of soil tower on Mount Joseph overlooking the
sampling and an airborne electro-magnetic survey. Kibali orebody.
Composite
54-79 Exploration (R) 3/25/10 8:40 AM Page 1
EXPLORATION
REVIEW
The company has a portfolio of projects within some of the
most prospective gold belts of both West and Central Africa.
It has exploration projects in five African countries hosting
250 targets on 13 624 square kilometres of groundholding.
It has a team of more than 50 geologists.
RANDGOLD RESOURCES EXPLORATION PERMITS: AFRICA
MALI
SENEGAL
BURKINA
FASO
CÔTE
D’IVOIRE
DEMOCRATIC
REPUBLIC
OF CONGO
Proterozoic
Archean
Randgold permits
Composite
Strategic focus on organic

growth through exploration
success
Value created by discovering
and developing profitable
gold projects
250 targets in five countries
being progressed
In 2009, exploration programmes concentrated on the continued evaluation of the Massawa deposit in Senegal,
the discovery of the new multi-million ounce high grade gold deposit at Gounkoto in Mali, the definition of satellite
deposits at Loulo, and geological modelling and resource conversion at the Kibali gold deposit in the Democratic
Republic of the Congo.
At Gounkoto, Randgold announced a new, high grade multi-million ounce gold discovery during the year
and progressed the project to a positive scoping study. By year end, the prefeasibility drilling had been
completed. 1.96 million ounces at 7.28g/t of indicated mineral resources plus 0.92 million ounces of inferred
mineral resources at 6.0g/t have been estimated. Mineralisation is open in all directions. To the north, the
last drill hole GKDH145 returned 4.55 metres at 7.48g/t, to the south GKDH018 returned 18.7 metres at
9.12g/t, while at depth GKDH029 returned 49.6 metres at 13.73g/t and GKDH105 returned 67.4 metres
at 5.76g/t.
At Loulo, drilling at the Loulo 3 target joined three small deposits (Southwest, Centre and North) into one
larger deposit and a 1.1 kilometre single open pit containing reserves of 1.00 million tonnes at 2.94g/t for
94 605 ounces following mining depletion in 2009. Drilling has intersected mineralisation a further
650 metres to the north and this is currently the focus of evaluation drilling. Mineralisation is also open at depth.
The company progressed the Massawa project from a positive scoping study to a positive prefeasibility
study by year end, following the completion of 60 000 metres of drilling along a four kilometre strike of an
eight kilometre mineralised system. Along the Massawa system, a high grade south plunging shoot has
been identified in North 2 with an average grade of plus 7g/t and in the Central Zone, narrow silicified
structures within a broader low grade envelope contain bonanza style grades with coarse visible gold.
Following the successful conversion of resources to reserves at Tongon the exploration emphasis has shifted
to the discovery of new ounces close to the existing ore bodies, as well as the development of targets
further afield.
In Burkina Faso, the sale of Kiaka to Volta Resources Inc was completed and the team is now working on
the identification of new opportunities. A first pass review has been completed over the southwest corner
of the country and includes the greenstone belts of Loumana, Banfora, Hounde and Boromo.
Following the acquisition of Moto Goldmines, Randgold quickly established a geological team on site at
Kibali. The primary objective was to complete a detailed geological analysis of the Karagba-Chauffeur-
Durba (KCD) deposit, to ultimately understand the geology, structure, alteration and mineralisation and to
construct a geological model to support the resource conversion work, as well as to look at the possibility
of a lateral link, between the KCD and Gorumbwa deposits.
Randgold made a strategic decision to stop exploration activities at Morila and in the countries of Ghana
and Tanzania.
During 2010 exploration will concentrate on five strategic areas:

Delivering the final feasibility study on Massawa.
Delivering the final feasibility study on Gounkoto.
Maintaining open pit mining flexibility at Loulo through the definition of additional ounces from satellite
deposits.
Adding to the resource base at Tongon through the evaluation of satellite targets in the Nielle permit.
Resource conversion work at Kibali and generative studies within the greater lease area.
While the acquisition of Moto Goldmines was an opportunity to acquire one of the world’s largest undeveloped
gold resources at good value, it does not diminish the company’s strategic focus on organic growth through
exploration success and its primary objective remains the creation of value through the discovery and development
of profitable mining projects.
Composite
MALI EXPLORATION
MALI
Dakar
SENEGAL
BURKINA
Bamako FASO
Ouagadougou
GUINEA
SIERRA
LEONE CÔTE
D’IVOIRE GHANA
Birimian Belt
LIBERIA
Randgold permits
Capital city 600km
LOULO: EXPLOITATION
PERMIT WITH GOLD TARGETS
MALI
Baboto
Loulo
2009 was an excellent year for the exploration
team, delivering on two key strategies:
Provision of above Run Of Mine grade,
open pittable, oxide ounces inside a
PQ10
Loulo 1 10 kilometre radius of the plant site.
Gara Evaluation of targets within the greater
Loulo 2
lease area (372km2) and district to make
PQ10 Loulo 3 the new Gounkoto discovery.
Yalea Ridge Loulo 3

Yalea
At Loulo 3, two small oxide resources
(Southwest - 11 264 ounces at 3.32g/t and
Central - 7 894 ounces at 3.45g/t) were mined
in 2008. Continued exploration during 2009
has expanded the mineral resources to
169 168 ounces at 3.27g/t of indicated mineral
resource and a further 76 077 ounces of
inferred mineral resource; after mining depleted
72 000 ounces for the year.
A further 43 Reverse Circulation (RC) holes for

a total of 3 103 metres were also drilled,
Toronto
P64 testing areas along strike to the north
Gounkoto
together with infill drilling within the pit and
Faraba the down dip extensions below the pit.
5km
Composite
Loulo 3
SW
Loulo 3
Centre
1.7
kilo
me Loulo 3
tre
stri
ke North L3RC291
Loulo 3 14m @ 5.92g/t
South inc: 6m @ 11.47g/t
L3RC201
9m @ 18.67g/t
inc: 4m @ 37.55g/t
L3RC297
7m @ 6.07g/t
>8g/t L3RC199
13m @ 4.40g/t
5.0 - 8.0g/t inc: 6m @ 8.54g/t L3RC311
3.0 - 5.0g/t 11m @ 3.49g/t
L3RC301 Loulo 3 inc: 2m @ 13.43g/t
1.0 - 3.0g/t 31m @ 6.95g/t extension
inc: 12m @ 11.70g/t
0.5 - 1g/t and 2m @ 24.39g/t
Existing wire frame
LOULO 3: DRILLING CONTINUES

TO DELINEATE ADDITIONAL
Loulo 3 North Extension STRIKE LENGTH
Nineteen holes for 1 411 metres were drilled and the lithologies present consist of
a hangingwall coarse-grained greywacke, a quartz tourmaline unit, and a footwall
coarse-grained greywacke. Results from this drilling are encouraging and define
a continuation of mineralisation 650 metres to the north of the current open pit.
Drilling continues to fully delineate the potential of the Loulo 3 deposit.
Loulo 2
The Loulo 2 target includes three approximately 100 metre to 300 metre long dilation
zones over a 2 kilometre strike and has been the focus of evaluation drilling
during 2009. This resulted in the delineation of a indicated mineral resource of
140 000 tonnes at 3.94g/t for 17 874 ounces of which 15 000 ounces was
subsequently mined from Loulo 2 North. Mineralisation is associated with
haematisation of tourmaline sediments.
In the Central Zone work returned a number of good but narrow intersections:
3 metres at 6.31g/t; 5 metres at 3.03g/t; and 4 metres at 5.56g/t. Additional follow-
up work is required. Further to the south, low grade mineralisation was encountered.
Yalea structure
The Yalea structure, on which Loulo 2 and Loulo 3 are located, is a significant
mineralised structure and, as well as surface work, deeper conceptual holes targeting
blind mineralisation will be motivated in 2010.
LOULO 3: NORTH EXTENSION RC DRILLING RESULTS

True
From To Interval width Grade
Hole ID (m) (m) (m) (m) (g/t) Including
L3RC196 41.00 51.00 10.00 9.55 3.69 2m @ 14.00g/t from 45m

L3RC198 82.00 86.00 4.00 3.91 2.41
L3RC199 50.00 63.00 13.00 12.54 4.40 6m @ 8.54g/t from 54m
L3RC200 23.00 36.00 13.00 12.55 2.45 1m @ 17.10g/t from 30m
L3RC201 20.00 29.00 9.00 8.69 18.67 4m @ 37.55g/t from 20m
L3RC291 29.00 43.00 14.00 12.60 5.92 6m @ 11.47g/t from 35m
L3RC297 25.00 32.00 7.00 6.30 6.07
L3RC301 38.00 69.00 31.00 27.90 6.95 12m @ 11.70g/t,
2m @ 24.39g/t
L3RC311 17.00 28.00 11.00 9.90 3.49 2m @ 13.43g/t from 19m
Composite
Additional targets
The exploration team has been providing the mine with critical ounces from satellite
deposits, which have enabled the mine to meet its budget in spite of the slower
than anticipated underground build up, and this type of target remains a priority for
exploration. A range of targets at various stages of development exists around the
Loulo plant and exploration will focus on those with the highest potential to deliver
surface ounces, following the completion of the current work at Loulo 3. These
include: Loulo 1, PQ10, Bolibanta, Baboto and Yalea Structure/L3-P125 Gap.
Gounkoto
In May 2009, Randgold announced the discovery of a new multi-million ounce gold
deposit at Gounkoto, in the southern half of the Loulo mining permit. The target
was initially identified from an airborne electromagnetic survey. Subsequent soil
sampling returned a two kilometre long, north-northwest trending plus 30ppb gold
in soil anomaly. Initial follow-up work consisted of lithosampling which returned a
number of strongly mineralised results (24.6g/t, 83.8g/t, 48.6g/t and 7.3g/t). These
LOULO PERMIT SOUTH: GOLD locations were subsequently trenched and results confirmed the prospectivity of
DEPOSITS AND TARGETS the target (FRT03 - 9.70 metres at 15.26g/t and FRT05 - 35.75 metres at 10.66g/t).
Two reconnaissance diamond drill holes were completed, one kilometre apart, with
the first being the discovery hole, FRDH01, drilled under FRT05, which intersected
46.60 metres at 13.63g/t from 65.70 metres.
y
ighwa
nium h The company moved quickly to progress the project and a further seven diamond
Millen
drill holes were drilled, confirming Gounkoto as a significant new discovery. This
Falémé River was followed up with a third phase of drilling (nine RC holes and 12 diamond drill
SENEGAL Toronto
holes) and provided sufficient data to calculate an inferred mineral resource of
MALI 13.1 million tonnes at a grade of 6.29g/t for 2.65 million ounces. A positive scoping
study was subsequently completed and the Randgold board approved its progress
to prefeasibility. In the fourth quarter of 2009 a total of 58 diamond drill holes for
P64 12 878 metres and 18 RC holes for 1 300 metres were completed, reducing the
inter hole spacing to 50 metres by 50 metres. The preparation of a prefeasibility
Gounkoto study is in progress and due for completion by the end of the first quarter of 2010.
Updated mineral resources have been calculated and consist of 8.4 million tonnes
at 7.28g/t for 1.96 million ounces of indicated mineral resources and 4.75 million
Faraba tonnes at 6.00g/t for 0.92 million ounces of inferred mineral resources.
2 000m
The host rocks to the Gounkoto mineralisation are a sequence of fine grained
arkoses which have suffered an early silica carbonate alteration event. A suite of
Rare Earth Elements (REE) at Gounkoto suggests a similar fluid to Gara with a
possible magmatic component. More than 95% of the sulphide is pyrite (with minor
arsenopyrite and chalcopyrite) and additionally gold tellurides are present. These
tellurides also exist at Faraba and other southern targets. Mineralisation is bounded
by a hangingwall shear and footwall mylonite. In the hangingwall there is a prominent
limestone unit which is a good marker horizon.
Mineralisation, which trends north-northwest, has been confirmed over a strike

length of 1.3 kilometres and down to vertical depths of 255 metres. The geometry
varies along the strike; in the south it shallows near surface and fingers out, while
at depth the dip steepens; at the inflexion point, high grade mineralisation concentrates.
Towards the centre of the deposit mineralisation steepens to an almost vertical dip
and the hangingwall and footwall structures close up before dilating again in the
north. To the north, mineralisation links from one north-northwest structure, to a
second sub-parallel structure. Mineralisation is open in all directions. To the north
the last drill hole GKDH145 returned 4.55 metres at 7.48g/t, to the south GKDH018
returned 18.7 metres at 9.12g/t, while at depth GKDH029 returned 49.6 metres
at 13.73g/t and GKDH105 returned 67.4 metres at 5.76g/t.
Composite
GOUNKOTO: DIAMOND AND RC DRILL RESULTS

True True
From To Interval width Grade From To Interval width Grade
Hole ID (m) (m) (m) (m) (g/t) Including Hole ID (m) (m) (m) (m) (g/t) Including
(continued)
FRDH01 65.70 112.30 46.60 46.13 13.63 14m @ 33.40g/t GKDH041 166.50 173.20 6.70 6.69 7.64 2.4m @ 16.45g/t
from 95m from 167.15m
101.70 104.50 2.80 2.50 0.79 70.50 73.50 3.00 3.10 1.57
FRDH02 2.2m @ 5.15g/t 94.00 100.45 6.45 6.04 0.72
114.50 122.20 7.70 7.30 1.86 GKDH042
from 118.8m 208.30 215.25 6.95 6.62 14.29
40.40 42.50 2.10 1.63 1.19
249.00 251.00 2.00 2.08 12.80
59.00 60.00 1.00 0.90 1.07
FRDH03 126.90 157.00 30.10 27.67 2.73
67.20 68.00 0.80 0.63 2.17
5m @ 14.94g/t
151.20 152.35 1.15 0.83 1.44 GKDH043 253.00 263.00 10.00 9.00 8.72 from 255m
95.50 96.50 1.00 0.68 6.90 311.40 317.00 5.60 4.71 1.91
FRDH04
113.10 118.10 5.00 4.01 1.32 64.30 70.90 6.60 6.23 1.12
32.10 42.90 10.80 9.75 1.54 5m @ 19.79g/t
FRDH05 GKDH044 87.70 97.90 10.20 10.11 2.50
126.00 186.17 60.17 58.12 16.50 36.4m @ 25.83g/t from 104.8m
from 126m 104.80 109.80 5.00 4.92 19.79
FRDH06 14.70 17.30 2.60 2.59 0.56 11.50 13.50 2.00 1.95 1.46
101.40 112.30 10.90 8.68 43.52 2.2m @ 36.85g/t
8m @ 18.26g/t 134.80 147.10 12.30 10.42 7.52
FRDH08 128.20 160.00 31.80 27.83 8.79 GKDH045 from 134.8m
from 144m
164.00 170.00 6.00 6.08 1.69
FRDH09 67.50 73.50 6.00 5.73 0.88
182.00 185.00 3.00 2.93 1.05
22.00 38.00 16.00 15.05 2.44 1m @ 32.4g/t
from 30m 114.55 115.55 1.00 1.00 2.40
84.62 88.60 3.98 3.33 5.53 GKDH047 131.72 133.70 1.98 1.98 0.88
GKDH01 127.90 145.45 17.55 16.91 2.78 257.96 262.18 4.22 4.22 0.12
1.98m @ 8.74g/t
157.20 167.50 10.30 10.29 11.93 6.8m @ 16.86g/t GKDH048 65.80 87.00 21.20 14.95 2.36
from 79.35m
from 160.7m
203.00 212.20 9.20 5.60 0.43 GKDH049A 133.00 155.46 22.46 16.93 10.83 4.32m @ 43.54g/t
from 144m
47.30 66.00 18.70 18.61 9.12 4.6m @ 14.28g/t
GKDH018 from 56.4m 83.80 117.00 33.20 20.76 6.63 16.4m @ 10.77g/t
GKDH05 from 91.2m
85.70 95.40 9.70 9.01 0.72
165.60 172.20 6.60 3.60 0.55
GKDH02 208.35 214.50 6.15 6.08 1.26
GKDH050 207.70 210.70 3.00 2.68 5.26
26.90 54.00 27.10 25.50 1.37 10.9m @ 2.15g/t
GKDH020
from 37.1m GKDH057 69.00 77.05 8.05 7.06 3.14 1.75m @ 10.79g/t
from 75.3m
138.70 185.90 47.20 46.94 8.68 16.8m @ 10.7g/t 32.90 34.00 1.10 1.00 0.50
from 163.3m
27.00 53.40 26.40 25.72 1.84 GKDH058 8m @ 15.53g/t
145.00 161.00 16.00 12.20 8.67
from 148m
GKDH023 92.00 102.00 10.00 9.51 4.32 2.66m @ 12.74g/t
from 96.4m 23.80 31.50 7.70 6.41 19.88
GKDH059
117.80 120.80 3.00 2.99 6.85 194.80 202.00 7.20 7.12 3.58
35.40 44.90 9.50 8.85 1.65 1m @ 8.6g/t
94.40 109.70 15.30 15.74 2.83
53.00 55.50 2.50 2.45 5.08 from 96m
GKDH06
4.8m @ 12.6g/t 151.95 177.20 25.25 24.94 4.77 0.8m @ 5.2g/t
68.20 78.90 10.70 10.77 7.21 from 155.4m
from 68.2m
GKDH024
2.8m @ 6.23g/t 56.50 68.00 11.50 11.08 1.19
GKDH060
from 99.2m 255.20 256.20 1.00 0.90 0.20
99.20 113.00 13.80 13.80 3.56
and 1m @ 12g/t GKDH063 52.40 55.70 3.30 2.77 0.14
from 110m
GKDH064 105.85 107.00 1.15 0.83 0.36
138.20 141.20 3.00 3.11 5.25
73.00 82.70 9.70 8.38 4.74 3.8m @ 9.99g/t
91.40 93.00 1.60 1.60 19.40 from 77.7m
GKDH065
130.10 146.90 16.80 14.44 0.67 164.30 166.00 1.70 1.54 0.52
GKDH025
161.00 164.00 3.00 2.72 11.70 GKDH069 109.15 111.00 1.85 1.42 24.00
209.00 215.00 6.00 6.09 2.00 41.00 46.00 5.00 4.65 0.52
47.00 73.90 26.90 26.64 0.36 GKDH07
154.72 160.70 5.98 4.72 26.03
GKDH027 2m @ 8.38g/t
83.00 99.00 16.00 15.82 1.86 74.80 111.90 37.10 36.07 0.99
from 97m GKDH071
118.70 119.70 1.00 0.95 28.00 292.40 296.30 3.90 3.18 0.16
12.2m @ 19.38g/t GKDH073 78.75 82.45 3.70 2.66 0.26
from 170.8m 16.50 32.00 15.50 11.73 0.24
GKDH028 169.00 184.00 15.00 14.78 16.11
and 8m @ 25.51g/t GKDH074 3m @ 17.8g/t
137.40 142.40 5.00 4.40 12.59
from 174m from 137.4m
260.00 262.00 2.00 2.29 0.80 GKDH079 109.40 111.00 1.60 1.30 0.53
GKDH029 210.90 260.50 49.60 48.26 13.73
GKDH08 35.10 42.60 7.50 6.05 28.99 4.1m @ 51.85g/t
2.00 7.00 5.00 4.02 2.03 from 35.1m
GKDH03 11.00 18.00 7.00 5.14 1.52 GKDH080 181.00 190.60 9.60 6.67 0.37
161.70 167.30 5.60 4.23 1.16 GKDH086 213.00 228.00 15.00 14.74 2.09
GKDH030 63.60 80.19 16.59 16.67 0.25 43.00 68.00 25.00 24.10 0.46
1m @ 21.2g/t 166.14 170.60 4.46 4.46 10.44
GKDH09
from 91m, 197.00 202.40 5.40 5.30 1.23
1m @ 5.8g/t 240.30 248.00 7.70 7.09 1.42
GKDH031 88.00 136.00 48.00 46.67 3.28 from 109m
48.00 56.00 8.00 5.52 5.95 6m @ 7.18g/t
and 12m @ 8.17g/t GKDH090 from 48m
from 124m
116.00 129.00 13.00 8.75 7.36 3m @ 16.3g/t
144.00 146.00 2.00 1.90 9.08 GKDH091 from 116m
30.77 33.50 2.73 2.76 1.79 21.10 25.00 3.90 2.67 2.93
3.6m @ 26.97g/t GKDH096
95.00 100.40 5.40 3.35 3.86
GKDH032 from 164.9m
129.10 186.90 57.80 57.75 8.65 100.70 105.20 4.50 2.82 3.08
and 6m @ 43.05g/t GKDH097
from 175m 190.25 195.20 4.95 2.73 20.15
GKDH035 250.00 263.00 13.00 12.64 20.58 4m @ 12.25g/t
9.00 25.00 16.00 15.24 4.01 from 21m
GKDH036 65.00 77.20 12.20 11.94 0.19
55.75 61.20 5.45 5.50 4.54 GKDH10 38.05 41.25 3.20 3.43 4.73
GKDH039 90.50 96.70 6.20 6.18 1.52 92.00 121.10 29.10 28.99 3.65
110.30 115.10 4.80 4.12 0.93 160.00 166.66 6.66 6.78 1.36
4.50 10.00 5.50 5.28 2.93 180.00 183.00 3.00 1.51 1.50
GKDH040 18.11m @ 28.54g/t GKDH103 194.00 203.70 9.70 6.45 3.19
121.89 143.70 21.81 21.30 24.43 from 121.89m 251.00 254.00 3.00 2.46 1.28
(continues overleaf)
Composite
GOUNKOTO: DIAMOND AND RC DRILL RESULTS

True
From To Interval width Grade
Hole ID (m) (m) (m) (m) (g/t) Including
(continued)
253.00 255.60 2.60 2.59 2.34

GKDH105 269.60 308.00 38.40 33.22 5.67
319.45 335.20 15.75 14.42 6.75
74.80 77.70 2.90 2.34 2.03
GKDH107 100.50 121.50 21.00 14.42 2.34 1m @ 12g/t
from 100.5m
143.30 145.65 2.35 1.71 0.81
GKDH108 170.80 183.45 12.65 9.42 1.33
GKDH113 98.90 126.65 27.75 18.65 1.47
GKDH114 177.50 179.50 2.00 1.74 9.75 2m @ 9.75g/t
from 177.5m
GKDH120 243.20 255.10 11.90 10.96 1.01
2.9m @ 9.35g/t
GKDH123 64.10 74.95 10.85 10.00 5.52
from 64.1m and Gounkoto region
0.95m @ 30.5g/t
from 74m The southern half of the Loulo mining permit is developing
GKDH124 110.30 114.30 4.00 3.44 3.76 into a new significantly mineralised district. The P64 target,
GKDH130 50.60 54.20 3.60 3.30 3.49
90.10 97.00 6.90 6.14 11.17
located 300 metres to the northwest of Gounkoto, where
GKDH131
110.30 112.00 1.70 1.27 2.96 previous work, including trenching, diamond core and
GKDH145 76.90 84.27 7.37 5.40 4.80 2.45m @ 12.59g/t RC drilling, identified a 145 metre long, strongly mineralised
from 79m
GKDH152 95.00 119.00 24.00 14.84 3.05 1m @ 16.3g/t zone with the following intercepts: P64C13 - 26 metres at
from 105m
18.00 24.00 6.00 5.97 13.33
6.29g/t; P64C4 - 34.45 metres at 8.85g/t; P64C5 - 21 metres
GKRC014
55.00 58.00 3.00 2.56 2.14 at 4.87g/t (including 10 metres at 8.38g/t); P64C6 - 24 metres
GKRC015 45.00 47.00 2.00 1.93 2.68 at 2.81g/t; P64C7 - 25 metres at 2.40g/t (including 9 metres
1m @ 5.4g/t
from 23m at 3.88g/t); P64RC05 - 71 metres at 1.67g/t (including
GKRC02 19.00 48.00 29.00 28.24 2.60
and 4m @ 9.21g/t 14 metres at 5.45g/t); and P64RC06 - 81 metres at 1.75g/t
from 42m
1m @ 5.5g/t (including 4 metres at 12.60g/t and 5 metres at 6.86g/t).
from 31m and
GKRC024 28.00 42.00 14.00 13.70 1.69 Mineralisation is open in all directions. Petrography from
1m @ 6.86g/t
from 38m drill samples showed that the mineralisation is hosted in a
4m @ 20.81g/t
GKRC028 8.00 21.00 13.00 10.09 8.11
from 9m tourmalinised greywacke with weak chlorite alteration, whereas
76.00 80.00 4.00 4.00 0.94 the footwall is dominated by chlorite, biotite and weak sericite
GKRC03 2m @ 9.2g/t
88.00 98.00 10.00 10.00 3.11
from 93m alteration. Structurally the target is complex with the
GKRC030 9.00 15.00 6.00 4.60 9.01 intersection of north-south, 040 and 070 structures together
GKRC031 10.00 13.00 3.00 2.04 0.71
with folding in the best area of mineralisation.
GKRC033 8.00 22.00 14.00 7.89 4.84 5m @ 9.97g/t
from 13m
1m @ 13.2g/t Gounkoto and P64 are located on different trending structures.
from 94m and
GKRC04 93.00 114.00 21.00 17.21 2.34
1m @ 11.3g/t However the intersection of these two mineralised structures
from 104m
1m @ 24.3g/t
and coincident folding are viewed as a high priority for follow-
GKRC04 131.00 143.00 12.00 11.49 2.77
from 135m up work in 2010.
15.00 25.00 10.00 7.08 1.65
GKRC041 1m @ 10.2g/t
35.00 39.00 4.00 2.93 4.69
from 36m Gounkoto and P64 are part of a 10 kilometre long anomalous
2m @ 20.11g/t
from 28m and (gold in soil) trend which also hosts the Faraba and Toronto
GKRC044 27.00 51.00 24.00 20.67 2.78
1m @ 6.04g/t targets. Two kilometres to the southeast of Gounkoto is
from 45m
6.00 9.00 3.00 2.73 9.58 Faraba, where an inferred resource of 567 000 ounces at
GKRC046 24.00 33.00 9.00 7.33 2.08 2.6g/t has previously been delineated. This resource is part
40.00 45.00 5.00 4.36 2.69
of a much bigger system, which includes the Bandankoto,
GKRC047 12.00 16.00 4.00 3.50 4.08 2m @ 7.49g/t
from 13m Faraba Gap and Faraba North targets, together covering
23.00 26.00 3.00 2.44 1.78
approximately three kilometres of strike length. Geologically
68.00 79.00 11.00 10.03 0.67
GKRC048 98.00 103.00 5.00 4.35 1.26 the target comprises sheared, folded rocks with shear
115.00 117.00 2.00 1.78 2.32 structures dominantly dipping east and lithological layering
1m @ 12.2g/t
59.00 72.00 13.00 11.22 2.16
from 64m of coarse and fine grained clastic sediments dipping west.
1m @ 30.5g/t Mineralisation in the Faraba target mainly occurs where the
from 87m,
GKRC05 2m @ 14.55g/t north-south striking shear system intersects favourable coarse
81.00 100.00 19.00 16.44 5.15 from 93m and grained lithological layers. The resulting mineralisation occurs
2m @ 10.75g/t
from 98m as sub-horizontal to gently plunging shoots with blade-like
GKRC07 34.00 37.00 3.00 2.14 15.23 1m @ 43g/t shapes having their narrowest dimensions east-west, and
from 35m
22.00 25.00 3.00 2.59 2.73 intermediate vertical dimension and maximum dimension
5m @ 8.32g/t north-south.
from 34m,
GKRC08 6m @ 5.88g/t
34.00 66.00 32.00 23.23 4.63 from 52m
and 1m @ 9.4g/t
In the north of the Faraba district (four kilometres along strike
from 65m from Faraba) a third target called Toronto features a number
118.00 125.00 7.00 4.12 1.97
9.00 18.00 9.00 7.74 0.81
of artisanal workings along a one kilometre mineralised
4m @ 15.68g/t structure which has been tested with trenching and drilling
GKRC16 from 68m
57.00 73.00 16.00 12.81 6.48 (28 metres at 1.25g/t). Mineralisation is hosted in pink, altered
and 1m @ 22.5g/t
from 65m quartzites and shear-breccias which dip at a low angle
Composite
(40o) to the east. The main structure, which strikes between 350o and 020o, is
intersected by both northeast and northwest structures and there are prominent The discovery of Gounkoto and the
quartz tourmaline units within the corridor. continued success at Loulo 3 demonstrates
the potential to add ounces from areas
surrounding the Loulo mine.
Additionally a further three conceptual targets, identified from the airborne
electromagnetic survey exist across the Faraba district, which have yet to be
tested.
On the Bambadji joint venture in Senegal, but part of the Loulo district, a
9 122 metre Rotary Air Blast (RAB) and 827 metre RC drilling programme was
completed in the first half of the year. Positive results were returned from Kolya,
Kabetea and Baquata targets, where both RAB and RC drilling intersected altered
and mineralised rocks over considerable strike lengths. At Kolya, for example, a
tourmalinised sandstone has returned anomalous lithosamples and RAB intersections
over a five kilometre strike. In the north of the target, RC drill holes returned
7 metres at 3.12g/t and 17 metres at 7.58g/t. The Mananord and Kabewest targets
have been eliminated from the resource triangle.
The discovery of Gounkoto and the continued success at Loulo 3 demonstrates

the potential to add ounces from areas surrounding the mine, as well as in the
Loulo district. Loulo has historically shown the ability to increase the mineral resource
base year on year and replace the ounces mined. The company’s objective has
not only been to increase mineral reserves and resources at Loulo but to use it as
a centre for regional exploration programmes.
Objectives for 2010 at Loulo include the completion of a feasibility study at Gounkoto,
the definition of additional mineral resources from satellite deposits and the
development of targets in the Bambadji joint venture in Senegal.
Morila exploitation lease

Following extensive exploration over the life of mine, including a final drilling
programme in the first quarter of 2009, on four conceptual targets which failed to
intersect economic mineralisation, a decision was made to halt further exploration
on the mining lease.
Southern Mali
The newly acquired Mena permit, which is located to the southeast of the Morila
mine, features a similar structural architecture to Morila with splays from the Banifin
Shear Zone passing through the permit. Work highlighted a small enclave of flat
lying, high metamorphic grade sediments, in the southwest of the permit. A
programme of five oriented diamond drill holes was completed, and while not
intersecting gold mineralisation, it did confirm the flat lying nature of
the sediments, a plagioclase-quartz-biotite-muscovite schist (metamorphosed
semipelitic sediment), metamorphosed to lower amphibolite facies and intruded by
a complex igneous suite comprising granodiorite, tonalite, dolerite, granite, diorite,
monzonite, and syenite. This information is being integrated with the data from
adjacent permits and gravity data to drive future programmes.
Generative work focused on interpreting regional radiometric data, integrating

regional soil geochemistry, geology and knowledge from the research at Morila to
develop a new geotectonic architecture for the region.
Composite
SENEGAL
SENEGAL MALI
SENEGAL-MALI REGIONAL FOCUS
Birimian Belt
Proterozoic Plutonic rocks
Randgold projects 600km
LOULO DISTRICT
Falémé River
Baboto
SENEGAL
Bambaraya Gara Loulo 1

Delya Yalea
Loulo 2
Bakan Corridor Loulo 3
Kounemba
Sofia Massawa Kolya Loulo
Mananord
Kanoumering Toronto
P64
Gounkoto
Tomboronkoto
Gold targets Faraba
10km Gold deposits
Bena
MALI
SENEGAL
Yatela Bambadji
Sadiola
Dalema 5km
Dalema - Kofi
Limestone
Quartz Tourmaline
Metasediments
SENEGAL MALI Diale - Keniebandi
Clastic Metasediments
Metasediments/volcanics
Sabodala Gara Andesite
Yalea
Segala Mako - Saboussire
Massawa
Tabakoto Volcaniclastics
Gounkoto
Andesite
Basalt
Granitoids
MTZ
SMS
100km Randgold permits
KENIEBA KEDOUGOU INLIER
Composite
SENEGAL
In Senegal the primary focus was on the evaluation of Massawa. The project was The Massawa project was progressed from
progressed from a positive scoping study, following the calculation of inferred a positive scoping study, to a successful
prefeasibility study by year end.
resources of 36.76 million tonnes at 2.87g/t for 3.39 million ounces to a successful
prefeasibility study by year end, including mineral reserves of 10.03 million tonnes
at 4.64g/t for 1.50 million ounces.
Massawa
The Massawa gold project is located within the Kounemba permit in Eastern Senegal
which geologically lies within the 150 kilometre long Mako belt, itself part of the
Kedougou-Kéniéba Inlier (KKI), the westernmost exposed part of the Paleoproterozoic
Birimian terrain. The granite-greenstone assemblage of the KKI, is dated between
2.213 and 2.198 Ga, and was intruded by granitoids yielding ages between
2.160 and 2.070 Ga. The volcanic belt and sedimentary basin rocks are divided
into the Mako supergroup in the west and the Dialé-Daléma supergroups in the
east. The Mako supergroup, comprises mafic-ultramafic and felsic volcanic rocks
intruded by granitoids that form the Kakadian batholith. A regional crustal scale
shear zone, the Main Transcurrent Shear Zone (MTZ) with northeast-southwest
trend exploits the lithological contact between the Mako and the Dialé-Daléma
Supergroups and is the host structure to mineralisation at Massawa.
A total strike length of 8.5 kilometres has been drill tested, but only a four kilometre
portion of this has been evaluated for the present mineral resource modelling and
has been drill tested to a 50 metre by 50 metre spacing to vertical depths of
250 metres. In 2009, a total of 220 diamond holes for 53 820 metres and 84 RC
holes for 6 272 metres were drilled.
SENEGAL: EXPLORATION
MALI
Dakar
SENEGAL
BURKINA
Bamako FASO
Ouagadougou
GUINEA
SIERRA
LEONE CÔTE
D’IVOIRE GHANA
LIBERIA
Birimian Belt
Randgold permits
Capital city 600km
Composite
MASSAWA DRILL INTERSECTION TABLE

True True
(continued)
Central Zone 8.01m @ 7.57g/t
5.69 90.42 84.73 60.16 1.59
163.68 172.44 8.76 6.22 8.22 11.99m @ 6.21g/t and 7.18m @ 4.14g/t
MWDDH074 MWDDH193
189.73 191.00 1.27 0.90 0.03 123.42 134.04 10.62 7.54 1.21
MWDDH075 37.40 63.61 26.21 18.61 0.90 183.52 191.52 8.00 5.68 0.96
52.41 72.47 20.06 14.24 1.19 19.30 47.98 28.68 20.36 3.73 9.50m @ 12.34g/t
MWDDH076 79.50 101.86 22.36 15.88 2.29 79.00 102.80 23.80 16.90 1.42
107.77 111.28 3.51 2.49 2.52 MWDDH195
108.51 120.97 12.46 8.85 1.71 2.05m @ 7.67g/t
10.43 14.32 3.89 2.76 3.45 171.72 180.32 8.60 6.11 0.43
MWDDH077 73.44 92.37 18.93 13.44 0.47 44.87 54.72 9.85 6.99 1.71
118.15 135.74 17.59 12.49 0.59 109.20 129.54 20.34 14.44 3.58 7.39m @ 7.84g/t
29.74 105.56 75.82 53.83 2.08 9.93m @ 6.56g/t MWDDH197
136.01 177.80 41.79 29.67 0.95
MWDDH078 127.42 140.70 13.28 9.43 0.20 189.10 211.14 22.04 15.65 2.42 6.08m @ 5.22g/t
159.82 167.15 7.33 5.20 2.03 4.49m @ 18.85g/t
52.65 64.33 11.68 8.29 9.45 5.06m @ 27.81g/t 19.00 55.20 36.20 25.70 21.20
MWDDH198 and 11.50m @ 55.78g/t
83.76 106.10 22.34 15.86 2.76 5.98m @ 5.53g/t 72.99 79.63 6.64 4.71 0.60
MWDDH079
129.93 134.42 4.49 3.19 0.57 3.01m @ 10.23g/t
152.02 157.02 5.00 3.55 0.25 175.90 223.00 47.10 33.44 2.50
and 3.21m @ 19.51g/t
2.57m @ 10.37g/t MWDDH200 231.21 236.46 5.25 3.73 0.77
31.80 69.03 37.23 26.43 2.13
and 7.05m @ 5.95g/t 256.02 274.30 18.28 12.98 1.01
MWDDH080 80.27 99.69 19.42 13.79 1.59 332.00 338.70 6.70 4.76 1.63
112.60 127.35 14.75 10.47 1.52 7.81m @ 17.77g/t
150.05 157.31 7.26 5.15 0.39 80.76 154.99 74.23 52.70 9.82
and 7.88m @ 69.40g/t
32.55 49.74 17.19 12.20 3.71 MWDDH201 166.10 169.81 3.71 2.63 0.53
MWDDH081 67.67 82.27 14.60 10.37 0.66 177.99 215.01 37.02 26.28 5.80 20.62m @ 10.68g/t
103.77 130.18 26.41 18.75 3.44 4.15m @ 16.16g/t 254.58 276.92 22.34 15.86 1.74 5.52m @ 4.38g/t
210.52 217.00 6.48 3.69 1.60 23.71 92.10 68.39 48.56 0.58
MWDDH161
269.10 272.51 3.41 1.94 3.32 2.40m @ 4.45g/t MWDDH202 124.28 150.25 25.97 18.44 0.46
MWDDH162 122.82 138.82 16.00 9.12 0.95 181.17 209.16 27.99 19.87 1.64
202.44 206.82 4.38 3.11 1.90 90.58 115.78 25.20 17.89 0.85
MWDDH163
216.23 227.12 10.89 7.73 0.94 151.96 155.08 3.12 2.22 1.05
MWDDH164 114.19 116.31 2.12 1.51 12.41 2.10m @ 12.36g/t MWDDH204
163.80 190.01 26.21 18.61 1.08
MWDDH165 251.20 264.29 13.09 9.29 2.57 2.20m @ 10.76g/t 236.13 240.45 4.32 3.07 0.70
173.82 184.10 10.28 7.30 1.17 60.13 118.28 58.15 41.29 4.86 6.50m @ 32.68g/t
MWDDH166
200.40 208.05 7.65 5.43 3.37 3.72m @ 6.40g/t 132.63 137.25 4.62 3.28 0.94
109.02 114.99 5.97 4.24 1.16 MWDDH207
MWDDH167 163.10 168.01 4.91 3.49 2.21
132.21 134.00 1.79 1.27 1.15 183.01 194.61 11.60 8.24 0.42
7.77m @ 5.61g/t 93.53 109.10 15.57 11.05 0.38
30.70 68.49 37.79 26.83 14.73 and 2.40m @ 179.78g/t 141.93 149.30 7.37 5.23 1.70
and 2.40m @ 13.10g/t MWDDH212
MWDDH168 151.98 162.37 10.39 7.38 1.04
73.60 83.00 9.40 6.67 0.71 196.05 210.14 14.09 10.00 0.34
99.20 102.80 3.60 2.56 0.55
305.26 307.13 1.87 1.33 1.19
121.91 141.71 19.80 14.06 0.53 MWDDH248
318.73 323.81 5.08 3.61 0.31
3.60m @ 29.73g/t
111.29 143.57 32.28 22.92 3.50 MWDDH251 267.72 282.10 14.38 10.21 5.02 12.80m @ 5.56g/t
and 2m @ 5.93g/t
MWDDH169 305.27 334.44 29.17 20.71 1.25
160.01 175.95 15.94 11.32 0.15 MWDDH256
340.34 350.88 10.54 7.48 0.10
181.04 197.96 16.92 12.01 1.81
97.70 186.23 88.53 62.86 0.83
90.02 94.91 4.89 3.47 1.73
MWDDH262 212.99 225.47 12.48 8.86 1.06
MWDDH170 115.22 138.67 23.45 16.65 1.47 6.65m @ 4.56g/t
264.84 280.21 15.37 10.91 0.72
158.02 161.02 3.00 2.13 4.12 3.01m @ 4.53g/t
146.37 202.10 55.73 39.57 1.88 6.40m @ 5.44g/t
2.34m @ 5.69g/t
46.00 67.03 21.03 14.93 5.43 212.36 227.71 15.35 10.90 0.67
and 4.01m @ 23.22g/t MWDDH263
MWDDH171 79.01 100.01 21.00 14.91 1.13 246.20 253.68 7.48 5.31 0.30
114.38 136.38 22.00 15.62 3.85 19.00m @ 4.32g/t 305.80 315.80 10.00 7.10 0.76
142.08 148.48 6.40 4.54 1.32 142.73 194.20 51.47 36.54 2.24 1.90m @ 39.11g/t
153.32 169.82 16.50 11.72 5.04 15.26m @ 5.19g/t 201.00 213.30 12.30 8.73 0.95
MWDDH264
MWDDH172 179.83 196.18 16.35 11.61 0.83 243.40 252.20 8.80 6.25 0.89
256.30 262.32 6.02 4.27 1.27 258.22 270.21 11.99 8.51 0.57
72.70 79.70 7.00 4.97 1.16 126.13 139.02 12.89 9.15 2.40 5.45m @ 5.44g/t
MWDDH173 108.03 144.01 35.98 25.55 1.41 158.01 166.22 8.21 5.83 0.91
MWDDH265
187.61 193.62 6.01 4.27 3.25 185.61 189.42 3.81 2.71 0.87
28.51 34.20 5.69 4.04 2.47 2.00m @ 5.85g/t 217.99 225.60 7.61 5.40 0.33
MWDDH174 48.70 64.39 15.69 11.14 3.55 5.69m @ 5.67g/t 162.46 191.51 29.05 20.63 0.74
103.00 105.20 2.20 1.56 1.22 208.23 226.24 18.01 12.79 0.62
MWDDH266
48.55 71.82 23.27 16.52 6.49 15.12m @ 9.62g/t 239.54 254.16 14.62 10.38 0.47
72.89 92.92 20.03 14.22 1.59 298.63 313.53 14.90 10.58 0.73
MWDDH175 128.44 138.73 10.29 7.31 1.18
104.04 122.07 18.03 12.80 0.94
138.61 154.00 15.39 10.93 4.42 4.50m @ 12.78g/t 163.27 208.02 44.75 31.77 1.10
MWDDH267
146.42 157.93 11.51 8.17 1.12 211.62 243.12 31.50 22.37 1.47
MWDDH176 192.18 217.03 24.85 17.64 0.98 273.01 316.22 43.21 30.68 0.34
245.02 250.70 5.68 4.03 3.19 145.67 169.31 23.64 16.78 1.69
185.62 196.71 11.09 7.87 1.05 197.52 228.12 30.60 21.73 2.98 12.22m @ 6.38g/t
MWDDH177 228.43 241.54 13.11 9.31 0.18 MWDDH268 234.82 241.04 6.22 4.42 2.43
256.65 272.85 16.20 11.50 1.51 260.29 271.19 10.90 7.74 0.41
105.02 127.30 22.28 15.82 3.02 8.59m @ 6.87g/t 309.00 316.26 7.26 5.15 1.17
MWDDH178 138.04 163.03 24.99 17.74 4.01 17.03m @ 4.29g/t 257.86 281.19 23.33 16.56 0.62
170.40 185.03 14.63 10.39 11.16 5.99m @ 25.82g/t 302.98 308.10 5.12 3.64 1.73
MWDDH269
25.59 48.49 22.90 16.26 1.56 325.83 334.18 8.35 5.93 0.91
MWDDH179 70.01 92.01 22.00 15.62 1.28 373.15 384.33 11.18 7.94 1.04
97.01 113.02 16.01 11.37 2.88 3.01m @ 9.31g/t 153.40 188.99 35.59 25.27 0.90
113.05 119.13 6.08 4.32 2.60 198.26 205.59 7.33 5.20 0.75
MWDDH270
146.03 172.14 26.11 18.54 0.45 228.20 230.21 2.01 1.43 0.36
MWDDH183 241.33 252.51 11.18 7.94 0.71
188.30 223.09 34.79 24.70 3.16
233.78 248.44 14.66 10.41 0.37 21.51 40.72 19.21 13.64 2.31
MWDDH271
33.48 43.23 9.75 6.92 1.99 3.32m @ 4.13g/t 58.64 60.00 1.36 0.97 18.95
88.32 103.92 15.60 11.08 9.84 4.42m @ 14.99g/t 5.60 14.91 9.31 6.61 1.31
MWDDH184 MWDDH272
121.03 125.67 4.64 3.29 0.77 31.97 41.05 9.08 6.45 0.44
163.04 174.81 11.77 8.36 0.72 209.30 228.67 19.37 15.88 1.17
MWDDH278
4.51 36.15 31.64 22.46 2.06 2.69m @ 12.81g/t 243.84 244.95 1.11 0.91 3.13
MWDDH185 47.62 62.73 15.11 10.73 1.84 164.00 166.85 2.85 2.34 1.54
92.57 123.37 30.80 21.87 0.47 211.60 218.05 6.45 5.29 6.53 3.46m @ 11.58g/t
MWDDH279
59.54 112.62 53.08 37.69 1.26 303.80 306.65 2.85 2.34 2.41
MWDDH188 132.04 151.21 19.17 13.61 1.70 319.00 322.00 3.00 2.46 2.60
219.62 225.67 6.05 4.30 1.14 18.18 40.20 22.02 12.55 2.59
4.77 54.61 49.84 35.39 2.52 3.30m @ 30.02g/t 225.93 244.86 18.93 10.79 0.37
MWDDH282
MWDDH189 70.20 87.13 16.93 12.02 0.34 260.19 289.10 28.91 16.48 0.82
156.00 160.61 4.61 3.27 1.17 370.60 419.18 48.58 27.69 1.33
Composite
True True
(continued) (continued)
262.21 292.21 30.00 21.30 0.79 MWRC074 55.06 67.34 12.28 8.72 25.96
310.01 313.96 3.95 2.80 0.57 0.00 42.00 42.00 29.82 1.53 5.04m @ 6.99g/t
MWRC075
MWDDH283 345.21 376.10 30.89 21.93 1.56 4.51m @ 7.11g/t 57.00 67.00 10.00 7.10 0.30
402.00 425.30 23.30 16.54 1.51 6.27m @ 4.84g/t 0.00 15.24 15.24 10.82 0.79
MWRC076
448.43 458.77 10.34 7.34 0.42 32.01 45.01 13.00 9.23 0.88
154.00 191.62 37.62 26.71 1.02 0.00 31.00 31.00 22.01 0.32
MWRC077
196.61 209.52 12.91 9.17 0.79 75.01 93.01 18.00 12.78 0.90
MWDDH288
216.73 237.52 20.79 14.76 1.44 MWRC079 20.13 46.55 26.42 18.76 1.18
253.15 260.46 7.31 5.19 1.52 14.02 21.02 7.00 4.97 0.90
MWRC080
253.80 261.80 8.00 6.56 9.19 6.01m @ 11.86g/t 30.02 37.02 7.00 4.97 2.28
MWDDH308
295.80 301.40 5.60 4.59 1.62 17.56 26.01 8.45 6.00 1.55
247.52 259.35 11.83 9.70 5.66 11.83m @ 5.67g/t 40.02 47.15 7.13 5.06 0.23
MWRC081
MWDDH314 288.30 296.25 7.95 6.44 1.41 62.02 64.02 2.00 1.42 0.66
354.40 356.80 2.40 1.97 2.50 83.01 91.02 8.01 5.69 0.24
135.10 138.10 3.00 2.46 2.17 19.03 20.04 1.01 0.72 0.17
MWDDH349
162.40 169.90 7.50 6.15 6.72 6.49m @ 7.66g/t MWRC082 41.03 47.00 5.97 4.24 3.34
59.35 66.95 7.60 6.23 4.75 7.42m @ 4.76g/t 56.03 65.12 9.09 6.45 0.58
MWDDH353 76.00 80.00 4.00 3.28 1.21 21.90 26.12 4.22 3.00 0.56
105.75 114.10 8.35 6.85 2.02 MWRC083 56.01 63.08 7.07 5.02 0.40
MWDDH354 201.30 210.80 9.50 7.79 1.80 68.09 90.00 21.91 15.56 2.38
88.00 92.20 4.20 3.44 1.11 3.00m @ 17.95g/t
MWDDH356 MWRC085 33.84 70.00 36.16 25.67 3.98
163.00 177.20 14.20 11.64 2.62 and 3.08m @ 21.66g/t
2.50 6.50 4.00 3.28 2.33 17.01 35.01 18.00 12.78 0.71
MWDDH375 54.00 64.00 10.00 8.20 1.95 MWRC086 38.98 46.01 7.03 4.99 1.37
102.27 103.87 1.60 1.31 21.20 70.01 89.01 19.00 13.49 1.17
85.55 109.30 23.75 19.48 6.73 11.82m @ 11.34g/t MWRC087 24.17 41.02 16.85 11.96 0.87
119.45 135.90 16.45 13.49 1.68 17.01 29.01 12.00 8.52 0.62
MWDDH376 141.80 147.20 5.40 4.43 6.57 5.34m @ 6.61g/t 36.00 47.01 11.01 7.82 2.19
MWRC088
150.65 157.45 6.80 5.58 1.89 51.01 76.02 25.01 17.76 1.68 2.99m @ 8.07g/t
196.25 205.40 9.15 7.50 0.97 86.00 91.10 5.10 3.62 0.45
7.40 13.10 5.70 4.67 2.80 MWRC089 22.99 24.02 1.03 0.73 1.31
MWDDH397 71.50 98.00 26.50 21.73 2.50 10.49m @ 4.84g/t 18.03 34.01 15.98 11.35 0.18
MWRC090
168.90 173.50 4.60 3.77 1.26 44.02 78.00 33.98 24.13 0.51
25.20 30.80 5.60 4.59 0.93
MWDDH398
83.80 116.00 32.20 26.40 51.60 10.60m @ 158.25g/t North Zone 1
98.80 103.80 5.00 4.10 1.59 11.92 41.62 29.70 22.87 1.57
MWDDH069
115.90 127.15 11.25 9.23 1.10 57.71 63.29 5.58 4.30 0.46
MWDDH407
165.90 188.80 22.90 18.78 3.01 6.02m @ 7.81g/t 10.04 22.59 12.55 9.66 3.99
228.50 236.90 8.40 6.89 1.36 MWDDH070 47.50 52.05 4.55 3.50 0.93
45.60 75.50 29.90 24.52 2.37 102.24 107.92 5.68 4.37 0.63
MWDDH419
80.20 110.20 30.00 24.60 2.20 6.81m @ 4.15g/t MWDDH071 66.25 73.48 7.23 5.57 1.52
87.80 95.35 7.55 6.19 24.75 61.44 66.39 4.95 3.81 1.22
101.70 108.45 6.75 5.54 1.34 MWDDH072 86.96 96.04 9.08 6.99 0.86
114.02 136.00 21.98 18.02 1.66 4.35m @ 4.61g/t 125.99 129.03 3.04 2.34 7.24
MWDDH420
141.80 146.00 4.20 3.44 1.19 100.15 102.56 2.41 1.86 7.00
MWDDH073
151.60 152.50 0.90 0.74 78.70 4.31m @ 17.79g/t 121.20 123.71 2.51 1.93 3.56
186.80 203.40 16.60 13.61 0.92 146.03 155.02 8.99 6.92 1.64
MWDDH136
43.20 49.20 6.00 4.92 3.80 183.04 220.60 37.56 28.92 2.07 7.00m @ 8.32g/t
95.60 101.65 6.05 4.96 0.98 95.01 99.01 4.00 3.08 0.72
MWDDH137
MWDDH429 107.00 109.45 2.45 2.01 1.65 123.00 150.00 27.00 20.79 2.43
158.30 163.00 4.70 3.85 2.39 146.74 166.15 19.41 14.95 1.69
MWDDH138
169.00 193.00 24.00 19.68 3.20 8.24m @ 5.97g/t 181.18 192.83 11.65 8.97 5.39 7.00m @ 8.69g/t
MWRC050 36.98 44.99 8.01 4.57 2.75 37.80 57.09 19.29 14.85 0.86
MWDDH138A
MWRC051 6.00 13.80 7.80 4.45 1.43 88.30 92.83 4.53 3.49 2.95 2.00m @ 4.66g/t
MWRC052 56.99 72.99 16.00 11.36 1.25 99.60 105.49 5.89 4.54 0.97
MWRC053 38.78 65.07 26.29 18.67 0.84 MWDDH139 138.83 146.09 7.26 5.59 1.86
20.42 28.07 7.65 5.43 0.55 148.50 169.18 20.68 15.92 7.35 12.90m @ 11.88g/t
MWRC054
58.17 67.01 8.84 6.28 3.90 3.98m @ 7.08g/t 11.80 19.32 7.52 5.79 2.23
19.01 30.01 11.00 7.81 1.08 MWDDH140 58.12 62.66 4.54 3.50 1.51
MWRC055 46.01 71.02 25.01 17.76 2.07 4.97m @ 5.38g/t 92.73 95.02 2.29 1.76 1.04
90.03 95.03 5.00 3.55 0.31 54.70 62.64 7.94 6.11 1.57
MWRC056 3.01 35.01 32.00 22.72 1.83 5.00m @ 4.66g/t MWDDH141 68.48 82.05 13.57 10.45 0.84
16.00 21.00 5.00 3.55 0.68 120.39 126.54 6.15 4.74 0.40
MWRC057 25.00 39.02 14.02 9.95 1.20 MWDDH142 4.65 16.01 11.36 8.75 2.20 5.40m @ 3.28g/t
48.01 52.02 4.01 2.85 1.84 MWDDH143 26.88 39.79 12.91 9.94 4.93 8.40m @ 6.72g/t
0.00 6.98 6.98 4.96 3.31 3.00m @ 6.81g/t 54.08 60.44 6.36 4.90 1.73
MWRC058 12.00 25.00 13.00 9.23 2.67 4.02m @ 6.70g/t MWDDH146 75.62 89.66 14.04 10.81 0.48
67.99 78.98 10.99 7.80 0.99 120.92 142.03 21.11 16.25 1.39 3.00m @ 4.00g/t
0.00 12.00 12.00 8.52 0.64 50.80 55.72 4.92 3.79 0.40
MWRC059 MWDDH148
31.00 35.00 4.00 2.84 1.60 88.87 92.38 3.51 2.70 1.23
4.99m @ 6.05g/t MWDDH149 64.51 66.51 2.00 1.54 2.15
MWRC060 0.00 30.98 30.98 22.00 2.56
and 2.00m @ 13.85g/t MWDDH152 78.75 101.87 23.12 17.80 1.77
5.02 22.02 17.00 12.07 0.78 MWDDH153 164.40 192.49 28.09 21.63 1.25
MWRC061
59.03 88.53 29.50 20.95 0.63 78.08 113.36 35.28 27.17 1.62 3.70m @ 4.52g/t
MWDDH154
4.48 11.02 6.54 4.64 0.58 157.08 167.77 10.69 8.23 2.58 2.00m @ 5.25g/t
MWRC062
48.00 67.01 19.01 13.50 0.27 MWDDH155 28.82 42.62 13.80 10.63 6.15 5.00m @ 13.28g/t
MWRC063 61.00 65.00 4.00 2.84 3.19 171.81 179.91 8.10 6.24 5.33
MWDDH156
0.00 12.01 12.01 8.53 1.71 206.04 210.72 4.68 3.60 4.30
MWRC064 55.10 60.07 4.97 3.53 0.51 146.13 157.04 10.91 8.40 2.43
MWDDH158
69.16 76.00 6.84 4.86 0.69 181.04 182.84 1.80 1.39 9.25
0.27 9.02 8.75 6.21 0.51 MWDDH159 67.47 79.29 11.82 9.10 2.03 2.10m @ 3.99g/t
MWRC065
72.01 88.00 15.99 11.35 0.78 MWDDH160 82.49 102.42 19.93 15.35 0.44
0.00 40.03 40.03 28.42 2.62 6.00m @ 13.33g/t 213.81 218.48 4.67 3.60 0.62
MWDDH223
MWRC067 76.01 82.01 6.00 4.26 3.14 246.02 254.81 8.79 6.77 2.92
98.11 107.00 8.89 6.31 1.27 194.69 197.60 2.91 2.24 0.69
MWDDH224
29.01 33.02 4.01 2.85 0.60 221.43 234.08 12.65 9.74 4.66
MWRC068
60.00 65.00 5.00 3.55 31.66 171.06 175.86 4.80 3.70 1.45
0.00 48.00 48.00 34.08 0.64 MWDDH225 211.23 216.95 5.72 4.40 1.30
MWRC069
67.02 76.47 9.45 6.71 4.07 252.78 288.14 35.36 27.23 3.36
0.00 6.99 6.99 4.96 0.50 122.28 126.91 4.63 3.57 0.41
MWRC070 31.99 34.00 2.01 1.43 1.28 MWDDH231 160.92 183.03 22.11 17.02 1.51
82.03 89.03 7.00 4.97 0.55 198.87 203.09 4.22 3.25 0.12
MWRC071 27.00 30.01 3.01 2.14 20.86 121.03 133.90 12.87 9.91 0.82
MWDDH233
33.04 52.04 19.00 13.49 1.76 151.03 162.89 11.86 9.13 0.60
MWRC072 22.05 75.00 52.95 37.59 1.21 111.97 116.71 4.74 3.65 0.32
MWDDH242
0.00 19.00 19.00 13.49 8.82 172.97 183.99 11.02 8.49 4.21
MWRC073
38.00 43.06 5.06 3.59 0.26 MWDDH246 157.00 173.19 16.19 12.47 3.87 5.00m @ 8.00g/t
(continues overleaf)
Composite
MASSAWA DRILL INTERSECTION TABLE (continued)

True True
(continued) (continued)
351.40 361.80 10.40 8.53 5.22 MWDDH218 325.06 330.04 4.98 2.09 1.31
MWDDH258 385.84 393.85 8.01 6.57 0.76 MWDDH226 340.15 343.08 2.93 2.40 1.46
405.00 408.85 3.85 3.16 0.92 MWDDH230 94.60 103.80 9.20 7.54 15.90 5.70m @ 25.00g/t
239.10 245.50 6.40 5.25 1.50 MWDDH232 253.65 298.53 44.88 18.85 3.42
MWDDH259 290.70 308.65 17.95 14.72 2.21 MWDDH237 330.00 338.60 8.60 7.05 4.24
315.50 326.00 10.50 8.61 2.80 MWDDH237 401.50 402.50 1.00 0.82 3.65
4.79 9.93 5.14 3.96 0.46 MWDDH239 87.65 93.50 5.85 4.80 11.80
MWDDH275 MWDDH240 298.20 299.00 0.80 0.66 26.20
22.95 26.94 3.99 3.07 2.67
MWDDH276 16.57 18.60 2.03 1.56 0.31 MWDDH240 309.15 317.45 8.30 6.81 2.22
144.30 156.50 12.20 10.00 1.00 MWDDH240 343.60 346.00 2.40 1.97 3.29
MWDDH289 MWDDH241 186.50 207.00 20.50 16.81 3.66
196.30 198.30 2.00 1.64 1.76
MWDDH294 228.00 237.74 9.74 7.99 1.26 MWDDH243 271.45 280.05 8.60 7.05 5.03
MWDDH296 191.42 192.25 0.83 0.68 1.01 345.00 359.00 14.00 11.48 5.62
10.03 13.02 2.99 2.30 0.06 MWDDH244 383.00 406.00 23.00 18.86 1.06
MWRC022 434.40 442.00 7.60 6.23 1.03
23.04 39.04 16.00 12.32 0.55
13.01 16.03 3.02 2.33 0.26 MWDDH245 89.50 101.00 11.50 9.43 2.67
MWRC023 192.20 193.85 1.65 1.35 8.78
44.04 67.02 22.98 17.69 0.38
3.00 35.99 32.99 25.40 1.14 MWDDH252 121.06 126.50 5.44 4.46 13.50
MWRC024 MWDDH253 391.90 393.75 1.85 1.52 4.89
44.10 59.06 14.96 11.52 2.26
MWRC025 14.88 19.15 4.27 3.29 0.23 MWDDH254 329.35 333.00 3.65 2.99 11.57
4.02 7.00 2.98 2.29 2.03 MWDDH255 303.00 306.10 3.10 2.54 2.14
MWRC026 367.00 379.00 12.00 9.84 0.63
52.07 54.04 1.97 1.52 0.49
32.97 37.00 4.03 2.02 1.06 MWDDH257 266.67 280.10 13.43 11.01 6.34 3.02m @ 24.00g/t
MWRC027 294.60 301.70 7.10 5.82 1.23
44.08 55.19 11.11 5.56 1.50
MWDDH260 360.00 366.00 6.00 4.80 5.82
MWRC028 14.10 26.21 12.11 9.32 1.23
372.80 382.85 10.05 8.24 1.56
MWRC030 20.00 22.05 2.05 1.58 1.07
MWDDH273 19.92 41.22 21.30 17.47 0.71 2.80m @ 4.99g/t
41.75 66.22 24.47 18.84 1.63 MWDDH274 8.26 14.70 6.44 2.70 0.67
MWRC031
66.24 66.34 0.10 0.08 0.10 MWDDH277 213.90 225.80 11.90 9.76 1.56
9.04 12.03 2.99 2.30 0.46 226.95 233.00 6.05 4.96 5.38 2.85m @ 13.00g/t
MWRC033
51.01 54.96 3.95 3.04 2.05 MWDDH280 230.00 231.84 1.84 1.51 4.55
8.01 13.92 5.91 4.55 0.26 237.60 246.06 8.46 6.94 2.52
MWRC034
65.00 74.03 9.03 6.95 2.41 MWDDH328 278.75 280.80 2.05 1.68 18.40
MWRC035 5.99 9.99 4.00 3.08 0.39 307.83 310.60 2.77 2.27 2.12
MWRC037 26.02 36.07 10.05 7.74 0.40 MWDDH329 222.20 223.81 1.61 1.32 5.92
MWRC038 38.99 46.00 7.01 5.40 0.39 MWDDH330 84.60 86.60 2.00 1.64 10.86
MWRC040 16.01 25.01 9.00 6.93 0.94 107.65 120.10 12.45 10.21 3.89 1.60m @ 8.90g/t
MWRC041 35.99 37.07 1.08 0.83 0.05 MWDDH332 180.70 188.60 7.90 6.48 10.19
13.00 17.02 4.02 3.10 2.46 205.10 209.20 4.10 3.36 9.84
MWRC042 35.03 40.02 4.99 3.84 0.05 MWDDH333 119.60 126.50 6.90 5.66 16.65
76.00 78.94 2.94 2.26 0.71 134.80 136.40 1.60 1.31 7.80
MWRC044 1.99 13.02 11.03 8.49 0.07 MWDDH338 162.60 167.40 4.80 3.94 7.45
MWRC046 4.00 8.09 4.09 3.15 5.39 173.55 180.60 7.05 5.78 3.10
54.02 71.01 16.99 13.08 6.89 3.00m @ 20.00g/t MWRC001 41.99 52.15 10.16 8.33 3.28
MWRC047
78.09 92.00 13.91 10.71 0.41 MWRC002 65.97 71.00 5.03 2.11 11.06
10.03 16.97 6.94 5.34 0.45 MWRC003 26.97 32.15 5.18 4.25 2.54
MWRC048
38.92 39.93 1.01 0.78 0.02 MWRC004 39.01 47.03 8.02 6.58 6.13
MWRC049 34.05 36.19 2.14 1.65 0.20 MWRC005 67.96 74.11 6.15 5.04 4.50
MWRC006 17.57 28.02 10.45 8.57 8.50
North Zone 2 MWRC007 30.52 35.89 5.37 4.40 14.29
MWDDH068 80.78 107.95 27.17 22.28 6.42 MWRC008 79.99 92.86 12.87 10.55 6.33
MWDDH082 190.12 213.73 23.61 9.92 12.72 MWRC009 33.88 37.12 3.24 2.66 2.67
MWDDH083 81.96 96.91 14.95 6.28 7.30 MWRC010 75.96 84.08 8.12 6.66 10.13
MWDDH095 129.06 142.02 12.96 10.63 0.95 MWRC011 25.87 26.98 1.11 0.91 0.67
MWDDH096 109.17 117.90 8.73 7.16 0.73 MWRC012 3.61 23.64 20.03 8.41 1.63
MWDDH097 50.97 65.05 14.08 11.55 12.70 MWRC013 39.54 50.00 10.46 4.39 13.23
MWDDH098 232.08 240.96 8.88 7.28 4.23 MWRC014 35.42 51.05 15.63 12.82 5.45
MWDDH099 148.25 168.83 20.58 16.88 4.39 MWRC015 28.72 43.27 14.55 11.93 4.22
MWDDH100 101.43 121.17 19.74 16.19 3.66 MWRC016 67.63 85.74 18.11 14.85 4.12
MWDDH101 50.70 61.47 10.77 4.52 10.49 MWRC018 14.05 26.92 12.87 10.55 0.73
MWDDH102 244.40 246.35 1.95 1.60 21.02 MWRC019 52.66 65.86 13.20 10.82 2.95 4.00m @ 5.70g/t
MWDDH103 180.27 197.38 17.11 14.03 7.50 MWRC020 19.31 57.03 37.72 15.84 0.32
MWDDH104 125.40 135.98 10.58 8.68 6.55 MWRC036 39.08 58.00 18.92 7.95 1.43 3.00m @ 6.18g/t
MWDDH105 266.71 279.98 13.27 10.88 7.45
MWDDH106 164.50 179.15 14.65 12.01 8.96 LE
MWDDH107 260.83 272.46 11.63 9.54 3.41 MWDDH066 63.30 66.80 3.50 2.80 0.79
MWDDH108 178.32 187.43 9.11 7.47 2.99 3.30m @ 6.45g/t 205.00 214.00 9.00 7.20 2.50
MWDDH109 132.55 142.25 9.70 7.95 14.43 MWDDH067 95.80 107.00 11.20 8.96 2.25
MWDDH110 287.16 293.08 5.92 4.85 1.70 MWDDH085 97.00 99.00 2.00 1.60 3.69
MWDDH111 111.99 126.97 14.98 12.28 8.47 46.40 49.80 3.40 2.72 1.86
MWDDH112 139.91 193.95 54.04 22.70 3.39 MWDDH086 78.00 80.40 2.40 1.92 4.19
MWDDH113 257.89 268.48 10.59 8.68 6.54 94.80 105.00 10.20 8.16 9.76
MWDDH087 12.30 14.70 2.40 1.92 3.35
MWDDH114 208.92 220.67 11.75 9.64 9.26
MWDDH088 54.30 59.50 5.20 4.16 2.50
MWDDH115 106.12 117.03 10.91 8.95 3.27
72.50 74.50 2.00 1.60 12.80
MWDDH116 284.85 298.59 13.74 11.27 4.82
MWDDH090 111.50 115.50 4.00 3.20 5.70
MWDDH117 159.88 168.67 8.79 7.21 10.40
MWDDH091 160.00 161.00 1.00 0.80 10.40
MWDDH118 265.62 270.19 4.57 3.75 7.57 MWDDH092 185.20 193.00 7.80 6.24 1.48
MWDDH119 166.46 183.35 16.89 13.85 6.70 MWDDH093 113.40 138.00 24.60 19.68 1.48
MWDDH120 300.47 308.91 8.44 6.92 11.09 155.00 161.00 6.00 4.80 2.29
MWDDH121 4.26 20.47 16.21 6.81 7.08 MWDDH228 54.50 80.00 25.50 20.91 2.98
MWDDH121A 104.54 130.94 26.40 21.65 1.37 MWDDH234 43.00 54.40 11.40 9.35 0.74
MWDDH122 288.48 298.15 9.67 7.93 4.51 58.00 70.00 12.00 9.84 13.14
MWDDH123 119.76 131.36 11.60 9.51 10.68 MWDDH236 93.00 98.60 5.60 4.59 4.98 2.80m @ 9.80g/t
MWDDH124 272.40 280.55 8.15 6.68 4.87 MWDDH327 56.50 73.80 17.30 14.19 7.27 10.50m @ 9.46g/t
MWDDH125 224.85 230.46 5.61 4.60 4.90 MWDDH334 50.20 53.45 3.25 2.67 13.02
MWDDH126 159.31 170.80 11.49 9.42 4.58 61.45 70.00 8.55 7.01 16.89
MWDDH127 106.51 128.28 21.77 17.85 2.55 5.00m @ 5.37g/t MWDDH335 60.00 76.90 16.90 13.86 8.98 9.90m @ 14.62g/t
MWDDH128 94.71 130.54 35.83 29.38 2.84 5.00m @ 9.70g/t MWDDH336 49.20 66.00 16.80 13.78 1.32
MWDDH129 251.93 263.04 11.11 9.11 1.91 3.00m @ 5.10g/t 69.20 76.15 6.95 5.70 5.42
MWDDH130 252.95 267.80 14.85 12.18 3.71 100.00 107.05 7.05 5.78 6.90 3.00m @ 15.83g/t
MWDDH131 59.96 123.44 63.48 26.66 1.34 4.00m @ 3.80g/t MWDDH337 113.90 116.60 2.70 2.21 10.10
MWDDH132 92.29 109.64 17.35 7.29 3.86 124.85 128.95 4.10 3.36 3.16
MWDDH133 404.35 409.59 5.24 4.30 1.46
MWDDH134 107.81 131.97 24.16 19.81 0.24 MS
MWDDH135 120.87 153.83 32.96 13.84 0.29 1.70m @ 14.80g/t 93.40 97.00 3.60 2.88 0.91
MWDDH144 337.05 341.07 4.02 3.30 5.27 107.00 109.00 2.00 1.60 2.43
4.30m @ 4.65g/t MWDDH094 113.40 116.60 3.20 2.56 1.44
MWDDH145 252.81 328.17 75.36 31.65 0.91
and 3.20m @ 6.50g/t 157.40 161.45 4.05 3.24 0.53
MWDDH215 183.29 186.14 2.85 2.34 1.27 188.00 201.00 13.00 10.40 1.40
MWDDH216 216.87 228.35 11.48 9.41 3.46 230.80 232.00 1.20 0.96 7.30
Composite
The 4 kilometre strike at Massawa currently being evaluated contains three zones
of mineralisation: North 2, North 1 and Central. They are part of the same northeast
trending mineralised structure, which has been offset by north-south belt discordant
structures. Geological logging of core and interpretation confirms that the mineralised
system occurs at a volcanic/sedimentary contact, where a prominent and continuous
lapilli tuff unit acts as a marker horizon. The average bedding strikes 020° and dips
60° to 76° to the west. Graded-bedding is common and suggests the sequence
is overturned. The host sequences have been intruded by felsic dykes, gabbros
and granitic bodies. Both sediment and volcaniclastics have been sheared and
intruded by a suite of igneous rocks including gabbros and porphyries. These
intrusives create competency contrasts and can act as rigid bodies which then
influence the geometry of structures and subsequent gold mineralisation. Mineralisation At Massawa a total strike length of
8.5 kilometres has been drill tested, but only
is hosted in a variety of rocks including: greywackes, volcaniclastics and both mafic
a four kilometre portion of this has been
(gabbros) and felsic intrusives. The mineralised system is however structurally evaluated for the present mineral resource
controlled and deformation is essentially brittle-ductile. The alteration assemblage modelling.
is composed of sericite, silica, carbonate, pyrite, arsenopyrite and locally hematite.
Along the Massawa system, a high grade south plunging shoot has been identified
in North 2 with an average grade of plus 7g/t and in the Central Zone narrow silicified
structures within a broader low grade envelope contain bonanza style grades with
coarse visible gold.
North 2 (830 metres strike length)

The gold mineralisation at North 2 is bounded by two carbonaceous shears and
is associated with the brittle fracturing of a greywacke host and disseminated
arsenopyrite. A high grade (plus 7g/t) southerly plunging shoot has been defined
by drilling and is the result of the bedding and shear plane intersection. The up
plunge continuity was tested in Lion Extension to the north and has been confirmed
over an additional strike length of 255 metres, before being offset by a north-south
structure. Extensions to the northeast are viewed as a high priority target. In the
southern end of the North 2 zone, where there was an apparent gap in the
mineralisation towards North 1, a deeper hole (MDH232) was drilled to test
250 metres below the surface and returned a good intersection: 44.88 metres at
3.42g/t. This was drilled below an earlier hole MWDH042, which returned only
10.66 metres at 0.57g/t, and further enhances the potential of Massawa
at depth as well as along strike.
North 1 (1 049 metres strike length)

North 1 is structurally more complex than North 2, where north-south structures
cause discontinuities in the northeast trending mineralisation. Mineralisation occurs
in three to four bands with the highest grade and more continuous zone hosted
within a greywacke, displaying similar characteristics (alterations and deformation)
to the North 2 mineralisation. The two other bands are irregular and lower grade,
hosted along the volcanic/sediments contact or within narrow porphyry bodies
intruding the volcaniclastics.
Although, near surface, the mineralisation in North 1 is narrow and of erratic weak
grade, previous drilling did highlight the potential at depth (MWDDH139:
20.68 metres at 7.35g/t). A further five bore holes were drilled to test the depth
potential of North 1. Drill results from this phase confirmed and enhanced the
potential at depth, especially towards the north, which may be the continuation of
the south dipping high grade shoot in North 2. Intersections from this zone include:
MWDDH258 - 10.40 metres at 5.22g/t; MWDDH259 - 17.95 metres at 2.21g/t
and 10.50 metres at 2.80g/t intersected at plus 285 metres vertical depth. However,
in the centre of this zone results returned low grades (6.30 metres at 1.45g/t) before
the structure dilates in the south with 16.19 metres at 3.87g/t.
Central Zone 1 & 2 (combined strike: 1 532 metres)

The Central Zone is defined by a large altered envelope containing numerous
mineralised bands which occur on deformed and altered intrusive margins and
along sheared bands within greywackes. Although mineralisation is structurally
controlled, gold is related to strongly brittle-ductile zones, associated with strong
pyrite, arsenopyrite and hematite veins occurring within greywacke, gabbro,
porphyries and volcaniclastics.
The Central Zone has been divided into two based on the host lithologies: Central
1 and 2. In Central 1, mineralisation locates within the volcaniclastic package while
in Central 2, the structure transgresses the contact and is hosted by sediments.
Composite
In Central 1 the drilling has highlighted one main mineralised envelope, termed ‘1’,
together with 3 to 4 footwall envelopes. Within envelope 1, two to three discreet
anastomising shears have been logged, varying in width from 1 to 20 metres.
These shears occur along the upper and lower contacts of the gabbro and can
also ‘wander’ in and out of the contact zones into the surrounding sediments. These
shears are silicified and contain abundant quartz carbonate and haematite together
with coarse visible gold generating bonanza style grades: MWDDH172 -
16.55 metres at 5.38g/t; MWDDH178 - 15 metres at 10.9g/t; MWDDH193 -
9.1 metres at 6.75g/t; MWDDH184 - 4.1 metres at 33.78g/t; MWDDH195 -
14.9 metres at 7.8g/t; MWDDH198 - 10.3 metres at 76g/t including 0.8 metres at
947g/t; MWDDH201 - 11.1 metres at 49.9g/t including 4 metres at 133.73g/t;
MWDDH207 - 18 metres at 12.67g/t; and MWDDH171 - 11.5 metres at 9.7g/t.
This gold forms a distinctive population above 13g/t in the statistics of the Massawa
deposit and averages 30g/t. In Central 1 these shears are continuous over
800 metres before either wrapping around or penetrating a large porphyry intrusion.
The shears then appear to link across to another structure in Central 2 which locates
on the volcaniclastic/sediment contact and have been confirmed over a strike of
400 metres.
In order to confirm the continuity of these shears in the Central Zone and aid the
evaluation process a programme of 11 priority holes was drilled on 25 metre centres,
both on section and between sections. All holes intersected these shears but the
grade was variable. However, one hole returned exceptionally high grade: MWDDH398
- 32.2 metres at 51.6g/t including 5.8 metres at 278.2g/t and 1 metre at 1 568g/t.
These shears are currently being modelled separately in order to better constrain
the influence of the high grade zones and develop a more accurate evaluation of
the deposit.
Massawa South
At Massawa South, a linear northeast trending, detailed gold in soil anomaly
(3.4 kilometres by 50 to 350 metres, plus 20ppb up to 360ppb) was defined. The
soil anomaly was initially tested by 11 RAB lines (200 to 500 metres spacing),
totalling 5 175 metres. The RAB results confirm the soil trend, and include:
MWRAB180 - 17 metres at 2g/t; MWRAB200 - 3 metres at 10.1g/t; MWRAB208
- 9 metres at 0.69g/t; MWRAB209 - 21 metres at 1.32g/t;
MWRAB227 - 6 metres at 1.33g/t; MWRAB239 -
21 metres at 1.35g/t; MWRAB288 - 9 metres at 1.99g/t;
MWRAB290 - 3 metres at 1.2g/t; and MWRAB291 -
3 metres at 9.4g/t.
MASSAWA SOUTH: DIAMOND DRILL HOLE RESULTS
(previously reported) Lithologies were encountered in the south similar to the
Central Zone with an alternating sequence of sheared
From To Interval Grade
and silicified mafic volcanic, volcaniclastics and quartz
Hole ID (m) (m) (m) (g/t) Including porphyry dykes, N020-030° sheared gossans, north-
south ductile deformed schist and gabbro intrusives.
MWDDH30 99.20 118.20 19.00 0.40
148.80 154.90 6.10 0.50 The mineralisation correlates with gossan bands, silicified
MWDDH31 109.00 112.00 3.00 0.87 mafic volcanic, volcaniclastics and strongly altered quartz
128.50 130.50 2.00 2.22 feldspar porphyry dykes associated with disseminated
87.00 89.40 2.40 0.97
MWDDH32 98.60 99.80 1.20 6.30 sulphides. Eight widely spaced (400 to 600 metres)
114.00 115.20 1.20 12.00 reconnaissance diamond drill holes testing beneath the
MWDDH34 41.10 45.20 4.10 2.40 RAB lines grid, intersected narrow low grade gold
66.80 86.70 19.90 0.59
MWDDH35 21.20 25.85 4.65 0.67 mineralisation (see adjacent table for results). Drilling
143.50 145.90 2.40 0.57 was restricted to the volcaniclastic unit and did not test
MWDDH36 25.70 32.90 7.20 0.43
73.50 80.10 6.60 1.49 3m @ 3.16g/t
the contact with the sediments, which controls
MWDDH37 76.50 78.50 2.00 0.76 mineralisation in the Northern Zones.
173.30 176.70 3.40 0.66
93.40 97.00 3.60 0.90
MWDDH94 107.00 116.60 9.60 1.00
Massawa South remains a high priority target for follow-
157.40 161.50 4.05 0.53 up drilling and an area to further increase the resource
188.00 233.00 45.20 0.70 13m @ 1.40g/t base of the deposit. Additional drilling will be motivated
in 2010.
Composite
Bambadji
Kabetea
& Zonze Goldfinger-
Mananord
Bambaraya
Kolya-
Delya Kabewest Mananord
QT zone structure
Bakan Corridor
Kounemba
Bagata target
Sofia Massawa deposit
Kanoumering
Dalema
Tomboronkoto
10km
10km
Gold targets
SENEGAL EXPLORATION PERMITS WITH GOLD TARGETS ON GEOPHYSICS
Satellite targets
As well as Massawa, there are a number of targets which have had varying degrees
of follow-up work completed on them, from trenching through to RAB and diamond
drilling, and all highlight the possibility of providing additional ounces within a
15 kilometre radius of Massawa. These are summarised below:
Bakan Corridor
The Bakan Corridor groups together a number of anomalous gold in soil targets
(Bakan, Tizia, Khosa, Tiwana and Tina) along a 10 kilometre segment of the northeast
trending Kossanto structural corridor which is sub-parallel to the MTZ. The geology
of the corridor comprises a northeast sequence of ultramafic units, felsic and
intermediate volcanics (andesites, dacites and rhyodacites), cherts and igneous
rocks ranging from diorite to monzonite.
Extensive lithosampling carried out across the corridor has revealed mineralisation
to be associated with deformed and altered felsic intrusives. Follow up trenching
has confirmed bedrock mineralisation at Bakan: BKTR002 - 38.00 metres at 2.00g/t;
BKTR005 - 4.00 metres at 2.38g/t and 4 metres at 1.80g/t; and BKTR006 -
69.70 metres at 1.89g/t; and at Tina: TNTR002 - 24.00 metres at 1.50g/t; and
TNTR003 - 20.80 metres at 1.76g/t. At Tiwana, seven lines of RAB holes, testing
a 3.5 kilometre by 200 metre plus 20ppb gold in soil anomaly, returned encouraging
results, defining a 125 metre wide anomalous zone (plus 0.3g/t) including: TWRAB03
- 18 metres at 1.40g/t; TWRAB06 - 36 metres at 0.63g/t including 6 metres at
2.60g/t; TWRAB020 - 18 metres at 1.27g/t; and TWRAB064 - 9 metres at 2.54g/t.
Delaya
Delaya is defined by a 6 kilometre by 100 metre plus 20ppb gold in soil anomaly.
Bedrock mineralisation was previously delineated over a 700 metre strike extent
by trenching results including: DLT003 - 11.15 metres at 9.60g/t; DLT004 -
4 metres at 1.60g/t; DLT005 - 4.5 metres at 7.54g/t; DLT006 - 7.45 metres at
1.98g/t and 6.2 metres at 7.59g/t; DLT008 - 18 metres at 0.68g/t; and DLT009 -
2 metres at 5.69g/t. This was confirmed by an initial five hole, 1 000 metre diamond
drill core programme which returned the following results: DLD001 - 9.83 metres
at 1.80g/t (from 77 metres); DLD002 - 12.44 metres at 5.07g/t (from
177 metres) including 7.00 metres at 8.19g/t; DLD003 - 3.00 metres at 1.80g/t;
and DLD004 - 3.8 metres at 4.80g/t. Mineralisation is hosted within a package of
schists, strongly sheared and altered by silica-sericite-iron and disseminated pyrite
and arsenopyrite.
Composite
Additional RAB drilling returned positive results: Firstly on a line 200 metres north
of diamond drill hole DLD002, DLRB005 returned 6 metres at 2.49g/t, DLRB006
- 6 metres at 1.98g/t and DLRB010.3 metres at 3.00g/t. The second line was
drilled approximately two kilometres to the south of the known mineralisation testing
a plus 250ppb gold in soil anomaly. RAB hole DLRB030 returned 21 metres at
4.87g/t. The target will be remodelled and a drill motivation prepared to further
test Delaya.
Sofia
Sofia is part of a 7 kilometre anomalous north-south structural corridor which also
hosts the Mikona, Majiva and Matiba targets within ground held by Randgold. This
system continues to the north for an additional 10 kilometres and hosts the Niakafiri
deposit owned by Oromin and the Sabodala deposit (MDL). So far
3.4 kilometres of strike have been tested by drilling. Results have returned both
broad low grade (44 metres at 2g/t) mineralisation and narrow high grade (6 metres
at 9.5g/t) intercepts. At present the inter-hole spacing is 400 to 600 metres which
will be infilled during the next round of drilling.
Bambaraya
At Bambaraya, trenching and early stage drilling has defined two sub-parallel zones
of mineralisation at surface, over a strike length of one kilometre. The best trench
intersections returned are: BBTR001 - 13.2 metres at 3.59g/t; BBTR002 -
18 metres at 2.93g/t; BBTR003 - 8 metres at 4.5g/t; BBTR004 - 12 metres at
4.06g/t and 4 metres at 5.48g/t; BBTR006 - 14 metres at 2.01g/t and 9.5 metres
at 1.13g/t; BBTR010 - 16 metres at 1.70g/t; and BBTR007 - 18 metres at 2.26g/t.
To date only three diamond drill holes have tested this zone, with BBDDH002
returning the best intersection of 12 metres at 3.17g/t. Mineralisation is hosted
within northeast trending pillow basalts and is associated with silica-sericite-
tourmaline-iron carbonate-pyrite alteration.
Exploration work has been completed to the northeast of the known mineralisation
where a felsic intrusive has intruded the structure. Rock chip samples returned
38.6g/t from the intrusives and 105.0g/t, 2.12g/t, 1.86g/t, 1.29g/t, 1.15g/t and
0.6g/t from quartz veins within the intrusive. This target will be reviewed in light of
its location relative to Massawa.
CÔTE D’IVOIRE
Randgold has proved time and again that successful exploration is based on the
foundations of a good geological framework. However, this needs constant review
and updating as new data is acquired. For example, the geological interpretation
of the Loulo district has been revised five times in the last 10 years, most recently
following the completion of the airborne electromagnetic survey which led to the
discovery of the Gounkoto deposit. Similarly in Senegal a revision of the geology
and target reprioritisation led to the discovery of Massawa. Consequently, in the
Côte d’Ivoire, a complete review of all layers of data (Landsat, Aster, airborne
geophysics, geology, regolith, geochemistry and drilling) was integrated to formulate
a new geological interpretation of the Nielle permit together with a prospectivity
analysis and reprioritisation of targets.
Nielle
In broad terms, the Nielle permit is underlain by a north-northeast trending Birimian
volcanisedimentary belt, known as the Senoufo Belt. The margins of this belt are
variably tectonised granitoid bodies referred to as ‘granitoid gneisses’. The western
contact between the granitoid gneiss basement and the volcano-sedimentary belt
is marked by a large scale arcuate terrane boundary. Several gabbros have intruded
along this boundary, annealing the contact. The eastern contact is represented by
a very strong mylonitic shear, termed the Oleo Shear, which can be traced for
several hundred kilometres.
The belt is cored, in the central area, by ‘buttresses’ of competent, structurally

dissected and rheologically diverse lithologies which collectively form the ‘Competent
Core’. Lithologically this comprises a fold and thrust package of basalt and tuff,
Composite
porphyritic andesite and mafic agglomerate. Weakly deformed felsic-intermediate

and mafic intrusives including syn-tectonic granodiorite, late syn-tectonic porphyritic
At Nielle, following the completion of the
diorite, and gabbro also occur, and commonly intrude between competency geological interpretation, a prospectivity
contrasting lithologies that appear to be structurally juxtaposed against one another. analysis was completed to prioritise targets
Shearing and thrusting is present on both a regional and local scale and is for follow-up work programmes.
accompanied by abundant silicification, quartz veining, and felsic intrusive activity.
In most instances these structures are either bedding parallel or locate along the
contact between volcano-sedimentary units and intrusive felsic bodies. Widespread
ductile and brittle mineralisation is frequently associated with this shearing as seen
with the Tongon orebodies. Following the completion of the geological interpretation,
a prospectivity analysis was completed to prioritise targets for follow-up work
programmes.
Tongon West
Mineralised structures from the Southern Zone appear to have been offset by a late
regional scale north-northwest trending dextral fault. Mineralisation exists in two
zones. These two zones returned in a river diversion trench: 28 metres at 1.50g/t
including 18 metres at 2.02g/t and 38 metres at 1.16g/t.
The main zone of Tongon West extends over 600 metres of strike length trending
northeast, with an average width of 25 metres. The mineralisation is hosted in a
volcaniclastic unit associated with shearing (230° dipping variably between 30° and
79° to the northwest). Along strike to the northeast the discreet mineralisation
terminates abruptly close to the granodiorite contact. Diffuse anomalism occurs
in the granodiorite as a result of brittle fracturing. The mineralisation is open to the
southwest, albeit weak. The footwall is marked by a unit of carbonaceous shale
trending 230° dipping steeply to the northwest and intruded by several porphyritic
dykes.
Two new trenches placed either side of the diversion trench to test the current
geological model were completed in Q4-09. TNT091 collared above mineralised
RAB holes and 100 metres southwest of the mineralisation intersected in the
diversion trench confirmed the geological model, with a tuff-volcaniclastic hangingwall,
volcaniclastic mineralised zone and carbonaceous shale footwall.
CÔTE D’IVOIRE EXPLORATION
MALI
Dakar
SENEGAL
BURKINA
Bamako FASO
Ouagadougou
GUINEA
SIERRA
LEONE CÔTE
D’IVOIRE GHANA
LIBERIA
Birimian Belt
Randgold permits
Capital city 600km
Composite
Results for this trench returned: 15 metres at 2.42g/t including 9.10 metres at
3.30g/t. TNT092 collared in the granodiorite 50 metres northwest of the current
wireframe appears massive and only weakly altered (haematite), with north-south
and northeast trending quartz veins dipping 60-70° to the southeast.
A smaller sub parallel zone covers a strike length of 200 metres. This zone is hosted
within an intercalated package of tuff and volcaniclastic crosscut by discrete shears
trending 268°, dipping 78° to the north and associated with a subvertical strongly
silicified zone trending 140°. A storm drain excavated to the west of this
zone provided exposure and confirmed the northwest trending silicified zone
(STD001 - 6 metres at 0.39g/t).
Seydou
The Seydou target was a conceptual target from the prospectivity analysis. The
regional ‘Soumo Shear’ was re-interpreted to be a sheared fold closure. Detailed
soil sampling returned two distinct, gold in soil anomalies (Seydou East and
Seydou West).
Seydou East
The eastern anomaly is a 400 metre wide, 2 kilometre long plus 50ppb gold in soil
anomaly. Pitting identified a narrow (less than one metre) discrete silicified shear
with selective litho samples grading to a maximum value of 26.7g/t. All other results
have been received and returned values up to 0.15g/t from saprolite of shale. Work
to date suggests that the soil anomaly may be attributed to these narrow silicified
shears. Follow-up work is in progress.
Seydou West
TONGON: NIELLE PERMIT AND The western target is a 3.6 kilometre
SEYDOU AEROMAG discontinuous, due to regolith, plus
100ppb gold in soil anomaly trending
north-northeast. Initial pitting has
Nielle permit confirmed an insitu bedrock gold
geological source. The controlling structure
interpretation appears to be the continuation of
and priority Soloni
the Tongon Northern Zone orebody
targets
bounding shear. Preliminary litho
Seydou Aeromag showing samples returned encouraging values:
Koro NW Extn position of Seydou East and 0.15g/t, 2.45g/t and 18.10g/t from
West targets quartz and silicified material.
Jubula
Coucal
Seydou
Nafoun E Tongon Following reconnaissance pitting, a
deposit 50 metre trench was excavated to
observe the geology, structure,
alteration and potential mineralisation.
Badenou The trench returned strong gold
19m @ 5.32g/t
Nafoun S incl 11m @ 7.87g/t mineralisation with an intersection of
Seydou E
Calao 19 metres at 5.32g/t including
Koulivogo Seydou W 11 metres at 7.87g/t associated with
region strong to moderate silicification of
Tongon NZ volcaniclastic together with a quartz
10km
stockwork and boxworks surrounding
a main quartz vein which is 0.7 metres
Gold targets 2km
wide and trends 030/70.
Additional wide spaced (500 metres)

trenching is planned over the entire
Composite
3.6 kilometre target to provide a broad geological framework and, depending on

results, a drilling motivation will be prepared. Data from an airborne electromagnetic
survey of the Nielle permit and the adjacent
Jubula Diouala and Fapoha permits on the Senoufo
Jubula is a new target identified from the prospectivity analysis. Soil sampling Greenstone Belt will be integrated with
existing layers to further refine the targeting
returned a main northeast trending, 3.8 kilometre discontinuous gold in soil anomaly.
process in 2010.
Regional pitting identified the occurrence of two volcanoclastic units separated by
basalt and shale. The duplication may represent part of a sheared out fold hinge.
It locates approximately two kilometres north of Seydou. A programme of trenching
will be completed as initial follow-up.
Bazou
Bazou is located nine kilometres north northeast of the Tongon resource and overlies
the contact between granodiorite, tuff and siltstone, cut by the dextral Main Shear
Zone (MSZ). Bazou was highlighted where the MSZ horsetails into several splays
resulting in the development of an extensional imbricate fan.
Detailed soil sampling covering a 6km2 (200 metres by 50 metres) grid was completed.
The updated regolith map shows that much of the area is covered by lateritic gravel
with vast areas of lower laterite and a few isolated upper laterite plateaux. Sub-
outcrop occurs in the east of the grid where three lithosamples of chert with pyrite
and pyrrhotite were taken (results received returned values less than 0.1g/t).
Two zones of hummocky ground, 1.7 kilometres apart, were mapped in the centre
of the target representing old artisanal workings. The south of the grid is truncated
by a southwest flowing river. Complete soil sampling results have been received,
highlighting a linear 040 trending 100ppb gold in soil anomaly measuring
3.8 kilometres by 100 metres with a maximum value of 1 162ppb. The anomaly
is truncated by alluvial cover and continues southwest into Jubula. Pitting has been
difficult due to the hard laterite cover and RAB drilling is proposed as a method of
primary follow-up.
Koro Northwest Extension

Geologically the target overlies the contact between tuff and granodiorite where
the MSZ intersects the Oleo Shear zone. Detailed soil sampling covering 14km2
by a 200 metre by 50 metre grid was completed. The regolith map was also
updated and shows that much of the area is covered by lateritic gravel, with a few
isolated upper laterite plateaus and sub-crops on the erosional slopes in the west
of the sampling grid. A large west flowing river splits the target in two and sandy
soil was mapped in the southeast of the grid suggesting underlying granodiorite
and thus confirming the aeromagnetic interpretation. Soil sampling results are
pending.
Generative studies
Preparations are currently underway to fly an airborne electromagnetic survey, not
only over the Nielle permit, which hosts the Tongon deposit, but also the adjacent
Diouala and Fapoha permits on the Senoufo Greenstone Belt. This data will be
integrated with our existing layers to further refine our targeting process in 2010.
Randgold secured an additional permit through its joint venture with New Mining
Côte d’Ivoire, Tengrela South, which is contiguous with the Boundiali permit.
Boundiali
The 1 314km2 Boundiali permit is located approximately 60 kilometres west of Nielle
and hosts numerous gold in soil anomalies, which have seen little follow-up
exploration. During 2009, early stage exploration validated previous results and
reprioritised work for 2010.
Composite
MALI
Dakar
SENEGAL
BURKINA
Bamako FASO
Ouagadougou
GUINEA
SIERRA
LEONE CÔTE
D’IVOIRE GHANA
LIBERIA
Birimian Belt
Randgold permits
600km
Capital city
BURKINA FASO EXPLORATION
BURKINA FASO
Randgold made a strategic decision to sell the Kiaka project in the southeast of
the country to Volta Resources Inc in the fourth quarter of 2009.
Exploration is now focused on the identification of new opportunities. A first pass

review has been completed over the southwest corner of the country and includes
the Greenstone Belts of Loumana, Banfora, Hounde and Boromo. A more detailed
generative study is being applied, with the integration of our West African models
to the geology, to identify areas of interest, in order to highlight permit applications
and/or joint venture opportunities.
DEMOCRATIC REPUBLIC OF THE CONGO

Kibali
In the Democratic Republic of the Congo, following the acquisition of Moto Goldmines
at the beginning of the fourth quarter, Randgold established a geological team on
site at Kibali. The primary objective was to complete a detailed geological analysis
of the KCD deposit, to understand the geology, structure, alteration and mineralisation
and to construct a geological model to support the resource conversion work, as
well as to look at the possibility of a lateral link between the KCD and Gorumbwa
deposits.
Deposit geology
A geological analysis was completed to review the structural and lithological controls
of the KCD deposit as well as to look at the possibility of a lateral link between the
KCD and Gorumbwa deposits. Sixty core holes were validated and a geological
map was produced. A geological aeromagnetic interpretation was also completed.
Mineralisation is controlled by zones of texturally destructive albite-carbonate-
silica alteration (syn D1) along faults with a similar orientation as S1. S1 is a
regional shear fabric and in general strikes northwest with a low dip to the
northeast, hosted within a package of banded iron formation (BIF), volcaniclastics
and sediments. D1 is interpreted to be the results of shortening from the
northeast with the West Nile block thrust over the basalt-volcaniclastic
sequences, causing southwest verging folds and thrusts.
Gold mineralisation was introduced during late D1 to D2 due to preferential
fracturing of the albite-carbonate-silica alteration zones. S2 is an axial plane
cleavage and in general strikes northeast with a moderate to steep dip
northwest, explaining the northeast trending mineralised corridors. D2 also
causes the folding of S1, creating double plunging folds, as observed in the
KCD mineralised zones. A prominent stretching lineation, L1, was also
observed. It has, in general, a shallow plunge towards the northeast and
appears to control high grade mineralisation.
Post-mineralisation D3 which produced a pervasive crenulation cleavage that
in general strikes southeast with a low dip to the southwest.
Airborne geophysics
Aeromagnetic and radiometric data over the Moto area, acquired during the AngloGold
Ashanti (AngloGold)-Barrick joint venture in the late 1990s, was received from
AngloGold. A preliminary interpretation of the aeromagnetic data revealed strongly
magnetic units, which correspond to banded iron formations (BIF) trending west-
northwest. However, in the immediate vicinity of the KCD area the strata change
Composite
strike towards the northeast. Two generations of folding can be observed on the
imagery: one set with the fold axis striking west-northwest and the other with fold
At Kibali, a geological analysis was
axis strike northeast together with the development of brittle-ductile shears. completed to review the structural and
lithological controls of the KCD deposit as
The radiometric survey results clearly indicated the presence of granites within the well as to look at the possibility of a lateral
survey area, and assisted in identifying the remaining geology. There is evidence link between the KCD and Gorumbwa
that the Watsa dome is composed of two different magmatic events, with the one deposits.
(northeast portion) having a weak potassium enrichment, and the other (southwest
portion) having a weak thorium (with some uranium) enrichment.
In 2010 we are planning an airborne electromagnetic survey over the permit area
to enhance our geological understanding of the region and target new resource
opportunities.
Resource drilling
Forty four diamond drill holes were completed at KCD, targeting the definition of
pit/underground interface and infill drilling within the open pit boundary. All drilling
results are shown in the table below and confirm the geological model. The top
grade cut is 50g/t; the lower grade cut is 0.8g/t with up to a maximum of 4 metres
internal dilution being incorporated into the composite. At present the intersections
recorded are down the hole lengths.
Strategic holes: KCD - Gorumbwa gap drilling

Two holes were completed for 1 556.7 metres. The objectives were to:
Obtain a better understanding of the geology as there is little outcrop west
of Durba hill;
Test for additional alteration/structural corridors; and
Evaluate the potential of linking mineralisation between KCD and Gorumbwa.
In DDD456 a 45 metre wide deformed and altered (Si and pyrite) zone was intersected
from 515 to 560 metres. Within it, anomalous sections grade: 7 metres at 1.63g/t
(515 to 522 metres), 8.05
metres at 3.43g/t (536.75 to DEMOCRATIC REPUBLIC OF
544.8 metres) and 4.2 metres THE CONGO EXPLORATION
at 1.15g/t. This zone may be
linked with Sessenge towards
the southeast, which would
extend Sessenge for about CENTRAL AFRICAN
150 metres further northwest, REPUBLIC
while results for DDD457 CAMEROON
returned multiple mineralised
zones with a best intersection
of 3.1 metres at 4.75g/t from
KENYA
450 metres. The data is being CONGO
integrated into an updated GABON
geological model and DEMOCRATIC
additional drill holes will be REPUBLIC
planned to further evaluate OF CONGO BURUNDI
the potential of this area. Kinshasa
TANZANIA
Regional soil sampling
The regional soil sampling
programme on the priority 1
area has progressed well. ANGOLA
Four new anomalous areas
were identified based on gold
Archean
in soil values above 9ppb. All
Mesoproterozoic
are located within the
Kibali permits
prospective volcaniclastic 600km
Capital city
sediments which host the
main Kibali mineralisation.
Composite
KIBALI: KCD DIAMOND DRILL HOLE RESULTS

(since acquisition of Moto Goldmines)
Interval Interval
(down (down
Programme From To hole) Programme From To hole)
Hole ID aim (m) (m) (m) Grade Hole ID aim (m) (m) (m) Grade
(continued)
Definition of pit/ 0.00 4.00 4.00 1.15 KCD pit drilling 29.00 31.00 2.00 3.85
DDD415
underground 31.55 36.65 5.10 0.81 99.00 117.00 18.00 3.28
interface 43.55 62.00 18.45 2.34 KCD pit drilling 56.00 72.00 16.00 6.75
DDD353
121.00 151.00 30.00 4.21 74.00 105.00 31.00 5.12
155.00 163.00 8.00 1.48 141.00 153.00 12.00 1.17
DDD416
369.00 395.00 26.00 3.18 167.00 169.00 2.00 0.96
Definition of pit/ 0.00 2.00 2.00 1.38 174.00 192.00 18.00 1.65
underground 10.00 12.00 2.00 0.97 196.00 200.45 4.45 5.42
interface 30.00 43.50 13.50 6.72 KCD pit drilling 0.00 4.00 4.00 2.12
48.00 66.00 18.00 8.39 23.00 25.00 2.00 3.85
DDD363 102.00 120.00 18.00 2.04 DDD418 28.00 38.00 10.00 11.85
166.00 176.00 10.00 3.27 43.00 45.00 2.00 2.22
256.00 258.00 2.00 5.22 63.00 67.00 4.00 1.50
266.00 268.00 2.00 0.86 KCD pit drilling 0.00 5.20 5.20 8.18
376.00 378.00 2.00 1.14 DDD419 6.00 8.00 2.00 12.86
434.00 452.00 18.00 2.48 94.00 105.00 11.00 2.68
Definition of pit/ 23.00 27.00 4.00 2.36 KCD pit drilling 0.00 17.00 17.00 3.41
underground 37.45 47.00 9.55 1.98 DDD420 20.00 32.00 12.00 1.76
interface 85.00 87.00 2.00 1.41 34.00 59.00 25.00 3.80
95.00 133.00 38.00 3.41 KCD pit drilling 2.00 20.00 18.00 7.28
163.00 165.00 2.00 1.09 22.00 29.00 7.00 2.68
DDD421
181.00 187.00 6.00 0.98 80.00 83.00 3.00 1.27
217.00 223.00 6.00 1.60 102.00 106.00 4.00 0.81
231.00 233.00 2.00 1.35 KCD pit drilling 0.00 5.00 5.00 1.51
237.00 239.00 2.00 0.86 161.00 164.00 3.00 12.53
247.00 259.00 12.00 0.94 168.00 172.00 4.00 5.77
273.00 275.00 2.00 1.01 177.00 181.00 4.00 3.80
DDD366 295.00 297.00 2.00 0.85 190.00 198.00 8.00 4.09
DDD422
319.00 327.00 8.00 15.92 202.00 207.00 5.00 1.29
383.00 393.00 10.00 2.67 228.00 230.00 2.00 4.27
399.00 427.00 28.00 6.51 237.00 244.00 7.00 7.08
431.00 447.00 16.00 3.42 260.00 274.00 14.00 2.66
461.00 465.00 4.00 2.49 279.00 306.00 27.00 5.56
473.00 475.00 2.00 0.90 KCD pit drilling 106.00 108.00 2.00 1.59
DDD423
495.00 505.00 10.00 0.85 143.00 173.00 30.00 12.22
513.00 519.00 6.00 0.91 DDD424 KCD pit drilling 60.00 96.00 36.00 7.50
531.00 567.00 36.00 4.59 DDD425 KCD pit drilling 93.00 121.00 28.00 12.99
571.00 587.00 16.00 5.53 KCD pit drilling 63.00 74.00 11.00 1.73
591.00 601.00 10.00 1.23 79.00 94.00 15.00 1.22
607.00 611.00 4.00 0.99 101.00 109.00 8.00 1.91
Definition of pit/ 12.00 47.95 35.95 1.49 120.00 124.00 4.00 1.31
underground 68.00 72.00 4.00 1.37 143.00 153.00 10.00 2.22
DDD426
interface 78.00 86.00 8.00 2.27 158.00 169.00 11.00 3.25
92.00 96.00 4.00 1.03 174.00 178.00 4.00 0.91
138.00 148.00 10.00 0.93 181.00 184.00 3.00 2.85
152.00 158.00 6.00 1.64 193.00 195.00 2.00 0.83
168.00 178.00 10.00 7.27 227.00 229.00 2.00 1.24
DDD382 184.00 186.00 2.00 1.00 KCD pit drilling 51.00 53.00 2.00 1.22
DDD427
202.00 204.00 2.00 1.03 161.00 165.00 4.00 1.14
208.00 210.00 2.00 1.32 KCD pit drilling 69.00 72.00 3.00 1.44
220.00 230.00 10.00 1.50 113.00 136.00 23.00 3.62
250.00 264.00 14.00 1.93 DDD428 206.00 211.00 5.00 3.33
284.00 290.00 6.00 1.54 215.00 260.00 45.00 2.80
310.00 312.00 2.00 1.81 272.00 280.00 8.00 1.38
396.00 400.00 4.00 7.59 KCD pit drilling 0.00 3.00 3.00 1.44
426.00 428.00 2.00 17.50 DDD437 45.00 49.00 4.00 1.35
KCD pit drilling 91.00 97.00 6.00 0.81 52.00 55.00 3.00 2.62
100.00 101.00 1.00 0.89 KCD pit drilling 4.00 6.00 2.00 1.23
112.00 121.00 9.00 0.89 18.00 22.00 4.00 0.84
129.00 139.00 10.00 1.57 133.00 137.00 4.00 2.15
DDD410
141.00 151.00 10.00 1.93 DDD439 148.00 151.00 3.00 1.86
154.00 158.00 4.00 2.91 157.00 164.00 7.00 2.28
163.00 170.00 7.00 1.61 171.00 173.00 2.00 1.05
171.00 176.80 5.80 1.44 177.00 191.00 14.00 3.08
KCD pit drilling 13.00 15.00 2.00 1.01 KCD pit drilling 101.00 110.00 9.00 1.93
46.00 73.00 27.00 2.42 166.00 183.00 17.00 2.02
131.00 163.00 32.00 5.27 186.00 189.00 3.00 1.84
DDD445
DDD413 166.00 176.00 10.00 4.13 207.00 224.00 17.00 4.66
179.00 203.00 24.00 5.03 243.00 251.00 8.00 6.01
206.00 230.00 24.00 3.32 269.00 275.00 6.00 1.86
238.00 240.00 2.00 3.80 KCD pit drilling 0.00 3.00 3.00 2.64
247.00 259.00 12.00 6.58 DDD447 20.00 60.00 40.00 3.48
KCD pit drilling 23.00 34.00 11.00 2.76 115.00 123.00 8.00 2.82
38.00 49.00 11.00 1.80 KCD pit drilling 0.00 9.00 9.00 7.27
DDD448
65.00 70.00 5.00 6.27 111.00 113.00 2.00 1.04
74.00 76.00 2.00 3.15 KCD pit drilling 0.00 27.00 27.00 7.21
84.00 86.00 2.00 1.25 30.00 35.00 5.00 4.77
DDD450
101.00 112.00 11.00 1.82 42.00 49.00 7.00 1.60
DDD414 186.00 191.00 5.00 1.92 53.00 57.00 4.00 1.02
196.00 198.00 2.00 2.15 KCD pit drilling 62.00 65.00 3.00 32.01
205.00 212.00 7.00 1.66 66.00 110.00 44.00 9.69
DDD451
235.00 239.00 4.00 3.27 115.00 122.00 7.00 1.31
241.00 257.00 16.00 3.19 126.00 128.00 2.00 1.65
267.00 279.00 12.00 2.17 KCD pit drilling 68.00 97.00 29.00 6.19
DDD452
285.00 290.00 5.00 6.11 141.00 145.00 4.00 4.19
Composite
KIBALI: KCD DIAMOND DRILL HOLE RESULTS

(since acquisition of Moto Goldmines)
Interval
(down
Programme From To hole)
Hole ID aim (m) (m) (m) Grade
(continued)
KCD pit drilling 92.00 96.00 4.00 0.90
113.00 124.00 11.00 7.97
DDD453 130.00 142.00 12.00 3.48
148.00 164.00 16.00 3.99
180.00 187.00 7.00 6.20
DDD454 KCD pit drilling 58.00 86.95 28.95 2.92
KCD pit drilling 66.00 68.00 2.00 1.96
94.00 96.00 2.00 5.41
DDD455 113.00 121.00 8.00 1.45
124.00 141.00 17.00 2.85
145.00 148.00 3.00 1.52
Definition of pit/ 96.00 110.00 14.00 2.27
underground 214.00 216.00 2.00 0.89
DDD341
interface 222.00 238.00 16.00 2.23
252.00 276.00 24.00 5.2
underground 110.00 114.00 4.00 1.24
DDD342 Anomaly 1 trends north while anomalies 2, 3 and 4
interface 214.00 218.00 4.00 3.01
230.00 240.00 10.00 7.9 trend northeast. Anomaly 4 could be the extension
Definition of pit/ 0.00 6.75 6.75 3.58 of Dembu. Strike lengths and widths are as follows:
underground 32.00 58.00 26.00 3.61 Anomaly 1 is 3 kilometre by 400 metres; Anomaly
DDD351 interface 66.00 74.00 8.00 1.05 2 is 3.5 kilometres by 200 metres; Anomaly 3 is
305.00 307.00 2.00 1.08 3 kilometres by 500 metres; and Anomaly 4 is
365.00 377.00 12.00 4.92
2.5 kilometres by 1.4 kilometres.
underground 12.00 24.00 12.00 0.91
DDD352
interface 45.00 54.00 9.00 0.72 Objectives for 2010
284.00 286.00 2.00 3.82 Objectives in 2010 at Kibali include:
316.00 348.00 32.00 9.42 Continued resource conversion work, not only
390.00 398.00 8.00 1.94
on the KCD deposit but also satellite deposits.
18.00 39.00 21.00 2.74
44.00 146.00 102.00 5.41 The identification of new near mine resources.
DDD412 152.00 183.0 31.00 3.82 Generative work on the wider lease area
200.00 202.00 2.00 2.51 through the completion of soil sampling and
224.00 226.00 2.00 2.13 an airborne electro-magnetic survey.
0.00 1.00 1.00 0.9
20.00 32.00 12.00 4.27
42.00 64.00 22.00 6.87 GHANA
70.00 103.00 33.00 4.12 A strategic decision was made to stop active
DDD444
108.00 134.00 26.00 1.42 exploration in Ghana and return our portfolio of four
140.00 150.00 10.00 3.25 permits covering 1 841km2 back to the government
162.00 164.00 2.00 5.51 after five years of research.
174.00 179.00 5.00 2.07
underground 34.00 41.90 7.90 0.73 During the five years from 2004 to 2009, the
interface 51.00 54.00 3.00 0.76 prospectivity of Ghana was continually assessed.
58.00 61.00 3.00 1.05 Seven mines were visited to understand the
147.00 151.00 4.00 0.93 mineralisation, structure, alteration and geology.
DDD403A 153.00 158.00 5.00 1.57 Eight advanced targets were assessed and eight
300.00 315.00 15.00 4.90
promising junior exploration companies reviewed.
323.80 338.00 14.20 5.86
341.00 367.00 26.00 1.80
In addition, 43 exploration concessions offered for
370.00 378.00 8.00 1.03 joint venture were analysed, while 60 open areas,
384.00 394.80 10.80 2.74 available for application, failed to meet the basic
DDD429
KCD pit drilling 25.00 28.00 3.00 0.52 geological filters to proceed to the next stage.
35.00 46.00 11.00 1.77
KCD pit drilling 0.00 14.00 14.00 1.81 Randgold actively explored eleven exploration permits
36.00 38.00 2.00 0.78
DDD435
45.00 49.00 4.00 1.32
covering a surface area of 7 770km2 over the five
67.00 70.00 3.00 1.64 years but failed to find an advanced target for drilling.
KCD pit drilling 0.00 3.00 3.00 1.13
33.00 38.00 5.00 1.76 While active exploration will cease in this country,
DDD442 78.00 86.00 8.00 0.66 our partnership will continue with Inter Afrique in
90.00 106.10 16.10 7.77 order for Randgold to react should an opportunity
109.00 122.00 13.00 1.25
meeting the company’s criteria arise.
KCD pit drilling 0.00 2.00 2.00 0.80
DDD449 15.00 19.00 4.00 1.43
25.00 27.00 2.00 0.78 TANZANIA
Strategic hole 179.00 181.00 2.00 0.75 All exploration activities have been suspended and
353.00 355.00 2.00 2.23 we have returned the permits in our portfolio to
515.00 522.00 7.00 1.63
DDD456
536.75 544.80 8.05 3.43
government. We do however retain a small office in
555.80 560.00 4.20 1.15 Mwanza to keep track of opportunities.
576.00 578.00 2.00 0.57
Strategic hole 38.00 39.90 1.9 0.55 Work is now focused on understanding the Central
132.00 133.90 1.9 0.64 African geological framework and more importantly
136.00 137.90 1.9 0.63 the geological model for the Kibali gold deposits in
256.00 257.90 1.9 0.80
the northeast Democratic Republic of the Congo
DDD457 402.00 403.50 1.5 0.51
426.00 432.10 6.1 0.75
(DRC).
450.00 453.10 3.1 4.75
472.00 473.60 1.6 0.65
642.00 643.80 1.8 0.67
790.00 791.80 1.8 4.92
Composite
NEW
BUSINESS
In 2009, Randgold highlighted its intention to broaden its
exploration horizons to encompass the prospective rocks of
the Congo Craton. The subsequent acquisition of its joint
venture position in the Kibali gold project and its large ground
holding in north eastern DRC was a significant step in executing
this strategy.
The Congo Craton, which ranges from the well

known deposits of Tanzania through the east
of the Democratic Republic of the Congo and
AFRICA: HUNTING THE NEXT the Central African Republic to Cameroon, has
MULTI-MILLION OUNCE DEPOSIT the potential to be the next ‘go to’ gold province
in Africa and the world and the company’s
intention is to grow its presence in the area.
During the past year, Randgold has reviewed

the data from a number of junior explorers
together with the information now being
generated from the Kibali project and is well
placed to advance this strategy, while building
its exploration portfolio across four countries
in West Africa. At the same time, it will continue
Tasiast Morila to review external opportunities which may
Kalsaka have the potential to meet its investment criteria.
Sadiola
Loulo Samira
Hill Such external opportunities will be rated against
Siguiri Ahafo the company’s own organic growth prospects,
Bonikro Obuasi which provide an accurate means of measuring
value. Randgold’s success in making its own
Tarkwa Bogoso\Pretea
discoveries gives it the ability to increase its
Geita North Mara production without having to buy in ounces,
and its core goal therefore remains the
Bulyanhulu Golden Pride discovery and development of profitable mining
opportunities, and the creation of value through
organic growth.
Proterozoic
Archean
Gold mines
Projects
Composite
00 Markers (R) 3/25/10 8:37 AM Page 4
RESERVES
VES & RESOURCES
RESOUR
Composite
80-83 Reserves(R) 3/23/10 8:12 AM Page 1
TABLE OF MINERAL RIGHTS

at 31 December 2009
Effective
Area Area equity
Country Type (km2) (miles2) (%)
MALI
Loulo EP 372 144 80.0
Morila EP 200 77 40.0
Bena EEP 16 6 80.0
Walia-Kenieko EEP 94 36 40.0
Zaniena EEP 257 99 80.0
Konyi EEP 250 97 80.0
CÔTE D’IVOIRE RESOURCE TRIANGLE
Nielle EEP 751 290 89.0
Boundiali EEP 1 314 507 81.0 Morila Mali
MINES Loulo Mali
Dabakala EEP 191 74 81.0 Yalea underground - Loulo Mali
Dignago EEP 1 000 386 81.0
DEVELOPMENT Gara underground - Loulo Mali
Apouasso EEP 1 000 386 81.0 PROJECTS Tongon Côte d’Ivoire
Fapoha RP 559 216 81.0
Massawa feasibility Senegal
Tengrela South RP 559 216 81.0 FEASIBILITY
Gounkoto feasibility Mali
PROJECTS
Diaouala EEP 977 377 81.0 Kibali feasibility DRC
Mankono RP 704 272 81.0
SENEGAL Reserve
definition 7
Kanoumering EEP 303 117 83.0 2 4 1
Kounemba EEP 305 118 83.0 Measured and 5

indicated
Miko EEP 95 37 83.0 resources 6 1
Inferred 2
Dalema EEP 401 155 83.0 resources 9 1
1 5
Tomboronkoto EEP 300 116 83.0 Advanced 7
targets 12 3
Bambadji EEP 344 133 51.0 2 3
Follow-up
BURKINA FASO targets 37 9
11 2
11 4
Basgana EEP 250 97 81.0 Identified
targets 58 7
13
Bourou EEP 122 47 81.0 Regional 32
3 7
exploration 121 31
Tanema EEP 247 95 81.0 34
4
Yibogo EEP 247 95 81.0 Total 250
45
Nakomgo EEP 237 92 81.0

Safoula EEP 249 96 81.0
Daworo EP 250 97 81.0 Burkina Faso
Côte d’Ivoire
Tiakane EEP 196 76 81.0
DRC
DEMOCRATIC REPUBLIC OF THE CONGO Mali
Kibali Senegal
11447 EEP 227 88 45.0
11467 EEP 249 96 45.0
11468 EEP 46 18 45.0
11469 EEP 92 36 45.0
11470 EEP 31 12 45.0
11471 EEP 113 44 45.0
11472 EEP 85 33 45.0
5052 EEP 302 117 45.0
EP Exploitation permit
5073 EEP 399 154 45.0 EEP Exclusive exploration permit
5088 EEP 292 113 45.0 PL Prospecting licence
RL Reconnaissance licence
TOTAL AREA 13 624 5 260 RP Reconnaissance permit
Composite
80-83 Reserves(R) 3/23/10 8:12 AM Page 2
ANNUAL RESOURCE AND

RESERVE DECLARATION
at 31 December
Tonnes Grade Gold Attributable gold

Mt Mt g/t g/t Moz Moz Moz Moz
MINE/PROJECT Category 2009 2008 2009 2008 2009 2008 2009 2008
MEASURED, INDICATED
AND INFERRED
MINERAL RESOURCES
Kibali 45%
Measured - - - - - - - -
Indicated 131.49 - 3.29 - 13.93 - 6.27 -
Sub total Measured and indicated 131.49 - 3.29 - 13.93 - 6.27 -
Inferred 51.06 - 3.55 - 5.83 - 2.62 -
Loulo 80% 80%
Measured 10.65 12.50 3.82 3.85 1.31 1.55 1.05 1.24
Indicated 52.46 50.19 4.66 4.73 7.86 7.63 6.29 6.10
Sub total Measured and indicated 63.10 62.69 4.52 4.55 9.17 9.18 7.33 7.34
Inferred 25.47 24.23 2.89 2.86 2.36 2.23 1.89 1.78
Gounkoto 80% 80%
Measured - - - - - - - -
Indicated 8.38 - 7.28 - 1.96 - 1.57 -
Inferred 4.75 - 6.00 - 0.92 - 0.73 -
Morila 40% 40%
Measured 16.76 20.64 1.49 1.75 0.80 1.16 0.32 0.46
Indicated - - - - - - - -
Inferred 0.95 - 0.81 - 0.02 - 0.01 -
Tongon 89% 84%
Measured - - - - - - - -
Indicated 38.85 38.18 2.89 2.89 3.61 3.55 3.21 2.98
Inferred 11.70 10.30 2.59 2.65 0.97 0.88 0.87 0.74
Massawa 83% 83%
Measured - - - - - - - -
Indicated 17.43 - 4.16 - 2.33 - 1.94 -
Inferred 6.24 36.76 3.39 2.87 0.68 3.39 0.57 2.82
TOTAL RESOURCES
Measured and indicated 276.02 121.51 3.58 3.56 31.79 13.89 20.64 10.79
Inferred 100.17 71.30 3.35 2.84 10.78 6.50 6.69 5.34
PROVEN AND
PROBABLE RESERVES
Kibali 45%
Proven - - - - - - - -
Probable 63.80 - 4.48 - 9.19 - 4.14 -
Sub total Proven and probable 63.80 - 4.48 - 9.19 - 4.14 -
Loulo 80% 80%
Proven 5.55 7.08 3.48 3.38 0.62 0.77 0.50 0.62
Probable 43.91 43.51 4.54 4.60 6.41 6.43 5.13 5.14
Sub total Proven and probable 49.45 50.59 4.42 4.42 7.03 7.20 5.63 5.76
Gounkoto 80% 80%
Proven - - - - - - - -
Probable 7.47 - 6.83 - 1.64 - 1.31 -
Morila 40% 40%
Proven 9.85 13.74 1.74 2.02 0.55 0.89 0.22 0.36
Probable 6.91 6.88 1.14 1.14 0.25 0.25 0.10 0.10
Tongon 89% 84%
Proven - - - - - - - -
Probable 38.02 38.25 2.63 2.57 3.22 3.16 2.86 2.65
Massawa 83% 83%
Proven - - - - - - - -
Probable 10.51 - 4.62 - 1.56 - 1.30 -
TOTAL RESERVES
Proven and probable 186.01 109.46 3.92 3.27 23.45 11.50 15.56 8.87
Randgold reports its mineral resources and ore reserves in accordance with the JORC code and are equivalent to National Instrument 43-101.
The reporting of ore reserves is also in accordance with Industry Guide 7. Pit optimisation is carried out at a gold price of US$700 per ounce;
underground reserves are also based on a gold price of US$700 per ounce. Dilution and ore loss are incorporated into the calculation of reserves.
Cautionary note to US investors: The United States Securities and Exchange Commission (the ‘SEC’) permits mining companies, in their filings
with the SEC, to disclose only proven and probable ore reserves. Randgold uses certain terms in this annual report such as ‘resources’, that
the SEC does not recognise and strictly prohibits the company from including in its filings with the SEC. Investors are cautioned not to assume
that all or any parts of the company’s resources will ever be converted into reserves which qualify as ‘proven and probable reserves’ for the
purposes of the SEC’s Industry Guide number 7.
See glossary of terms on website at www.randgoldresources.com.
Composite
00 Markers (R) 3/25/10 8:37 AM Page 5
Composite
00 Markers (R) 3/25/10 8:37 AM Page 6
PEOPLE & PARTNERSHIPS
Composite
84-89Social, Sustainable(R) 3/25/10 8:41 AM Page 1
PEOPLE AND
PARTNERSHIPS
We believe that a successful mining company is one which is profitable
while meeting its social responsibilities in the countries and
communities in which it operates.
Strong local relationships are one of the foundation stones on

which the company has been built. For each new development,
a process of assessment and engagement is undertaken to ensure
that the positive impacts of the operation are maximised and the
negative impacts minimised.
SOCIAL RESPONSIBILITY AND ENVIRONMENTAL SUSTAINABILITY

Our general approach is guided by the IFC Guidelines on Environmental, Safety
and Health and specifically on IFC Guidelines related to Mining and Performance
Standards on Social and Environmental Sustainability. OHSAS 18001, the
Occupational Health and Safety Advisory Service’s occupational health and safety
standards, and ISO 14001, the international environmental standards, guide health,
safety and environmental management practices on our operations. All social and
environmental assessments are reviewed by an independent party to ensure
compliance to these codes.
During the early exploration stage our aim is to make as small a social impact as
possible. Once a target progresses to feasibility, full social, medical and environmental
baseline studies are conducted, which define the pre-mining conditions and are
used as benchmarks while the project develops and when it moves into production.
Full environmental and social impact assessments are generated including public
participation programmes with the local communities where the impacts, both
negative and positive, are communicated and considered. During the past year
social, economic and environmental baseline studies were completed on Massawa
and Gounkoto, while previous studies completed at Kibali were reviewed with the
completion of gap analyses and implementation of programmes to ensure compliance
to our standards.
Community liaison committees, consisting of a broad spectrum of community

representatives, are set up prior to production and provide a forum for regular,
open dialogue where problems can be tabled and mutually acceptable solutions
found. Randgold has now started its fifth such process at Gounkoto by initiating
dialogue between our exploration team and the surrounding villages. Our exploration
team represents our first interface with the community and it is instrumental in
allaying suspicions and conflicts, while building relationships based on trust between
future mines and the community.
To keep environmental and social issues in the forefront of our business, an executive
committee was formed during the year that meets quarterly to review all environmental
and social action plans. A summary of this review is presented at each group
board meeting.
Policy
Our integrated social and environmental management process identifies potentially
negative and positive impacts. The implementation of sustainable environmental
Composite
A solemn moment as truck 11 prepares to remove its last load from

the Morila pit, marking the end of mining at the multi-million ounce
gold producing mine.
and social responsibility strategies aim to minimise negative

impacts and maximise the positive impacts of our activities,
commensurate with our business strategy and with national environment. The committee met three times last year and
and IFC standards. The implementation and effectiveness will meet quarterly or more often as required.
of these strategies is audited by independent external
consultants Digby Wells Associates (DWA) and monitored During 2009, topics considered by the committee included
internally on a quarterly basis by the group’s environmental the following:
and social oversight committee. The report on the internal and external environmental
audits on the Loulo and Morila operations and the
To achieve the aims of our policy, we: Tongon project.
Encourage and reward the use of integrated Phase 1 of the resettlement action plan (RAP) at Tongon.
environmental management to ensure that management The building of schools and town planning at Loulo,
decision making processes include a sensitive and Tongon and Poungbe.
holistic consideration of environmental issues. To Quarterly environmental, community development and
facilitate this, all projects must include a comprehensive other social reports from operations.
environmental and social impact assessment. Where Community development work at Tenkhoto - including
appropriate, specialist consultants are employed. disaster relief in the form of providing medicine and
Maintain positive relationships with neighbouring blankets after a fire, repairing the road and installing
communities, local and national government authorities, two boreholes for potable water supply.
NGOs and aid agencies, and the public. Rehabilitation and closure plans for Morila and Loulo.
Respect and consult with the communities in the areas All environmental incidents.
affected by our operations so that these communities Social unrest experienced in July 2009 in the Loulo
receive fair treatment and where possible benefit from area.
our activities. Loulo, Kibali and group social and environmental
Budget a percentage of profit for sustainable community strategic workshops’ outputs.
development projects. The projects are selected and Initial meeting with USAID on Morila agribusiness
prioritised in consultation with communities and carried initiative.
out in cooperation with community members. Community development budgets and the integrated
Aim to forge a pact with employees by demonstrating development action plans submitted by the community
respect for fundamental human rights, including development committees from the most affected villages
workplace rights, employee development and the need surrounding the company’s operations.
for a healthy and safe workplace. Review of ISO 14001, (International Standards
Strive for the highest quality of rehabilitation, waste Organisation’s environmental standards), implementation
management and environmental protection in the most progress in the group.
cost effective manner. NGO’s ‘Doc to Dock’ and ‘CURE’ hospital equipment
Strive to optimise the consumption of energy, water approvals.
and other natural resources.
Through the introduction of new alternative, The environmental management
environmentally friendly products and processes, as Monthly monitoring programmes incorporating dust fallout
they become available, avoid the use or release of
levels, physiochemical, cyanide, oil, grease and bacteriological
substances which, by themselves or through their
levels of surface and groundwater across the mine sites and
manufacturing process, may damage the environment.
tailings storage facilities as well as surrounding water courses
Practice responsible environmental stewardship to meet
continued throughout the year. No pollution or breach of
the demands of local communities, host country
World Bank guidelines occurred.
government requirements and international standards,
and strive for continuous improvement of environmental
A Notice of Environmental and Social Impact Assessment
performance.
(NESIA) was approved by the National Director of Sanitation
and Control of Pollution and Nuisances for the mining of the
Group environmental and social oversight Loulo 1, 2 and 3 areas on the Loulo permit as required by
committee national legislation.
As highlighted above, a new group environmental and social
oversight committee was set up during the year in order to Morila is ISO 14001 certified and Loulo continues to proceed
oversee and drive the company’s policies in this regard, towards certification. This is planned for 2010. As part of
recognising the importance of this area to our business. All this procedure dust suppression has been improved by the
the members are drawn from the group’s executive committee, installation of a dust extractor at the screening plant and
including the CEO and the general manager: evaluation and telescopic chutes on the crushed stockpiles.
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Environmental management plans will be implemented in awareness training, voluntary HIV testing for all and
Tongon on start up of production which will be in line with specifically among high risk individuals such as sex
ISO 14001 to allow for the rapid accreditation of the mine. workers and heavy vehicle drivers.
Provision of potable water, including in 2009 the
Closure studies of the Morila Tailings Storage Facility have rehabilitation of dams, the provision of 16 potable water
concentrated on looking at various options available including wells and pumps to villages surrounding our mines
a sampling exercise over the dam with full environmental (mostly to the Tongon project). In addition, villagers
leach testwork. Based on results the optimum closure design were assisted in or trained to repair and refurbish pumps
will be identified. Closure plans at Loulo continue to be that had stopped functioning.
updated with the changing mining environment to ensure Provision of primary medical care to people living in
appropriate reclamation costs are allocated. villages close to our mines and projects, including
construction of a pharmacy in Finkola, the fencing of
Community development the Morila village maternity clinic and donations to the
To survive and prosper, Randgold must be an integral part Guenoubanta village clinic.
of and benefit the communities of which it is a corporate Morila and Loulo mines combined to initiate a relationship
citizen. Establishing and maintaining good relations with the with a United States based NGO Doc to Dock that will
communities requires constant and effective two-way deliver a container holding US$350 000 worth of medical
communication and in pursuit of such relationships we have equipment and supplies to clinics and hospitals near
a sustainable community development strategy backed by Morila and Loulo. The needs of these hospitals and
a budget and community development departments. We clinics were assessed during 2009 by our mine medical
believe we have been more successful in community officers. The mines will pay for the packing and shipping
endeavours than most other mining companies operating in of the container.
Africa. However, the need to stay focused and continually It is planned to extend this relationship to Tongon and
improve was brought home to us when we suffered a setback Kibali in 2010 through Doc to Dock and it’s affiliated
in July 2009 in community relations at our Loulo mine. NGO in the USA CURE. The latter NGO operates in
Members of the community - mainly but not exclusively young the DRC and has already identified the needs of clinics
job seekers newly arrived in the area - became upset about and hospitals in the Watsa and Durba area where Kibali
the method of recruitment of the new surface mining is situated and where there is a great need for medical
contractor, which had brought its mining team with it from equipment. CURE was assisted in its study by the
Morila. The group disrupted operations which were suspended Catholic Church at Doko and the Kibali project. Funding
for 36 hours, allowing the authorities to restore the situation was authorised for two containers for Kibali and one
to normal. We have had an independent audit carried for Tongon.
out and have implemented its recommendations, such as
intensifying our interaction with the communities surrounding Education
our operations. The following activities centred on improving education levels
within the local communities:
Projects One new school, 12 school classrooms, related school
furniture and learning resources were delivered to
During the year community development spending on projects
villages surrounding our operations in Mali and at villages
identified by the representatives of the communities situated
surrounding the Tongon project in Côte d’Ivoire.
close to our operations was in excess of US$2 million. This
Technical scholarships for young African students are
excludes the direct community and social work undertaken
being funded at universities in Senegal, Algeria (Julian
by the group, including the RAP at Tongon, the provision of
Baring Scholarship) and Côte d’Ivoire.
medical care to villagers living close to our operations, the
excellent community work done on our exploration sites and
Agriculture/food security
the work at Kibali to carry out medical and other baseline
Seeds were supplied to farmers and gardeners at Loulo
studies and social/economic/human rights and other impact
and Morila.
studies.
Vegetables seeds were supplied to gardeners’
associations and women’s associations in the
The focus areas for our community development efforts have
surrounding villages.
remained the creation of sustainable employment
One tractor, equipped with a plough and trailer, was
opportunities, primary health care, education, food security,
acquired by Loulo mine and handed over to the local
and potable water provision.
farming community.
The projects recommended by the community committees 15 kilometres of road was completed from the Tongon
and completed during the year included the following: project to Flassoungovogo to facilitate the movement
of residents between villages and markets.
Health and the provision of potable water At Morila the establishment of the agribusiness activities
Implementation of malaria control programmes which started with a soil sampling campaign and mapping
include entomological studies, the provision of treated activities. A mapping programme was completed in
mosquito nets to vulnerable people in villages, and the December and a total of 3 268 samples were collected.
spraying of houses. A partnership has been established with USAID through
HIV/Aids interventions by the mines’ medical officers its technical branch - Integrated Initiatives for Economic
in co-operation with local NGOs in the local villages Growth in Mali (IICEM). With this new entity, Morila
and the work site. These include education and management conducted an information forum among
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the community to share the idea behind the agribusiness HUMAN RESOURCES REPORT
of providing sustainable employment opportunities in
Group manpower
agriculture when the mine closes in 2013. An action
Group manpower levels, inclusive of contractor labour, rose
plan with a defined responsibility and role for each
during the year by 1 927 to 5 808, the most significant
player has been clarified.
The Morila CLD (local development committee) bought increases occurred at Tongon, where numbers employed,
two tractors for its co-operative farming efforts, with including contractor staff, increased from 72 to 1 520. The
money donated by the mine. increase at Loulo of 764 was also significant, given the ramp-
up of the Yalea underground mine. Finally, the acquisition of
Special projects Kibali added another 320 people employed by the group.
Construction of a large road bridge and the rehabilitation
of roads around Tongon to enable villagers to travel to During 2009 the edge was taken off the skills shortage by
the two largest market towns in the area. the international financial crisis that forced many base metal
Independent consultants DWA conducted an audit of miners to curtail operations or projects and retrench
social issues at Loulo during the year and the DWA employees. Professional, managerial and skilled employees
recommendations such as improving communications became easier to recruit to meet the demands of our projects,
with communities and formalising the grievance and at more realistic salary levels. Therefore, we avoided
resolution procedure, have been implemented. labour cost inflation, prevalent in the industry in recent years,
The village of Tenkhoto, which is close to our Massawa and due to our remuneration structure we continued to retain
target, suffered a severe fire in December when three our core employees. Manning levels related to employees
people were burnt to death. The exploration project working on our operations and projects are shown in the
donated US$25 000 worth of mattresses and blankets following table.
as emergency relief.
An initial social and environmental strategic workshop
was held in December 2009 at Kibali. The workshop’s
social objectives were to provide an integrated strategy
for community development, the RAP and the relocation
of illegal gold washers. MANPOWER
As part of the Tongon project a resettlement action
plan was agreed with 390 farmers living in 68 farming Dec Dec
2009 2008 Variance
hamlets on the Tongon mine’s proposed footprint. The
hamlets comprised 359 dwellings, 2 000 residents and
579 agricultural fields. This required the development MORILA
and implementation of a RAP that was fully aligned Mine 486 595 (109)
with IFC Guidelines. The RAP was preceded by the Contractors 395 884 (489)
Tongon social impact assessment which was monitored Total 881 1 479 (598)
and signed off by Côte d’Ivoire government officials
and representatives from the directly affected community.
LOULO
The resettlement approach that was implemented was
informed by regular consultation with the directly affected Mine 314 397 (83)
hamlet dwellers and farmers and comprised providing Contractors 2 550 1 703 847
the displaced hamlet dwellers with new hamlets and Total 2 864 2 100 764
preparing new agricultural land selected by them on a
land by land basis. TONGON
Mine 8 - 8
Where the new land did not have water, a water source Project
was provided. In addition to the like-for-like management 10 9 1
compensation the farmers were further compensated Contractors 1 502 63 1 439
for any crops and/or trees lost during the move, while Total 1 520 72 1 448
the customary landowners of the land, both fallow and
the fields the farmers occupied, were compensated for
KIBALI
the land required by the mine. The compensation to
be paid was negotiated with the affected landowners Project 245 - 245
and was overseen by representatives of the government, Contractors 75 - 75
including representatives of the Ministry of Agriculture. Total 320 - 320
The Tongon project has a total footprint of 2 745 EXPLORATION

hectares. Field 151 165 (14)
Other 10 10 -
The first phase of the Tongon RAP, consisting of resettling Total 161 175 (14)
49 hamlets (222 houses - 532 hectares of farmland
and 1 332 people), was successfully completed in
CORPORATE
September 2009. The second and final phase of the
Corporate and
RAP, which comprises the voluntary movement of
19 hamlets and 137 houses to newly prepared and operational centres 62 55 7
fertilised farmland, will be completed in March 2010. TOTAL GROUP 5 808 3 881 1 927
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Industrial relations The drive to enhance basic engineering skills, using a

In Mali, negotiations for a new collective labour agreement combination of competency testing, gap identification and
for the mining industry were concluded between the National action learning to strengthen any weak areas continued
Employers Association (CNPM) and national unions (UNTM) during 2009. Employees at both our operating mines and
in the latter part of 2009. The group and mine human at the Tongon project attended induction and safety courses
resources managers formed a part of the CNPM team at the throughout the year.
discussions which have been underway since 2002. The
current agreement dates from 1985 and the aim of the All new employees on our operations, both contractor and
industry was to obtain a replacement agreement that clarifies mine employees, are required to attend workplace induction
and simplifies the current agreement, without any additional and safety training courses before starting work.
costs to the industry. The new agreement is scheduled for
signature in the first quarter of 2010, once all the parties are Preparatory work started in 2009 at Tongon and Loulo
satisfied with the content of the document. towards the attainment of OHSAS 18001 certification.
Employee health Safety courses held on our mines during the year included:
One of our key objectives is the reduced exposure to airborne Cyanide handling for all processing plant employees.
contaminants and noise on our sites. Personal protective Standard procedures for locking out on surface and
equipment is supplied as required in the relevant areas. underground.
Malaria remains the most significant health risk for our
operations. We carried out annual entomological surveys to
determine the most effective insecticide to use in the spraying
programmes that are carried out on site as well as in
SAFETY STATISTICS
surrounding villages. This highlighted the increased resistance 2009 2008
of mosquitoes in the Loulo region which accounted for a rise
in the annual incidence to 18 cases per 100 employees. At
Morila, the malaria incidence rate decreased from 2% in 2008 LOULO
to 1.74% in 2009. An entomological study was carried Lost time injury* 13 9
out at Kibali during 2009 and its recommendations will be Lost time injury frequency rate** 2.71 1.57
followed up in 2010. Minor injury 169 151
Minor injury frequency rate 35.27 38.15
Awareness education of employees and local communities
Total injury 182 160
on HIV/AIDS and its prevention is another important health
issue addressed on all sites. This is generally conducted by Total injury frequency rate 37.98 40.42
our medical departments in conjunction with NGOs. Fatal injury 4 1
Fatal injury rate 0.83 0.25
Safety
During the year, a contracting mining company working in MORILA
the underground mine at Loulo experienced two separate Lost time injury 2 4
serious accidents that resulted in four fatalities. The first Lost time injury frequency rate 0.92 1.12
occurred in August on the conveyor belt section and involved Minor injury 39 66
one of the mining contractor’s conveyor belt maintenance Minor injury frequency rate 17.97 18.53
employees. The second accident occurred in a stoping area Total injury 41 70
when a block of ground fell from the hanging wall resulting Total injury frequency rate 18.89 19.66
in the death of three contractor employees. Investigations
Fatal injury - -
into the accidents were undertaken by Loulo’s joint
management union safety committee and the relevant Fatal injury rate - -
government authorities. The recommendations resulting
from each inquiry were implemented immediately. During TONGON
December 2009, the underground contractor’s contract was Lost time injury - -
terminated partially due to the poor safety performance. Lost time injury frequency rate - -
Minor injury 62 -
While low injury frequency rates do not always translate into Minor injury frequency rate 5.89 -
low fatality rates the Lost Time Injury Frequency Rate (LTIFR) Total injury 62 -
(number of LTI per number of hours worked) x 1 000 000
Total injury frequency rate 5.89 -
was 2.71 at Loulo and 0.92 at Morila. Daily ‘toolbox’ meetings
Fatal injury - -
are held in workplaces across our mines to constantly remind
employees of the need for each to be safety conscious. Fatal injury rate - -
These meetings are based on the principle of personal * Fatal accidents are included in LTI cases.
responsibility with regard to safety where the onus is ** Man hours are calculated based on 2 000 hours worked per
transferred to the individual to practice a high level of safety employee a year. LTIFR = Number of LTIs/ number of hours
in the workplace. worked x 1 000 000.
Training
Management and supervisory development programmes
continued on site and at African, American and European
universities.
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00 Markers (R) 3/25/10 8:37 AM Page 7
DIRECTORS’ REPORTS
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90-107 Governance(R) 3/25/10 8:42 AM Page 1
CORPORATE
GOVERNANCE REPORT
for the year ended 31 December 2009
The board is strongly committed to the highest standards of corporate

governance and has therefore decided to adhere, where possible to
the provisions of The Combined Code on Corporate Governance
published in 2008 (the Combined Code), in the same manner as if the
company was incorporated in the United Kingdom.
The company is incorporated in Jersey, where there is no formal code relating to

corporate governance. This report, together with the remuneration committee
report, nomination and governance committee report and directors’ report, has
been prepared by reference to the Combined Code. Except as explained below
in relation to Mr Israel’s independence, the company has complied with the provisions
set out in section 1 of the Code throughout the year ended 31 December 2009.
Details relating to the remuneration paid by the group are contained in the report
of the remuneration committee which can be found on page 96 of this annual
report. In addition, reference to the group’s environmental and social responsibility
report can be found on page 84 and to the activities of the nomination and
governance committee on page 103.
The board has taken cognisance of the Financial Reporting Council’s final report
on the 2009 review of the Combined Code in preparing this report, and that of the
remuneration committee and nomination and governance committee. In particular,
the board acknowledges that to continue to be successful in the long term
the company must be led by an effective board, with appropriate skills,
experience, independence and knowledge of the activities of the company.
BOARD MEETING ATTENDANCE

Number of Number of Total
formal meetings number
meetings at short of board
Directors Designation attended notice meetings
P Liétard Non-executive chairman 4 5 9/9

DM Bristow Chief executive officer 4 5 9/9
GP Shuttleworth Chief financial officer 4 5 9/9
BH Asher* Senior independent director 2 1 3/3
NP Cole Jr** Senior independent director 4 4 8/9
CL Coleman Independent non-executive 4 5 9/9
RI Israel Non-executive 4 5 9/9
AL Paverd* Independent non-executive 1 1 2/3
K Voltaire Independent non-executive 4 5 9/9
JK Walden Independent non-executive 4 5 9/9
* Mr Asher and Dr Paverd retired from the board at the conclusion of the annual general meeting on 5 May 2009.
** Mr Cole assumed the position as senior independent director with effect from 5 May 2009.
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As part of this process the board agreed at its January 2010 board meeting
to formally adopt a board charter clearly defining its duties. A copy of this
charter is available on the company’s website: www.randgoldresources.com
Every company should be headed by an effective board, which is

collectively responsible for the long term success of the company.
The board remains committed to guiding the strategic and entrepreneurial
development of the group and supports the principle of collective responsibility
for the success of the company. Details of what the board has reserved,
for its sole discretion, can be found in its charter, referred to above.
During the year the board met four times formally and five times at short
notice. In addition, the January board meeting is used to visit a number of
the company’s operations. The January 2010 board visit, as was done in
2009, which took place over five days, enabled members to visit the Tongon
development in Côte d’Ivoire and the Kibali project in the Democratic Republic
of the Congo. Attendance at the meetings is tabled on the previous page.
At the November 2009 board meeting, the chairman presided over a session
of the non-executive directors without the presence of the executive directors.
Appropriate directors and officers’ insurance cover has been obtained by

the company in respect of legal action against the directors.
There should be a clear division of responsibilities at the head of the

company between the running of the board and the executive
responsibility for the running of the company’s business. No one
individual should have unfettered powers of decision.
In accordance with clearly defined parameters, the non-executive chairman,
Mr Philippe Liétard, is responsible for the leadership of the board and to
ensure effective communication exists between the executive and non-
executive directors.
The CEO, Dr Mark Bristow, has been delegated the authority to manage the
day-to-day administration of the group. A formal job description is in existence
and this is reviewed annually by the board and the CEO.
The chairman is responsible for the leadership of the board and ensuring
its effectiveness on all aspects of its role.
The chairman, in conjunction with the CEO and the company secretary, sets
the agenda of each meeting and has ensured throughout the year that time
is provided for discussion regarding key strategic issues. The usual practice
of formal meetings and committee meetings taking place over two days
allows for active debate and informal discussions and interaction among all
members of the board.
As part of their role as members of a unitary board, non-executive

directors should constructively challenge and help develop proposals
on strategy.
An atmosphere of open debate exists at the company’s board meetings
allowing for any single director to engage management on key aspects of
policy and performance. Both in the audit committee and at the main board
meetings issues relating to financial performance are addressed.
For several years the company has had the position of a senior independent
director. During the past year, Mr Bernard Asher retired and the position
was assumed by Mr Norborne Cole Jr.
The non-executive directors under the leadership of the chairman have

continued to meet in session without the presence of the executive directors
or secretary. The directors also meet without the presence of the chairman.
In addition, the audit committee has likewise met with the company’s external
audit partner without the presence of the CFO or CEO.
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CORPORATE GOVERNANCE REPORT (continued)
The board and its committees should consist of directors The board should be supplied in a timely manner with
with the appropriate balance of skills, experience, information in a form and of a quality appropriate to
independence and knowledge of the company to enable enable it to discharge its duties.
it to discharge its duties and responsibilities effectively. Under the guidance of the chairman, it is the duty of the
Since May 2009, the board has comprised eight members, company secretary to ensure an effective flow of information
two executive and six non-executive directors. The board between the board, its committees and the management of
charged the nomination and governance committee with the the company. The company secretary ensures that the board
duty of identifying suitable candidates for consideration based is appraised on all governance matters.
on their technical mining knowledge following the retirement
of Dr Paverd. At its January 2010 meeting the board appointed The board should undertake a formal and rigorous annual
Dr Kadri Dagdelen as a board member increasing the number evaluation of its own performance and that of its
of non-executive directors to seven. Details of Dr Dagdelen’s committees and individual directors.
qualifications can be found on page 7 of this annual report. The board’s evaluation procedure operates through a
structured self assessment system allowing each director to
The board believes that mining is a long-gestation business rate the performance of the board and its committees and
and as such justifies a longer period of service for non- focuses on a number of key areas. The individual assessments
executive directors than many industries and that reasonable are then scored and the results were tabled at a separate
periods of service are therefore needed for the stability of the session at the time of the January 2010 board meeting where
board but that new appointments are needed from time to the results were discussed in detail. The board also discussed
time to add a fresh perspective. The board believes that the the evaluation of the individual performance of each director
recent changes made to the various board committees will and the contributions that such person made to the board.
ensure that a fresh approach is given to their debates. The board continues to believe that the exercise is beneficial.
The board monitors compliance with the independence A formal session of the directors also assessed the chairman’s
criteria included in the Combined Code and considers performance under the leadership of the senior independent
substantially all the non-executive directors to be independent director.
for the purposes of the Code. Consideration in respect
of one of the directors is set out below. All of the directors All directors should be submitted for re-election at regular
and their biographies are set out on pages 6 to 7 of this intervals, subject to continued satisfactory performance.
report. In accordance with the provisions of the Companies (Jersey)
Law 1991 and the articles of association, directors are required
Currently Mr Israel has served as a director for more to submit themselves for re-election. Any newly appointed
than twelve years. The board has considered his director is subject to election by shareholders after his/her
objectivity and contribution and believes that these are appointment. Thereafter, by rotation, the entire board is
still independent in character and judgement. However, subject to re-election every three years. The articles of
Mr Israel is up for re-election at the forthcoming annual association specify neither an age limit for directors nor any
general meeting and the board will submit Mr Israel for restriction about the period of service. Mr Israel has
re-election on an annual basis for the duration of his served on the board for more than 12 years and in future will
service on the board. be subject to annual re-election.
Disclosures in respect of all related party transactions are Levels of remuneration should be sufficient to attract,
included in note 24 of the financial statements. retain and motivate directors of the quality required to
run the company successfully, but a company should
There should be a formal, rigorous and transparent avoid paying more than is necessary for this purpose.
procedure for the appointment of new directors to the A significant proportion of executive directors’
board. remuneration should be structured so as to link rewards
This is dealt with in the report of the nomination and to corporate and individual performance.
governance committee. This is dealt with in the report of the remuneration committee.
The directors must be able to allocate sufficient time to There should be a formal and transparent procedure for
the company to perform their responsibilities effectively. developing policy on executive remuneration and for
The board believes that all its members have sufficient time fixing the remuneration packages of individual directors.
to devote to the company. Details of any candidates’ existing No director should be involved in deciding his or her
board commitments are disclosed at the time of consideration own remuneration.
of their respective appointment. No current director, whether This is dealt with in the report of the remuneration committee.
executive or non-executive, is the chairman of another
FTSE 100 company. The board should present a balanced and understandable
assessment of the company’s position and prospects.
All directors should receive induction on joining the board The Companies (Jersey) Law, 1991, and the Combined Code
and should regularly update and refresh their skills and require, and the board acknowledges, that it is responsible
knowledge. for presenting a balanced and understandable assessment
The board continues to operate in a field which is technically of the company’s and the group’s position and prospects.
complex and directors are provided with information which This extends to the preparation and publication of the annual
enables them to fulfil their duties effectively. Visits to the report and any other release of information, price sensitive
mines, branch offices and technical presentations provided or otherwise.
by management are used to further their knowledge in various
areas of specialisation. To facilitate Dr Dagdelen’s induction, The directors are also required to prepare financial statements
in addition to visiting Tongon and Kibali, he also visited Morila for the group in accordance with International Financial
and Loulo and spent time with the group exploration Reporting Standards as adopted by the European Union
team understanding the geology in relation to the Massawa (IFRS). The directors have chosen to prepare financial
and Gounkoto discoveries. statements for the company in accordance with IFRS.
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The directors are responsible for the maintenance of proper The profitability of the group’s operations, and the cash
accounting records and the preparation, integrity and fair flows generated by the group’s operations, are affected
presentation of the financial statements of the company and by changes in the market price for gold which in the
the group. past has fluctuated widely;
The company’s mining operations may yield less gold
The directors also prepared the other information included under actual production conditions than indicated by
in the annual report and are responsible for both its accuracy its gold reserve figures, which are estimates based on
and its consistency with the financial statements. a number of assumptions, including assumptions as
to mining and recovery factors, production costs and
The directors also have general responsibility for selecting the price of gold;
suitable accounting policies and applying them consistently, The profitability of operations and the cash flows
and for taking such steps as are reasonably open to them generated by these operations are significantly affected
to safeguard the assets of the group and prevent and detect by fluctuations in the price, cost and supply of inputs;
fraud and other irregularities. The going concern basis has Any appreciation of the currencies in which the company
been adopted in preparing the financial statements. The incurs costs against the US dollar could adversely affect
directors have no reason to believe that the group and the company’s results of operations;
company will not be a going concern in the foreseeable future The company’s results of operations have been
based on forecasts and available cash resources. The viability adversely affected by increases in fuel prices, and the
of the company and the group is supported by the financial company would be adversely affected by future
statements. increases in fuel prices or disruptions in the supply of
fuel;
The group has operated a code of ethics, which has recently The company’s business may be adversely affected if
been updated, since its United Kingdom listing in July 1997. the Government of Mali fails to repay fuel duties owing
The code includes specific reference to the company’s to Morila and Loulo;
financial managers and the chief executive officer. A copy The company’s business may be harmed if the
of the revised code is available on the company’s website. Government of Mali fails to repay Value Added Tax, or
TVA, owing to Morila and Loulo;
The board is responsible for defining the company’s risk Certain factors may affect the company’s ability to
appetite and tolerance. The board should maintain a support the carrying value of the company’s property,
sound system of risk management and internal control
plant and equipment, and other assets on its balance
to safeguard shareholders’ investment and the company’s
sheet;
assets.
The company has invested in debt instruments for
The group maintains a business control framework that
which the market has become substantially illiquid;
documents the key business risks, together with the related
The company may not be able to recover certain funds
operational, financial and compliance controls. The business
from the liquidated estate of MDM Ferroman (Pty)
control framework is regularly reviewed and updated by
Limited;
management, who report quarterly to the board on any issues
which might affect the risks and controls. The board The company may incur losses or lose opportunities
acknowledges that it has responsibility for the ongoing review for gains as a result of the company’s use of derivative
and update of the business control framework and believes instruments to protect the company against low gold
that, through the procedures noted above and below, it has prices;
complied with the requirements of the Code to review the The company’s underground project at Loulo,
effectiveness of the group’s internal controls at least annually. developing two mines at Yalea and Gara, is subject to
The company continues to adhere to the requirements of all of the risks associated with underground mining;
section 404 of the Sarbanes Oxley Act. The company’s success may depend on its social and
environmental performance;
The company’s auditors, BDO LLP, perform an integrated Actual cash costs of production, production results
audit of the internal controls over financial reporting as part and economic returns may differ significantly from those
of the group financial audit, and their findings are anticipated by the company’s feasibility studies and
communicated to the audit committee. During the year, the scoping studies for new development projects, including
company appointed a chartered accountant who will be Tongon;
responsible for the group’s compliance with respect to the The company conducts mining, development and
Sarbanes Oxley Act (‘Sox’) and internal audit. This has meant exploration activities in countries with developing
that the method by which the company conducted its internal economies and are subject to the risks of political and
auditing has altered. The executive management continues economic instability associated with these countries;
to undertake regular reviews of various parts of the Morila The company is subject to varying degrees of political
and the Loulo mines and details of their reports are submitted and economic uncertainties associated with operating
to the audit committee and board for comment. Financial in the DRC;
and technical audits of the company’s branch offices and Under the company’s joint venture agreement with
major assets are regularly conducted by the Sarbanes Oxley AngloGold Ashanti, the company jointly manages Morila
and internal audit manager and these reports are Limited and Kibali Goldmines, and any disputes with
submitted to the board. The Sarbanes Oxley and internal AngloGold Ashanti over the management of Morila
audit manager met with the audit committee at its January Limited or Kibali Goldmines could adversely affect our
2010 meeting. business;
The use of mining contractors at certain of the
The board notes that no cost effective system will preclude company’s operations may expose it to delays or
all errors and irregularities and so the group’s system of suspensions in mining activities;
internal controls provides reasonable, but not absolute The company may be required in the longer term to
assurance, against material misstatement or loss. seek funding from the global credit and capital markets
to develop its properties, and the recent weaknesses
The board believes that the following risk factors should be in those markets could adversely affect the company’s
carefully considered as either individually or in a combination ability to obtain financing and capital resources required
they could have a material adverse effect on its business: by the business;
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CORPORATE GOVERNANCE REPORT (continued)
The company may not pay dividends to shareholders In terms of the directors’ remuneration policy, Mr Asher
in the near future; received a pro rated fee as the senior independent director
If the company is unable to attract and retain key totalling US$45 000 and no additional payment for services
personnel its business may be harmed; to the audit committee. Fees paid to Dr Paverd were likewise
The company’s insurance coverage may prove pro rated until his retirement and totalled US$11 667. For
inadequate to satisfy future claims against the company; service to the audit committee for the year, Dr Voltaire and
It may be difficult to affect service of process and Messrs Coleman and Walden were paid US$45 000,
enforce legal judgments against the company or its US$23 333 and US$35 000 respectively.
affiliates; and
The company is subject to significant corporate
The committee makes recommendations to the board in
regulation as a public company and failure to comply
with all applicable regulations could subject it to liability relation to the appointment, re-appointment and removal of
or negatively affect its share price. the external auditors as well as the remuneration and terms
of engagement of the external auditors. The committee
Full details relating to these risk factors as well as those considers re-tendering on a periodic basis, as they consider
relating to our industry can be found in our annual report on appropriate. BDO LLP served as external auditors for the
Form 20-F filed with the US Securities and Exchange group for the 2009 financial year and their appointment will
Commission, and in the circular to shareholders, filed with be recommended to shareholders at the May 2010 annual
the UK Financial Services Authority on 30 November 2009, general meeting. There are no contractual restrictions on
copies of which are contained on our website. our ability to appoint alternative auditors.
The board should establish formal and transparent During the year, BDO LLP were paid US$1 228 516
arrangements for considering how they should apply the (2008: US$677 760) for their services, whilst Pricewaterhouse-
financial reporting and internal control principles and for Coopers, the group’s previous external auditors were paid
maintaining an appropriate relationship with the US$262 115 (2008: US$54 183) in respect of their sign off
company’s auditors. of the annual report on Form 20-F for the year ended
The company’s audit committee has been set up to review 31 December 2008, the F-3 filed with the SEC in July 2009,
the company’s financial reports, internal control principles
and the UK Class 2 and Class 1 circulars. During the year
and risk management systems, review significant financial
BDO provided audit related services in respect of US, Canadian
reporting judgements and for dealing with the appointment
of the auditors and monitoring their relationship with the and UK filings and provided non-audit related working capital
company and its management. reports for purposes of the UK Class 2 and Class 1 circulars
to shareholders. The committee reviews and monitors the
During a substantial portion of the year, the audit committee external auditors’ independence and the objectivity and
was comprised of three members all of whom were non- effectiveness of the audit process. This is undertaken within
executive directors. In May 2009, Dr Voltaire assumed the framework of a detailed audit charter. The committee
chairmanship of the committee following the retirement of does not believe that the non-audit work provided by BDO
Mr Asher and Mr Coleman was appointed to the audit in any way affected their independence. A copy of the audit
committee. Dr Paverd retired from the committee and board charter is available on the company’s website.
on 5 May 2009. For reasons described earlier, the board
considers that the members of the audit committee are all The committee reviews the company’s published results, the
independent. Dr Dagdelen was appointed to the committee effectiveness if its system of internal control, legal and
on 29 January 2010. regulatory compliance including the Sarbanes Oxley Act, and
the cost effectiveness of the services provided by the external
One of the members has considerable years of experience auditors. The audit committee has implemented a policy
in the financial services sector and the chairman has a PhD
regarding the provision, and pre-approval thereof, of non-
in finance. Mr Walden is a qualified chartered accountant
audit services by the external auditors and this mandate is
and remains in compliance with the professional standards
required by the Institute of Chartered Accountants in England reviewed annually.
and Wales. The board believes that this level of experience
continues to be sufficient to meet the standards imposed by The committee meets regularly and this includes quarterly
the Combined Code. If issues arose which were deemed meetings which are used to consider and approve the
outside the areas of expertise of the members, independent company’s quarterly results. The external auditors are
professional advice would be sought. regularly invited to attend meetings to report on their activities.
The committee also meets with the external auditors,
During the year the audit committee met six times and independent of the executive directors or management,
attendance was as follows: where this is deemed necessary.
AUDIT COMMITTEE MEETING ATTENDANCE

Number
of meetings
Members Appointed Resigned attended
BH Asher (Chairman) 15 July 1997 5 May 2009 2/3

AL Paverd 1 May 2000 5 May 2009 2/3
K Voltaire (Chairman since 5 May 2009) 1 August 2006 6/6
JK Walden 3 November 2008 6/6
CL Coleman 11 May 2009 2/2
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The Sarbanes Oxley Act required companies to establish annual general meeting, all sub-committee chairmen as well
‘whistle-blower’ systems. The geographical spread of the as other non-executive directors are present to address any
group’s activities, particularly in remote West African locations, queries raised by shareholders.
makes the system complex. The first point of contact is the
company’s legal counsel who upon receipt of such an issue Institutional shareholders should enter into dialogue with
being raised would employ independent consultants and companies based upon the mutual understanding of
pass the findings onto the senior independent director to objectives.
pursue any alleged irregularity. Quarterly reports are submitted It has been the policy of the company that twice a year
to the audit committee concerning any instances where lengthy road shows are conducted by the CEO accompanied
complaints are submitted. by various senior management when meetings are held with
most of the company’s major institutional shareholders to
The audit committee has continued to oversee the group’s brief them on the activities of the company. In addition, after
compliance with the requirements of section 404 of the the publication of each set of quarterly results the CEO follows
Sarbanes Oxley Act. up with meetings with many of the institutional shareholders.
These road shows are in addition to the company’s attendance
There should be a dialogue with shareholders based on at several key international gold mining conferences around
the mutual understanding of objectives. The board as a the world. In the last year investor conferences were attended
whole has responsibility for ensuring that a satisfactory in New York, San Francisco, Miami, Denver, London, Zurich,
dialogue with shareholders takes place. Toronto, Barcelona and Cape Town.
The board acknowledges responsibility for maintaining effective
communication with all shareholders. The CEO, corporate Institutional shareholders have a responsibility to make
communications manager and the company’s investor considered use of their votes.
relations consultants prepare a quarterly report for the board The company is pleased to see the increasing trend of
detailing the activities and presentations given to shareholders. institutional shareholders now exercising their rights to vote
In addition, since September 2004 the company has employed at general meetings. In the past three years the percentage
international market intelligence experts to provide a global of shareholders present and voting has increased dramatically.
shareholder identification service which has greatly enhanced
the focus of the company’s communication message. Since the company’s UK listing in 1997, all resolutions
considered at its general meeting have been by way of a poll
Whilst in general corporate communication with shareholders as the board believes that this more accurately reflects the
is conducted by the CEO, the chairman, at least quarterly, views of its shareholders.
participates in an open forum with shareholders and
stakeholders. In addition, the chairman leads a group of
senior executives and directors to the African Mining Indaba,
one of the premier global mining conferences attended by
a substantial number of global players in the mining and
related industries.
Besides attendance at various industry conferences, a

minimum of two road shows during the year are undertaken
to enable company representatives to interact directly with
shareholders and interested parties. Where possible, the
CEO asks non-executive directors to join him at presentations
made to shareholders and institutional investors. During their
January 2010 visit to Tongon the board had the opportunity
to interact with a group of investment analysts and fund
managers who were then touring our operations. The board
continues to use the internet for publication of announcements
and to file these on the company’s website to assist with
communication with shareholders. In addition, the board
encourages shareholders to access the annual report from
the website rather than having it sent by post in printed form.
Our public relations department monitors and responds to
all feedback received through our website. The structure
and accessibility of our website is regularly monitored through
a process of internal and external audits.
The board should use the AGM to communicate with

investors and to encourage their participation.
The board believes that the annual general meeting is an
appropriate forum for contact with shareholders and
encourages their attendance and participation. In order to
reflect the sentiment of shareholders at the annual general
meeting, it is an unwritten policy that all resolutions should
be considered by way of a ballot poll and the number of
proxies received disclosed to members in attendance. Since
its listing on the London Stock Exchange in 1997, all
resolutions have been passed by way of a poll. At each
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THE REMUNERATION
REPORT
The remuneration committee is committed to the principles of
accountability and transparency, and ensuring that remuneration
arrangements align reward with performance.
The directors’ remuneration report has been prepared by the remuneration committee
and has been approved by the board for the year ended 31 December 2009. The
group has voluntarily complied with Schedule 8 of the Large and Medium sized
Companies and Groups (Accounts and Reports) Regulations 2008 and the
UK Listing Authority Listing Rules.
This report sets out the company’s current executive remuneration policy. Any
developments or changes will be disclosed in future remuneration reports. The
remuneration tables, which are subject to audit, are provided on pages 98 and 101.
SUMMARISED REMUNERATION STRUCTURE

Element Policy Details
Base salary Competitive base salaries to attract high calibre Benchmarked against a suitable group of
executives. comparative companies from the FTSE 100
Based on market data, personal performance, and remuneration information of peers in the
specific role of the individual and relevant mining industry.
experience. The remuneration committee reviews salaries
The only element of fixed remuneration. annually in January.
Benefits and pension are only received via
salary sacrifice.
Annual bonus Designed to encourage and reward superior The performance measures applicable to the CEO
performance and contributions to the company’s and CFO are interrelated and set out on
success and creation of shareholder value. page 99 and include EBITDA, earnings per
Reward is linked to both the executive’s and the share, annual production efficiency, growth
company’s performance on a range of financial in reserves, cost control and individual strategic
and strategic metrics. targets.
Long term Rewards sustainable long term returns to Awards are based on the company’s TSR
incentive shareholders. performance against the HSBC Global Gold
Awards of shares are made under the Mining Index representative of the gold mining
shareholder approved Restricted Share Scheme industry across 21 countries.
which are subject to TSR performance. Vesting is subject to TSR performance exceeding
Awards made periodically and not necessarily the index. There is no vesting if the individual’s
every year. performance appraisal rating is less than a three
Awards generally vest in one-third tranches on a five point scale.
over a three year period.
Retirement Funded from base salary. Executive directors may elect to sacrifice up
benefits to 20% of their base salary as contribution to a
defined contribution pension (provident) fund.
No further pension contributions are made by
the company.
Other benefits Main benefits funded from base salary. Executive directors can elect to receive certain
benefits, such as participation in a medical aid
scheme or group life insurance. These are
funded out of the executive’s base salary.
Where appropriate to the business or jurisdiction,
the board may authorise other benefits such as
the provision of security services while travelling.
Service Notice periods of six months. Termination payments based on salary.
contracts
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THE REMUNERATION COMMITTEE In November, the 2009/10 salary review, draft

The role and composition of the committee remuneration report and remuneration timetable were
The committee’s responsibilities are set out in its charter, considered.
which can be found on the company’s website. These
include: REMUNERATION POLICY AND STRUCTURE
Remuneration policy and its specific application to the The committee recognises that the company operates in a
CEO and other executives reporting to the CEO global environment and that its performance depends on the
(executive committee) as well as the general application quality of its people. When determining executive remuneration
to all our employees and those of our subsidiaries; policies, the committee takes into account pay practices
The determination of levels of reward to the CEO and across the company. The remuneration policy is reviewed
other members of the executive committee; periodically to ensure that it remains appropriate for the
Providing guidance to the chairman of the board on company over time.
evaluating the performance of the CEO, management
development plans and succession planning; and The key principles of the company’s remuneration policy for
Effective communication with shareholders on the senior executives are to:
remuneration policy and the committee’s work on behalf Provide competitive rewards to attract executives of
of the board. the highest calibre and to reflect the flexibility
and mobility required to work in the company’s
During the financial year 2009, the members of the committee key operational jurisdictions (West, Central and
were Messrs Norborne P Cole Jr (chairman), Robert I Israel East Africa);
(stepped down in May 2009), Dr Karl Voltaire and Apply strategically significant and demanding
Mr Christopher L Coleman. Biographies of these directors performance criteria, including both financial and non-
are shown on page 7 of this annual report. The current financial measures of performance;
members of the committee are independent non-executive Link a significant proportion of pay to the individual
directors in line with the independence requirements of the executive’s and the company’s performance to
Combined Code. encourage and reward superior performance;
Ensure remuneration arrangements are internally
equitable to support the company’s culture and the
Remuneration committee meetings deployment of executives around our business; and
The committee met five times in the 2009 financial year, and Limit severance payments on termination to pre-
attendance is set out in the following table. The committee established contractual arrangements that do not
meets regularly with the chairman of the board and the CEO commit the company to making unjustified or inflated
who, at the invitation of the committee, attended all five payments.
meetings except where matters associated with his own
remuneration were considered. The company secretary The above principles have been put into practice by providing
attended all five meetings and in addition to taking meeting a simple remuneration policy comprising basic salary,
minutes, provided information to the committee on corporate annual bonus and a Restricted Share Scheme measuring
governance guidelines as they affect the remuneration performance over the longer term.
committee. The human resources executive provided
information and advice relating to directors’ and senior
management’s remuneration, including analysis of published COMPANY PERFORMANCE DURING 2009
remuneration surveys and comparator group remuneration During 2009, the company performed strongly. Some of the
data. During the year, the committee also received advice year’s highlights include:
from the company’s lawyers at Ashurst in the United Kingdom, Expansion of our flagship operation in Loulo and
Fulbright & Jaworski in the United States and Ogiers in Jersey. completion of the Moto acquisition.
A 79% increase in profits from US$47 million in 2008
to US$84.3 million in 2009.
Remuneration committee agenda items Approval of a 30% increase in annual dividends
Remuneration committee agenda items included the following: (US$0.17 per share).
In February, the 2009 remuneration report was approved Maintenance of a strong balance sheet with
and there was a review of the CEO’s bonus and basic US$590 million in cash and no net debt.
salary, as well as a review of the CFO’s performance. Increase in attributable reserves and resources per
2009 bonus parameters and proposed awards under share of 29% and 32% respectively.
the Restricted Share Scheme were also considered. Share price growth of 81% and outperformance of the
In May, the restructuring of the committee was discussed HSBC global gold index by 148%.
following changes to its members. There was discussion
surrounding 2009 strategic outputs for executive
directors and the executive development and succession EXECUTIVE REMUNERATION
planning schedule. Structure of executive director remuneration
In July, there was a review of the CFO remuneration Total remuneration is benchmarked against a comparable
and strategic outputs, and an issue of restricted shares group of FTSE 100 companies as well as individual competitor
and share options to selected employees. mining companies.
REMUNERATION COMMITTEE MEETING ATTENDANCE

Number
of meetings
Members Appointed Resigned attended
NP Cole Jr (Chairman) 1 August 2006 5/5

RI Israel 15 July 1997 5 May 2009 3/3
K Voltaire 29 April 2008 5/5
CL Coleman 2 February 2009 3/3
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THE REMUNERATION REPORT (continued)
The remuneration of the executive directors comprises: Variable remuneration

Basic salary and benefits (fixed remuneration). Variable remuneration represents the major proportion of the
An annual bonus opportunity. individual’s remuneration package, provided that targeted
Participation in the Restricted Share Scheme, measuring performance is achieved.
performance over the longer term.
Variable remuneration comprises:
The total executive directors’ remuneration for the year Short term incentives: these are delivered annually
ended 31 December 2009 was US$9 271 980 (2008: under the annual bonus scheme.
US$14 054 093).
Long term incentives: executive directors are periodically
Details of salary, pension and benefits are provided in the awarded restricted shares which vest in one third
paragraph headed Fixed remuneration. Details of the annual tranches over three years, subject to TSR performance.
and long term incentive schemes currently used for executive
directors are provided in the paragraph headed Variable Annual bonus
remuneration. Executive directors are eligible to receive an annual bonus,
subject to the achievement of stretching performance criteria.
Fixed remuneration The performance criteria for 2010 (outlined below) focus on
Fixed remuneration comprises a basic salary, from which achieving challenging strategic and financial targets that
executive directors can elect to contribute into a defined contribute to the creation of sustainable shareholder value.
contribution pension scheme, and pay for certain other The committee may make adjustments to the criteria used
benefits such as medical aid. Fixed remuneration normally for measuring performance on an annual basis taking into
represents less than 50 per cent of the individual’s account the strategic objectives of the company for the year.
remuneration package (based on target performance and
expected values of share awards). For 2009, the CEO and CFO’s annual bonuses differ in terms
of performance metrics, as described below. For 2010, the
Base salary
Base salaries are determined by the committee, taking into CFO’s performance metrics have been changed to align
account the performance of the individual and pay practice them with the approach adopted for the CEO, albeit that the
amongst a comparable group of FTSE 100 companies as specific metrics are different to reflect each executive’s key
well as individual companies in the mining industry. When drivers in the business.
setting base salaries, the committee also takes into
consideration executives’ personal commitment to extensive Annual bonus for the CEO
travel and time spent at the company’s operations overseas. Dr DM Bristow’s annual bonus will be subject to the
This is considered critical in effective management of the following performance criteria:
company’s business.
The base salaries of the executive directors at December PERFORMANCE CRITERIA

2009 were as follows:
Dr DM Bristow: US$1 250 000 per annum. Measurement
Mr GP Shuttleworth: GBP287 136 per annum.
Retirement benefits Annual group financial

Executive directors can elect to sacrifice up to 20 per cent performance EBITDA
of their base salary to contribute to a defined contribution
provident fund. The company does not make any contribution Production efficiency Production in ounces
to the fund. measured against budgeted
ounces of production.
Other benefits
Executive directors can elect to receive other benefits including, Sustainable growth Replacement or
medical aid and group life insurance. All such benefits are of reserves growth in reserves is
funded out of the executives’ base salary and are non- calculated on a three
pensionable. Where appropriate, executive directors may be year rolling average in
provided with other benefits such as security services for arrears.
executives while travelling for work, social club fees to facilitate
the entertainment of business associates and professional Individual strategic output Agreed at annual
association membership costs. All such benefits authorised performance targets strategic planning
by the board are paid for by the company and end when the review and approved by
employee leaves the company’s service, for whatever reason. the board.
EXECUTIVE DIRECTORS’ REMUNERATION

Total
Basic salary Annual bonus* Other payments** remuneration***
US$ 2009 2008 2009 2008 2009 2008 2009 2008
DM Bristow (CEO) 1 250 000 1 000 000 3 750 000 8 422 860 2 626 000 3 695 600 7 626 000 13 118 460
GP Shuttleworth (CFO) 424 047 444 353 400 000 324 520 821 933 266 280 1 645 980 1 035 153
Total 1 674 047 1 444 353 4 150 000 8 747 380 3 447 933 3 961 880 9 271 980 14 153 613
* The remuneration disclosed above represents the total compensation approved by the board for the executive directors in respect of the
periods shown. As disclosed in the 2008 Annual Report, US$1.725 million of the 2008 bonus was not accrued in the 2008 year, but
subsequently expensed in 2009; US$1.5 million of which was payable to Dr DM Bristow and US$225 000 payable to Mr GP Shuttleworth.
** Other payments relate to the value of the restricted shares awarded to the executive directors, and in 2008, included a one off payment of
US$2 million to Dr DM Bristow as part of his new contract entered into during that year.
*** The total remuneration disclosed in the 2008 annual report was therefore US$12 428 613. The total remuneration of US$9 271 980 stated
above for 2009 excluded the 2008 bonus of US$1.725 million paid in 2009.
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The maximum bonus payable to the CEO is 300% of The ratio of increase in reserves to depletion was
base salary for exceptional performance. 150% of 4.45 which was considered to be outstanding
base salary is payable for achieving target performance. performance.
No bonus is payable for combined performance below The CEO achieved his strategic output targets
80% of target. The committee considers performance at an exceptional level.
against each of the metrics in the round including EBITDA growth in the year was 46%.
whether one or more are very significantly above or The annual group production was within 0.5%
below the target level. of target.
Annual bonus for the CFO Chief financial officer

Mr GP Shuttleworth’s annual bonus will be subject to In determining the bonus for the CFO for 2009, the
the following performance metrics: committee took into account:
Share price gain of US$41.90 (105% growth)
PERFORMANCE CRITERIA over a notional shareholding of 33 300 which
resulted in a notional output of US$1.4 million.
Measurement This was underpinned by meeting target
performance against the strategic and individual
performance targets set.
Annual group financial
performance EPS Long term incentives
Cost control Cash costs per The company’s policy is to incentivise executives over the
ounce controlled long term by awarding shares under the Restricted Share
below targeted Scheme. Neither Dr DM Bristow nor Mr GP Shuttleworth
annual level. participate in the company’s share option scheme. The
Restricted Share Scheme was approved by shareholders on
Individual strategic output Agreed at annual 28 July 2008. Awards are made periodically, generally
performance targets strategic planning not every year, at the discretion of the committee.
review and approved
by the board. The company’s policy is that the shares awarded are normally
expressed as a specific number of shares, rather than a
The maximum bonus payable to the CFO in 2009 was percentage of salary. The CEO received an award of 40 000
US$400 000 for agreed outperformance. Half of this shares on 1 January 2010. The CFO will not receive an
amount is payable for achieving target performance. award in 2010. (Both executive directors received awards
For 2010, the CFO’s maximum bonus ceiling has in 2009). Shares awarded under the scheme generally vest
increased to US$800 000 for agreed outperformance, in three equal tranches over a relevant three year period as
as it had previously been set at a lower level to recognise specified at the date of award.
that Mr GP Shuttleworth was new to the role. No
bonus is payable for combined performance below The vesting profile is in line with the policy for all senior
80% of target. The committee considers performance executives across the organisation. It reflects that awards
against each of the metrics in the round including are not generally made on an annual basis, and therefore
whether one or more are very significantly above or staggered vesting supports appropriate phasing of payments
below the target level. (for example if awards are made only once every two or more
years). The committee intends continuing its adjustment/
Bonus payments in respect of 2009 lengthening of vesting periods started in 2009, during 2010,
Based on exceptional performance achieved against all towards attaining best practice guidelines.
targets during the 2009 financial year, the remuneration
committee determined that both Dr DM Bristow and Awards outstanding are detailed in the table on page 102.
Mr GP Shuttleworth should receive their maximum annual Performance measures for awards made under the
bonus of US$3.75 million and US$400 000 respectively. Restricted Share Scheme
The gold mining industry is capital intensive, cyclical
Chief executive and long term. Outstanding performance comes from
In determining the bonus for the CEO for 2009, the finding and accessing high quality resources, successfully
committee took into account performance against developing new projects and maintaining efficient and
EBITDA, production efficiency, reserves and individual safe operations. The committee believes that against
strategic output performance metrics. Maximum bonus that background, success can best be measured by
was considered appropriate on the basis that: the company’s total shareholder return performance
RANDGOLD (NASDAQ) TSR VS HSBC GLOBAL GOLD INDEX
HSBC Global Gold Index (US$) Randgold (Nasdaq) TSR* (US$)

Index
1 000
800
600
400
200
0
2005 2006 2007 2008 2009
*TSR = Total shareholder return
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against the HSBC Global Gold Mining Index. The for this population is higher than one might see in other
HSBC Global Gold Mining Index is a capitalisation - organisations, but given the company’s sustained
weighted index calculated in dollars (US$), representing outperformance, the committee believes this approach has
mining companies in 21 countries. been very beneficial to the company. Going forward,
Performance is measured against the index for each recognising the size and growth of the company, the
tranche of the Restricted Share Awards. The awards committee has decided to extend the Restricted Share
to executive directors vest in full provided the company’s Scheme to management.
performance is better than that of the index over the
performance period. No vesting occurs where the NON-EXECUTIVE DIRECTORS’ REMUNERATION
company’s performance falls below that of the In April 2008, following both the recommendations of the
index. remuneration committee and the board, shareholders
The committee considers this target to be very approved a revised policy on non-executive directors’
challenging in the context of the company’s historical remuneration. No additional changes are proposed for 2010
sustained outperformance of the market. The and non-executive directors’ remuneration will continue to
company’s performance compared with the comprise:
performance of this index over the past five years is A general annual retainer to all non-executive directors
shown in the graph on page 99. of US$50 000;
Satisfactory individual performance An annual committee assignment fee:
In addition, the vesting of any Restricted Share Award Audit committee US$35 000.
is subject to the employee being employed and Remuneration committee US$25 000.
achieving a satisfactory individual performance Nomination and governance committee
rating for the year preceding the vesting date, as US$10 000;
assessed by the company’s performance management The chairman of a board committee to receive an
system. additional premium to the committee assignment fee
This rating relates to general competencies and of US$15 000;
individuals are expected to obtain at least a score of The senior independent director, in addition to the
three on a scale of five for vesting to occur. general annual retainer but in lieu of any committee
assignment fee, to receive an additional US$85 000;
Service contracts The non-executive chairman, in addition to the general
Executive directors’ service contracts outline the components annual retainer, but in lieu of any committee assignment
of remuneration paid, but do not prescribe how remuneration fee, to receive an additional US$170 000; and
levels are to be modified from year to year. Dr DM Bristow An award to each director of restricted shares being
signed a new service contract on 28 April 2008. 1 200 ordinary shares per year. The shares vest over
Mr GP Shuttleworth signed a service contract when he joined a three year period from the date of the award. Vesting
the company on 1 July 2007, and an updated contract on would accelerate on the following conditions:
1 July 2008. The company and the executive directors can Termination other than resignation or dismissal.
terminate the contract by giving six months’ notice in writing. Voluntary retirement after the age of 65, with a
The employment relationship can be ended immediately by minimum of three years service as a director.
making a payment in lieu of notice, equivalent to six months’ Change in control of the company.
base salary and any retirement benefit due from contributions
to the company’s provident fund. Currently no non-executive director has share options.
In May 2009, following his retirement from the board,
External directorships Mr BH Asher exercised his 25 400 share options by acquiring
Executive directors may accept external appointments, the shares.
subject to the boards consent, as non-executive directors
of other companies and would normally retain any fees Non-executive directors’ shareholding requirement
received. In 2009 fees of US$26 702 (C$30 333) (2008: A non-executive director must hold shares at least equal in
C$28 925) were payable to Dr DM Bristow in relation to his value (as at the beginning of the year) to the general annual
role as non-executive director of Rockwell Resources retainer. The policy for building up and maintaining the
International. shareholding is the same as for the executive directors.
Shareholding requirement Save for Dr Dagdelen, who was appointed to the board in
There is now a requirement for executive directors to hold January 2010 and will only obtain his first restricted shares
shares in the company at least equal in value (as at the with effect from 1 January 2011, the remaining non-executive
beginning of the year) to US$50 000. Both Dr DM Bristow directors hold shares equal to the value of the general annual
and Mr GP Shuttleworth hold shares at least equal in value retainer.
to US$50 000. New directors are granted three years in
which to acquire the required shareholding and this period
could be extended by the unanimous approval of the
disinterested directors. If the number of shares were to fall
below the threshold due to a fall in the share price, no
additional purchase of shares would be required. Directors’
shareholdings are set out on page 101.
Senior executive remuneration

The committee has oversight of remuneration policies for the
senior executive population below the main board, and applies
the same principles of transparency, clarity and aligning
reward with performance. The company does not operate
an annual cash bonus for this senior executive population.
It is considered important to support alignment with
shareholders, and therefore the company operates a policy
of granting share options rather than paying cash bonuses
to senior executives. Consequently the level of share awards
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NON-EXECUTIVE DIRECTORS’ REMUNERATION

Fees Other payments* Total
US$ 2009 2008 2009 2008 2009 2008
NON-EXECUTIVE
P Liétard (Chairman) 220 000 220 000 52 704 30 000 272 704 250 000
BH Asher** 45 000 135 000 52 704 30 000 97 704 165 000
NP Cole Jr 125 000 97 500 52 704 30 000 177 704 127 500
CL Coleman 98 333 10 000 52 704 - 151 037 10 000
RI Israel 65 000 85 000 52 704 30 000 117 704 115 000
AL Paverd** 28 334 85 000 52 704 30 000 81 038 115 000
K Voltaire 120 000 105 800 52 704 30 000 172 704 135 800
JK Walden 85 000 14 166 52 704 - 137 704 14 166
Total 786 667 752 466 421 632 180 000 1 208 299 932 466
* Other payments - The award in 2008 of US$30 000 which translated into share grants and 1 200 restricted shares awarded on 1 January
2009, vest over a three year period from the date of the award.
** Dr Paverd and Mr Asher retired from the board on 5 May 2009.
NON-EXECUTIVE DIRECTORS’ SHARE OPTIONS

Date
Market from
At At price at which
1 Jan 31 Dec Exercise date of exer- Expiry
US$ 2009 Granted Exercised 2009 price exercise cisable date
NON-EXECUTIVE
BH Asher 25 400 - 25 400 - 1.65 66.66 29/01/01 28/01/11
Executive directors do not participate in the Share Option Plan.
Mr BH Asher exercised his remaining share options in May 2009 following his retirement from the board.
DIRECTORS’ SHAREHOLDINGS
Beneficial/
At 28 Feb At 31 Dec At 31 Dec non-
2010 2009 2008 beneficial
EXECUTIVE
DM Bristow 677 584 677 584 657 584 Beneficial
GP Shuttleworth 24 000 24 000 12 000 Beneficial
NON-EXECUTIVE
P Liétard 32 827 31 765 30 656 Beneficial
BH Asher - - 21 677 Beneficial
NP Cole Jr 3 372 2 265 1 156 Beneficial
CL Coleman 2 600 1 800 1 400 Beneficial
K Dagdelen - - - -
RI Israel 41 263 40 201 43 122 Beneficial
AL Paverd - - 43 122 Beneficial
K Voltaire 3 372 2 265 1 156 Beneficial
JK Walden 1 200 400 - Beneficial
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LONG TERM INCENTIVE: RESTRICTED SHARE AWARDS

Market
price
at date Market
At Awarded Vested At of allo- price at
Date of 1 Jan in the in the 31 Dec cation date vesting Vesting
award 2009 year year 2009 US$* US$* period**
EXECUTIVE
DM Bristow 22 Aug 08 40 000 40 000 - 44.37 57.18 23 Aug 09
1 Jan 09 40 000 - 40 000 43.26 vests 1 Jan 10
vests 1 Jan 11
1 Jan 09 40 000 - 40 000 43.26 vests 1 Jan 10
vests 1 Jan 11
vests 1 Jan 12
GP Shuttleworth 29 Jun 07 24 000 12 000 12 000 22.19 37.13 vested 1 Jul 08
67.25 vested 1 Jul 09
vests 1 Jul 10
2 Sep 09 54 000 - 54 000 56.99 vests 2 Sep 11
vests 2 Sep 12
vests 2 Sep 13
NON-EXECUTIVE
P Liétard 1 Jan 07 447 - 447 - 22.37 38.15 vests 1 Jan 09
(Chairman) 1 Jan 08 524 - 262 262 38.15 43.92 vests 1 Jan 09
vests 1 Jan 10
2 Jan 09 1 200 1 200 400 800 43.92 43.92 vests 1 Jan 09
vests 1 Jan 10
vests 1 Jan 11
BH Asher# 1 Jan 07 447 - 447 - 22.37 38.15 vests 1 Jan 09
1 Jan 08 524 - 262 262 38.15 43.92 vests 1 Jan 09
vests 1 Jan 10
2 Jan 09 1 200 1 200 400 800 43.92 43.92 vests 1 Jan 09
vests 1 Jan 10
vests 1 Jan 11
NP Cole Jr 1 Jan 07 447 - 447 - 22.37 38.15 vests 1 Jan 09
1 Jan 08 524 - 262 262 38.15 43.92 vests 1 Jan 09
vests 1 Jan 10
2 Jan 09 1 200 1 200 400 800 43.92 43.92 vests 1 Jan 09
vests 1 Jan 10
vests 1 Jan 11
CL Coleman 2 Jan 09 1 200 1 200 400 800 43.92 43.92 vests 1 Jan 09
vests 1 Jan 10
vests 1 Jan 11
RI Israel 1 Jan 07 447 - 447 - 22.37 38.15 vests 1 Jan 09
1 Jan 08 524 - 262 262 38.15 43.92 vests 1 Jan 09
vests 1 Jan 10
2 Jan 09 1 200 1 200 400 800 43.92 43.92 vests 1 Jan 09
vests 1 Jan 10
vests 1 Jan 11
AL Paverd# 1 Jan 07 447 - 447 - 22.37 38.15 vests 1 Jan 09
1 Jan 08 524 - 262 262 38.15 43.92 vests 1 Jan 09
vests 1 Jan 10
2 Jan 09 1 200 1 200 400 800 43.92 43.92 vests 1 Jan 09
vests 1 Jan 10
vests 1 Jan 11
K Voltaire 1 Jan 07 447 - 447 - 22.37 38.15 vests 1 Jan 09
1 Jan 08 524 - 262 262 38.15 43.92 vests 1 Jan 09
vests 1 Jan 10
2 Jan 09 1 200 1 200 400 800 43.92 43.92 vests 1 Jan 09
vests 1 Jan 10
vests 1 Jan 11
JK Walden 2 Jan 09 1 200 1 200 400 800 43.92 43.92 vests 1 Jan 09
vests 1 Jan 10
vests 1 Jan 11
* Nasdaq Global Select Market Closing price on date of award/vesting.
** The vesting of any tranche of the above awards is subject to the company’s TSR performance and the employee achieving a satisfactory
individual performance rating.
An award of 40 000 shares was made to the CEO on 1 January 2010, vesting in three even tranches on 1 January 2011, 1 January 2012
and 1 January 2013, subject to performance criteria being met.
# Mr BH Asher and Dr AL Paverd retired from the board on 5 May 2009.
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NOMINATION AND
GOVERNANCE REPORT
In compliance with the Combined Code, the board acknowledges

that there should be a formal, rigorous and transparent procedure for
the appointment of new directors.
The members of the nomination and governance committee and their respective attendance
during the year were as follows:
NOMINATION AND GOVERNANCE COMMITTEE MEETING ATTENDANCE

Number of
meetings held
Members Appointed Resigned and attended
P Liétard (Chairman) 27 October 2006 4/4

BH Asher 27 October 2006 5 May 2009 1/2
NP Cole Jr 27 October 2007 4/4
CL Coleman 3 November 2008 4/4
RI Israel 5 May 2009 3/3
In terms of the directors’ remuneration policy, Mr Liétard receives a fee as the group chairman
and Mr Asher received a fee as senior independent director and therefore no additional payments
for services to the committee were made. Fees paid to Mr Cole for service to the nomination and
governance committee for the year, until his appointment as senior independent director, were
US$3 333, while Mr Coleman’s fee was US$10 000.
During the year the nomination and governance committee analysed the experience and contributions
brought by existing board members. It was agreed that a candidate be sought with the necessary
independent geological and technical experience. Accordingly, the committee put together a list
of potential candidates who met the identified job specifications. The board did not make use of
either a search agency nor did it advertise for the position. After these deliberations and a series
of interviews, the committee forwarded to the board the candidacy of Dr Kadri Dagdelen, professor
from the Colorado School of Mines. After a formal process, which included meeting with the full
board, Dr Dagdelen was elected a non-executive director on 29 January 2010. In addition, the
committee continued to review the company succession planning procedure, and in particular
strategy and tactics regarding key management. This process involves executive and senior
management within the group. In addition to the appointment of directors, the appointment and
removal of the company secretary remains a matter for consideration by the board as a whole.
The board agrees that from the date of the next annual general meeting the letters of appointment
for newly appointed directors will be available for inspection at our registered office and at the
meeting itself.
The committee reviewed the key policies and charters within the group. As a result, a new board
charter has been accepted and this, along with the nomination and governance committee charter
and the charters of the other board sub-committees are published on the company’s website.
Other key policies considered, amended and/or adopted in 2009 were the code of conduct and
the anti-corruption policy, a copy of the revised code of conduct is available on the company’s
website.
In accordance with the articles of association, Dr Dagdelen will be subject to re-election at the
May 2010 annual general meeting. Copies of the letter of appointment will be available at the
company’s registered office during the period leading to the holding of the AGM and at the venue
for the AGM.
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DIRECTORS’ REPORT
SHARE OPTION SCHEME

The directors granted options to senior employees in accordance with the provisions of the
Randgold Resources Limited Share Option Scheme (the ‘Scheme’). The summary below is
included in this report as required in accordance with the rules of the Scheme.
No share options are awarded at a discount because the scheme rules provide that the
exercise price be determined as the closing price of the shares on the trading day preceding
that on which a person is granted the option. The Scheme provides that all options may be
exercised early in the event of an acquisition of the company that would require an offer to
be made to all shareholders.
ELECTION OF DIRECTORS
In terms of Article 85.1 of the articles of association, directors appointed to the board during
the year shall retire at the next annual general meeting of the company following such
appointment. Accordingly, Dr Kadri Dagdelen does so retire and as a retiring director is eligible
and has offered himself for re-election. Dr Dagdelen is Denver based and is currently a
professor at the Colorado School of Mines. A biography can be found on page 7 of this
annual report.
At the last annual general meeting, Messrs Christopher Coleman and Jon Walden were elected
as non-executive directors. In accordance with Article 90.1 of the company’s articles of
association, Messrs Philippe Liétard, Norborne Cole Jr, Karl Voltaire and Robert Israel retire
by rotation and as retiring directors are eligible and have offered themselves for re-election.
Biographies can be found on pages 6 and 7 of this annual report.
AUTHORISED SHARE CAPITAL

A special resolution will be submitted to shareholders to increase the authorised share capital
from 100 000 000 ordinary shares to 120 000 000 ordinary shares. Two additional special
resolutions will also be submitted to amend the memorandum and articles of association to
reflect the change of authorised share capital.
SHARE OPTION SCHEME

Average Average
Available Granted US$ price Exercised US$ price Total*
BALANCE AT 31 DECEMBER 2007 1 520 217 2 536 514 8 130 037 12 186 768
Adjustment to balance following
increase in share capital 53 717 - - - - 53 717
Adjustment in terms of paragraph 3.2
of the Share Option Scheme* 1 624 578 - - (1 624 578) - -
Shares exercised during the period - (341 400) - 341 400 43.81 -
Shares granted during the period (489 000) 489 000 36.43 - - -
Shares lapsed during the period 17 944 (17 944) 8.83 - - -
BALANCE AT 31 DECEMBER 2008 2 727 456 2 666 170 - 6 846 859 - 12 240 485
Adjustment to balance following
increase in share capital 1 360 216 - - - - 1 360 216
Shares exercised during the period - (760 400) - 760 400 62.59 -
Shares granted during the period (183 000) 183 000 56.99 - - -
Shares lapsed during the period 9 600 (9 600) 22.19 - - -
BALANCE AT 31 DECEMBER 2009 3 914 372 2 079 070 - 7 607 259 - 13 600 701
* The Randgold Resources Share Option Scheme is not constrained by a fixed time period. The aggregate number of shares that may be
determined for the option scheme includes all options that have been exercised or are the subject of either terminated or expired options after
a 10 year period.
At 31 December 2009, based on a fixed 10-year period as suggested by the Association of British Insurers, the percentage of shares used by
the scheme totalled 9.19%. Other than these share options, management (excluding executive directors) does not participate in any other bonus
or incentive schemes. Executive directors do not participate in the Share Option Scheme.
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00 Markers (R) 3/25/10 8:37 AM Page 8
FINANCIAL STATEMENT
TEMENTS
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STATEMENT OF DIRECTORS’
RESPONSIBILITIES
and approval of the annual financial statements
The directors are responsible for preparing the annual report and
the financial statements in accordance with the Companies (Jersey)
Law 1991.
The directors are also required to prepare financial on the website. Legislation in Jersey and the
statements for the group in accordance with United Kingdom governing the preparation and
International Financial Reporting Standards as dissemination of the financial information may differ
adopted by the European Union (IFRS). The from other jurisdictions.
directors have chosen to prepare financial
statements for the company in accordance with DIRECTORS’ RESPONSIBILITY STATEMENT
IFRS.
PURSUANT TO DTR4
The directors confirm to the best of their knowledge:
The directors are responsible for the maintenance
The financial statements, presented on pages
of proper accounting records and the preparation,
108 to 150, have been prepared in
integrity and fair presentation of the financial
accordance with International Financial
statements of Randgold Resources Limited
Reporting Standards as endorsed by the
(‘company’) and its subsidiaries (‘group’).
European Union, Article 4 of the IAS
Regulation and the requirements of
The directors also prepared the other information
Companies (Jersey) Law 1991 and give a
included in the annual report and are responsible
true and fair view of the profit of the group
for both its accuracy and its consistency with the
for the year ending 31 December 2009 and
financial statements.
of the assets, liabilities, financial position of
the group and parent company as at
The directors also have general responsibility for
31 December 2009.
selecting suitable accounting policies and applying
The annual report includes a fair review of
them consistently, and for taking such steps as
the development and performance of the
are reasonably open to them to safeguard the
business and the financial position of the
assets of the group and prevent and detect fraud
group and the parent company, together
and other irregularities. The going concern basis
with a description of the principal risks and
has been adopted in preparing the financial
uncertainties that they face.
statements. The directors have no reason to
believe that the group and company will not be a
The financial statements were approved by the
going concern in the foreseeable future based on
board of directors on 15 March 2010 and are
forecasts and available cash resources. The viability
signed on its behalf by:
of the company and the group is supported by
the financial statements.
The financial statements have been audited by the

independent accounting firm, BDO LLP, which
was given unrestricted access to all financial records
and related data, including minutes of all meetings
of shareholders, the board of directors and
committees of the board. The directors believe
that all representations made to the independent Mark Bristow
auditors during their audit were valid and Chief executive
appropriate. BDO LLP’s audit report is presented
on page 107.
The maintenance and integrity of the Randgold

Resources Limited website is the responsibility of
the directors. The work carried out by the auditors
does not involve consideration of these matters
and, accordingly, the auditors accept no
responsibility for any changes that may have Philippe Liétard
occurred to the report since it was initially presented Chairman
Composite
REPORT OF THE
INDEPENDENT AUDITORS
to the members of Randgold Resources Limited
We have audited the accompanying financial statements of An audit also includes evaluating the appropriateness of
Randgold Resources Limited (the ‘company’) which comprise accounting policies used and the reasonableness of
the statement of financial position of the company as of accounting estimates made by the directors, as well as
31 December 2009 and the statement of changes in equity evaluating the overall presentation of the financial statements.
and cash flow statement for the year then ended and
consolidated statement of financial position of the company We believe that the audit evidence we have obtained is
and its subsidiaries (the ‘group’) as of 31 December 2009 sufficient and appropriate to provide a basis for our audit
and the consolidated statement of comprehensive income, opinion.
consolidated statement of changes in equity and consolidated
cash flow statement for the year then ended and a summary OPINION
of significant accounting policies and other explanatory notes. In our opinion, the accompanying financial statements give
a true and fair view of the financial position of the company
Our report has been prepared pursuant to the requirements and the group as of 31 December 2009, the cash flows of
of Article 110 of the Companies (Jersey) Law 1991 and for the group and company and of the financial performance of
no other purpose. No other person is entitled to rely on this the group for the year then ended in accordance with
report unless such a person is a person entitled to rely upon
International Financial Reporting Standards as endorsed by
this report by virtue of and for the purpose of Article 110 of
the European Union and with the requirements of Companies
the Companies (Jersey) Law 1991 or has been expressly
(Jersey) Law 1991.
authorised to do so by our prior written consent. Save as
above, we do not accept responsibility for this report to any
other person or for any other purpose and we hereby expressly SEPARATE OPINION IN RELATION TO IFRS
disclaim any and all such liability. As explained in note 2 to the consolidated financial statements,
the group, in addition to complying with its obligation to
prepare consolidated financial statements in accordance with
DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL
IFRS as adopted by the European Union, has also complied
STATEMENTS with IFRS as issued by the IASB.
The company’s directors are responsible for the preparation
and fair presentation of these financial statements in In our opinion, the consolidated financial statements give a
accordance with International Financial Reporting Standards true and fair view of the financial position of the group as of
as endorsed by the European Union and with the requirements 31 December 2009, and of the cash flows and financial
of Companies (Jersey) Law 1991. performance of the group for the year then ended in
accordance with International Financial Reporting Standards
This responsibility includes: Designing, implementing and as issued by the IASB.
maintaining internal control relevant to the preparation and
fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error; selecting REPORT ON OTHER LEGAL AND REGULATORY
and applying appropriate accounting policies; and making REQUIREMENTS
accounting estimates that are reasonable in the circumstances. We review whether the corporate governance statement
reflects the company’s compliance with the nine provisions
AUDITORS’ RESPONSIBILITY of the June 2008 Combined Code which, for a listed UK
Our responsibility is to express an opinion on these financial incorporated company, are specified for our review by the
statements based on our audit. We conducted our audit in Listing Rules of the Financial Services Authority, and we
accordance with International Standards on Auditing. Those report if it does not. We are not required to consider whether
standards require that we comply with ethical requirements the board’s statements on internal control cover all risks and
and plan and perform the audit to obtain reasonable assurance controls, or form an opinion on the effectiveness of the group’s
whether the financial statements are free from material corporate governance procedures or its risk and control
misstatement. procedures.
An audit involves performing procedures to obtain audit

evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors’
judgement, including the assessment of the risks of material BDO LLP
misstatement of the financial statements, whether due to Chartered Accountants
fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entity’s preparation London
and fair presentation of the financial statements in order to 15 March 2010
design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an BDO LLP is a limited liability partnership registered in England
opinion on the effectiveness of the entity’s internal control. and Wales (with registered number OC305127)
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108-150 Financial Statements(R) corrected:RRL AR Financials 2010/03/20 10:39 AM Page 108
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
GROUP
31 Dec 31 Dec
US$000 Notes 2009 2008
REVENUE
Gold sales on spot 476 553 374 110
Loss on hedging contracts (43 773) (35 538)
Total revenue 432 780 338 572
Other income 13 8 975 4 194
TOTAL INCOME 441 755 342 766
COSTS AND EXPENSES

Mining and processing costs 27 249 634 199 520
Transport and refining costs 1 594 2 053
Royalties 25 410 19 730
Exploration and corporate expenditure 28 51 111 45 163
Other expenses 242 363
TOTAL COSTS 327 991 266 829
Finance income 29 3 444 9 335

Finance costs 29 (1 915) (3 338)
Provision for financial assets (9 580) (10 350)
Finance (costs)/income – net 29 (8 051) (4 353)
PROFIT BEFORE INCOME TAX 105 713 71 584

Income tax expense 4 (21 450) (24 564)
PROFIT FOR THE PERIOD 84 263 47 020

OTHER COMPREHENSIVE INCOME
Cash flow hedges 22 26 730 32 851
Currency translation differences 1 047 -
Gain on available-for-sale financial assets 8 970 -
TOTAL COMPREHENSIVE INCOME 121 010 79 871
PROFIT
Attributable to:
Owners of the parent 69 400 41 569
Non-controlling interests 14 863 5 451
84 263 47 020
TOTAL COMPREHENSIVE INCOME
Attributable to:
Owners of the parent 106 486 74 420
Non-controlling interests 14 524 5 451
121 010 79 871
BASIC EARNINGS PER SHARE (US$) 6 0.86 0.54

DILUTED EARNINGS PER SHARE (US$) 6 0.84 0.54
AVERAGE SHARES IN ISSUE (000) 81 023 76 300
The notes on pages 113 to 150 are an integral part of these consolidated financial statements.

CONSOLIDATED AND COMPANY

STATEMENTS OF FINANCIAL POSITION
as at 31 December 2009
GROUP COMPANY
31 Dec 31 Dec 31 Dec 31 Dec
US$000 Notes 2009 2008 2009 2008
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 9 507 219 336 138 - 22 708
Deferred tax 12 290 1 559 - -
Long term ore stockpiles 8 34 178 48 831 - -
Receivables 7 5 292 9 403 - -
Mineral properties 10 405 779 - - -
Available-for-sale financial assets 13 29 020 38 600 29 020 38 600
Investments in subsidiaries and joint ventures 11 - - 412 903 2 002
Loans to subsidiaries and joint ventures 11 - - 443 404 231 966
TOTAL NON-CURRENT ASSETS 981 778 434 531 885 327 295 276
CURRENT ASSETS
Inventories and ore stockpiles 8 109 113 81 781 - -
Receivables 7 121 786 47 499 11 487 2 489
Available-for-sale financial assets 13 17 810 - 16 014 -
Cash and cash equivalents 589 681 257 631 575 674 251 305
TOTAL CURRENT ASSETS 838 390 386 911 603 175 253 794
TOTAL ASSETS 1 820 168 821 442 1 488 502 549 070
EQUITY AND LIABILITIES

Share capital 5 4 506 3 827 4 506 3 827
Share premium 5 1 317 771 455 974 1 317 771 455 974
Retained earnings 305 415 245 982 17 601 31 792
Other reserves 18 793 (31 387) 31 461 9 584
Equity attributable to owners of the parent 1 646 485 674 396 1 371 339 501 177
Non-controlling interests 36 775 13 745 - -
TOTAL EQUITY 1 683 260 688 141 1 371 339 501 177
NON-CURRENT LIABILITIES
Long term borrowings 16 234 1 284 - -
Loans from minority shareholders in subsidiaries 17 2 945 3 032 - -
Financial liabilities - forward gold sales 18 - 15 749 - -
Deferred tax 12 4 762 3 016 - -
Provision for rehabilitation 15 16 916 14 054 - -
Loans from subsidiaries and joint ventures 11 - - 94 922 41 785
TOTAL NON-CURRENT LIABILITIES 24 857 37 135 94 922 41 785
CURRENT LIABILITIES
Financial liabilities - forward gold sales 18 25 312 37 388 - -
Trade and other payables 14 82 080 48 110 21 321 6 108
Current tax payable 3 609 9 190 920 -
Current portion of long term borrowings 16 1 050 1 478 - -
TOTAL CURRENT LIABILITIES 112 051 96 166 22 241 6 108
TOTAL EQUITY AND LIABILITIES 1 820 168 821 442 1 488 502 549 070

CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Attributable to equity shareholders

Total
equity
attribu- Non-
Number of Other Re- table to con-
ordinary Share Share retained owners trolling Total
US$000 shares capital premium serves earnings of parent interests equity
BALANCE AT 31 DEC 2007 76 140 330 3 809 450 814 (69 391) 213 567 598 799 8 294 607 093
Movement on cash flow hedges
Transfer to profit for the period - - - 35 901 - 35 901 - 35 901
Fair value movement on
financial instruments - - - (3 050) - (3 050) - (3 050)
Other comprehensive income - - - 32 851 - 32 851 - 32 851
Net profit for the period - - - - 41 569 41 569 5 451 47 020
Total comprehensive income - - - 32 851 41 569 74 420 5 451 79 871
Share-based payments - - - 6 471 - 6 471 - 6 471
Share options exercised 353 400 18 3 842 - - 3 860 - 3 860
Exercise of options previously
expensed under IFRS2 - - 1 158 (1 158) - - - -
Shares vested# 6 594 - 160 (160) - - - -
Dividends relating to 2007 - - - - (9 154) (9 154) - (9 154)
BALANCE AT 31 DEC 2008 76 500 324 3 827 455 974 (31 387) 245 982 674 396 13 745 688 141
Transfer to profit for the period - - - 44 339 - 44 339 - 44 339
Fair value movement on
financial instruments - - - (17 609) - (17 609) - (17 609)
Other comprehensive income 26 730 - 26 730 - 26 730
Net profit for the period - - - - 69 400 69 400 14 863 84 263
Currency translation differences - - - 1 386 - 1 386 (339) 1 047
Gain on available-for-sale financial assets - - 8 970 - 8 970 - 8 970
Total comprehensive income - - - 37 086 69 400 106 486 14 524 121 010
Share-based payments - - - 9 564 - 9 564 - 9 564
Share options exercised 1 214 248 61 32 516 - - 32 577 - 32 577
expensed under IFRS 2 - - 16 526 (16 526) - - - -
Shares vested# 7 454 - 261 (261) - - - -
Dividend relating to 2008 - - - - (9 967) (9 967) - (9 967)
Capital raising 5 750 000 287 341 844 - - 342 131 - 342 131
Costs associated with capital raising - - (12 388) - - (12 388) - (12 388)
Moto acquisition (note 30) 6 628 769 331 483 038 20 317 - 503 686 23 030 526 716
Acquisition of 10% of issued
shares of Kibali (note 30) - - - - - - (14 524) (14 524)
BALANCE AT 31 DEC 2009 90 100 795 4 506 1 317 771 18 793 305 415 1 646 485 36 775 1 683 260
SHARE CAPITAL
The share capital comprises the issued ordinary shares of the company at par.
SHARE PREMIUM
The share premium comprises the excess value recognised from the issue of ordinary shares at par.
RETAINED EARNINGS
Retained earnings comprises the group’s cumulative accounting profit since inception.
OTHER RESERVES
Other reserves include the cumulative charge recognised under IFRS 2 in respect of share option schemes (net of amounts
transferred to share capital and share premium) and the mark-to-market valuation of derivative financial instruments designated
as cash flow hedges (Refer note 22), as well as the foreign currency translation reserve and the movements in current available-
for-sale financial assets.
At 31 December 2009, the balance of the share-based payment reserve amounted to US$22.7 million (31 December 2008:
US$9.6 million). The balance of the hedging reserve amounted to a debit of US$14.2 million (31 December 2008: debit of
US$41 million). Refer to note 22 for further details on the hedging reserve. The foreign currency translation reserve was
US$1.4 million at 31 December 2009 (31 December 2008: nil) and the movements in current available-for-sale financial assets
amounted to US$9 million as at 31 December 2009 (31 December 2008: nil). Refer to note 13 for further details.
# Restricted shares were issued to non-executive directors as remuneration. The transfer between ‘other reserves’ and ‘share premium’ in
respect of the shares vested represents the cost calculated in accordance with IFRS 2.

COMPANY STATEMENT OF
CHANGES IN EQUITY
Number of
ordinary Share Share Retained Other
US$000 shares capital premium earnings reserves Total
BALANCE AT 31 DEC 2007 76 140 330 3 809 450 814 84 047 4 430 543 100
Net loss - - - (43 101) - (43 101)
Total comprehensive loss - - - (43 101) - (43 101)
Share-based payments - - - - 6 472 6 472
Share options exercised 353 400 18 3 842 - - 3 860
Shares vested# 6 594 - 160 - (160) -
expensed under IFRS 2 - - 1 158 - (1 158) -
Dividends relating to 2007 - - - (9 154) - (9 154)
BALANCE AT 31 DEC 2008 76 500 324 3 827 455 974 31 792 9 584 501 177
Net loss - - - (4 224) - (4 224)
Available-for-sale financial assets - - - - 8 783 8 783
Total comprehensive income - - - (4 224) 8 783 4 559
Share-based payments - - - - 9 564 9 564
Share options exercised 1 214 248 61 32 516 - - 32 577
Shares vested# 7 454 - 261 - (261) -
expensed under IFRS 2 - - 16 526 - (16 526) -
Dividends relating to 2008 - - - (9 967) - (9 967)
Capital raising 5 750 000 287 341 844 - - 342 131
Costs associated with
capital raising - - (12 388) - - (12 388)
Moto acquisition 6 628 769 331 483 038 - 20 317 503 686
BALANCE AT 31 DEC 2009 90 100 795 4 506 1 317 771 17 601 31 461 1 371 339
SHARE CAPITAL
The share capital comprises the issued ordinary shares of the company at par.
SHARE PREMIUM
The share premium comprises the excess value recognised from the issue of ordinary shares at par.
RETAINED EARNINGS
Retained earnings comprises the group’s cumulative accounting profit since inception.
OTHER RESERVES
Other reserves comprises the share-based payment reserve that amounted to US$22.7 million (2008: US$9.6 million) and
movements in current available-for-sale financial assets that amounted to US$8.8 million at 31 December 2009 (2008: nil). Refer
to note 13 for further details on available-for-sale financial assets.
#
Restricted shares were issued to directors as remuneration. The transfer between ‘other reserves’ and ‘share premium’ in respect of the
shares vested represents the cost calculated in accordance with IFRS 2.

STATEMENTS OF CONSOLIDATED AND

COMPANY CASH FLOWS
GROUP COMPANY
US$000 Notes 2009 2008 2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(loss) after tax 84 263 47 020 (4 224) (43 101)
Income tax expense 21 450 24 564 - -
Profit/(loss) before income tax 105 713 71 584 (4 224) (43 101)
Net interest received (1 529) (5 997) (1 443) (9 130)
Provision for financial assets 9 580 10 350 9 580 10 350
Depreciation and amortisation 28 502 21 333 - -
Ineffectiveness on cash flow hedges 242 363 - -
Non-cash effect of roll forward of hedges (1 336) - -
Unwind of discount on provisions for
environmental rehabilitation 492 443 - -
Share-based payment 9 564 6 471 9 564 6 471
Profit on disposal of Kiaka 13 (10 658) - (10 658) -
140 570 104 547 2 819 (35 410)
Effects of changes in operating working capital items
Receivables (73 683) 8 629 (15 666) (1 272)
Inventories and ore stockpiles (12 673) (30 012) - -
Trade and other payables 25 628 (26 618) 19 543 (4 802)
Cash generated from/(used by) operations before
interest and tax 79 842 56 546 6 696 (41 484)
Interest received 3 444 9 335 1 518 9 137
Interest paid (1 915) (3 338) (75) (6)
Income tax paid (17 624) (5 042) - -
Net cash generated from/(used by) operating activities 63 747 57 501 8 139 (32 353)
CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant and equipment (196 701) (85 038) - (22 708)
Net cash inflow from acquisitions of Moto and Kibali 30 114 217 - 109 498 -
Increases in inter-company loans - - (244 168) (19 913)
Decreases in inter-company loans - - 98 547 42 231
Net cash used by investing activities (82 484) (85 038) (36 123) (390)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of ordinary shares 362 320 3 860 362 320 3 860
Decrease in long term loans (1566) (3 721) - -
Dividends paid to company’s shareholders (9 967) (9 154) (9 967) (9 154)
Cash generated from/(used by) financing activities 350 787 (9 015) 352 353 (5 294)
NET (DECREASE)/INCREASE IN CASH AND
EQUIVALENTS 332 050 (36 552) 324 369 (38 037)
CASH AND EQUIVALENTS AT
BEGINNING OF YEAR 257 631 294 183 251 305 289 342
CASH AND CASH EQUIVALENTS
AT END OF YEAR 589 681 257 631 575 674 251 305
The effective interest rate on cash and cash equivalents was 0.35% (2008: 2.7%). These funds have an average maturity of less
than 30 days.

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS
1 NATURE OF OPERATIONS (‘IFRS’) issued by the International Accounting

The company and its subsidiaries (the ‘group’) Standards Board (IASB) as adopted by the European
together with its joint ventures carry out exploration Union and in accordance with Article 104 of the
and gold mining activities. Currently there are two Companies (Jersey) Law of 1991. The consolidated
operating mines in Mali, West Africa: The Morila gold financial statements also comply with IFRS as issued
mine, which commenced production in October by the IASB, as is required as a result of our listing on
2000, and the Loulo mine complex, which Nasdaq in the US. The differences between IFRS as
commenced production in November 2005. The adopted by the European Union and IFRS as issued
group also has a portfolio of exploration projects in by the IASB have not had a material impact on the
West and Central Africa. consolidated financial statements for the years
The interests of the group in its operating mines are presented. The consolidated financial statements
held through Morila SA (‘Morila’) which owns the have been prepared under the historical cost
Morila mine and Somilo SA (‘Somilo’) which owns convention, as modified by the revaluation of available-
the Loulo mine. Randgold holds an effective 40% for-sale financial assets, and various financial assets
interest in Morila, following the sale to AngloGold and financial liabilities (including derivative instruments)
Ashanti Limited on 3 July 2000 of one-half of which are carried at fair value. The preparation of
Randgold’s subsidiary, Morila Limited. Management financial statements in conformity with IFRS requires
of Morila Limited, the 80% shareholder of Morila SA, the use of certain critical accounting estimates. It also
is effected through a joint venture committee, with requires management to exercise its judgement in the
Randgold and AngloGold Ashanti each appointing process of applying the company’s accounting
one-half of the members of the committee. During policies. The areas involving a high degree of
2007 AngloGold Services Mali SA (‘Anser’), a judgement or complexity, or areas where assumptions
subsidiary of AngloGold Ashanti, was the operator of and estimates are significant to the consolidated
Morila. On 15 February 2008 Randgold assumed financial statements, are disclosed in note 3.
responsibility for the operatorship. The company statement of financial position for 2008
Randgold holds an effective 80% interest in Loulo. The has been restated to show amounts payable to
remaining 20% interest is held by the Malian subsidiary companies of US$41.8 million as a liability.
government. Randgold is the operator of Loulo. This balance was previously offset against amounts
A third mine, Tongon in Côte d’Ivoire is in the main receivable from subsidiary companies. The
construction phase. Progress has been made restatement has no impact on net assets, the net
regarding the approval of the mining convention, with decrease in cash and cash equivalents or the result for
the Tongon Mining Licence having being approved by the year. This restatement is reflected in the company
the COMINE (interministerial commission). statement of financial position, company cash flow
Following the acquisition by the company of a joint statement (in respect of the movements in inter-
company loans) and in notes 11 and 22.
venture interest in Moto Goldmines Limited on
This adjustment had no impact on the year ending
15 October 2009, in conjunction with AngloGold
31 December 2007 as there were no amounts payable
Ashanti Limited and the acquisition of a further
to group companies as at 31 December 2007; as a
effective 10% interest in the Kibali gold project on
result a comparative balance sheet for the year ending
22 December 2009, the group now holds an effective
31 December 2007, as required by IAS 1: Presentation
interest of 45% in the Kibali gold project in the
of Financial Statements, has not been included.
Democratic Republic of the Congo. Further details of
The following standards and interpretations which
these acquisitions are set out in note 30.
have been recently issued or revised have not been
The group has various exploration programmes adopted early by the group. Their expected impact is
ranging from substantial to early stage in Mali, Senegal, discussed below:
Burkina Faso, Côte d’Ivoire and the Democratic Amendments to IFRIC 9 and IAS 39:
Republic of the Congo. Embedded Derivatives (effective for annual
2 SIGNIFICANT ACCOUNTING POLICIES periods beginning on or after 30 June 2009).
The principal accounting policies applied in the This amendment clarifies the treatment of
preparation of these consolidated and company embedded derivatives in host contracts that are
financial statements are set out below. These policies reclassified out of fair value through profit or loss
have been consistently applied to all the years following the changes introduced by the
presented, unless otherwise stated. Amendments to IAS 39 and IFRS 7: Reclassifi-
Basis of preparation cation of Financial Instruments. The company
The consolidated financial statements of Randgold will apply Amendments to IFRIC 9 and IAS 39
Resources Limited and its subsidiaries have been from 1 January 2010, but it is not expected to
prepared in accordance with International Financial have any significant impact on the accounts of
Reporting Standards and Interpretations (collectively the company or group.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Revised IFRS 3: Business Combinations interpretation, IFRSs did not address how an
(effective for annual periods beginning on or after entity should measure distributions of assets
1 July 2009). The basic approach of the existing other than cash. Non-cash dividends payable
IFRS 3 to apply acquisition accounting in all were sometimes recognised at the carrying
cases and identify an acquirer is retained in this amount of the assets to be distributed and
revised version of the standard. sometimes at their fair value. The interpretation
It also includes much of the current guidance for clarifies that: (a) A dividend payable should be
the identification and recognition of intangible recognised when the dividend is appropriately
assets separately from goodwill. However, in authorised and is no longer at the discretion of
some respects the revised standard may result the entity; (b) that an entity should measure the
dividend payable at the fair value of the net
in very significant changes, including: The
assets to be distributed; and, (c) that an entity
requirement to write off all acquisition costs to
should recognise the difference between the
profit or loss instead of including them in the cost
dividend paid and the carrying amount of the net
of investment; the requirement to recognise an assets distributed in profit or loss. This
intangible asset even if it cannot be reliably interpretation also requires an entity to provide
measured; and, an option to gross up the additional disclosures if the net assets being held
statement of financial position for goodwill for distribution to owners meet the definition of
attributable to minority interests (which are a discontinued operation. IFRIC 17 applies to
renamed ‘non-controlling interests’). The revised pro rata distributions of non-cash assets except
standard does not require the restatement of for common control transactions. It does not
previous business combinations. IFRS 3(R) must have to be applied retrospectively. The company
be adopted at the same time as the Amendment will apply IFRIC 17 from 1 January 2010, but it is
to IAS 27. The company will apply revised not expected to have any significant impact on
IFRS 3 from 1 January 2010, but it is not the accounts of the company or group.
expected to have any significant impact on the IFRIC 18: Transfer of Assets from Customers
accounts of the company or group. (effective for annual periods beginning on or after
Amendment to IAS 27: Consolidated and 1 July 2009). This interpretation clarifies the
Separate Financial Statements (effective treatment of agreements in which an entity
for annual periods beginning on or after receives from a customer an item of property,
1 July 2009). This amendment affects in plant and equipment (or cash which must be
particular the acquisition of subsidiaries achieved used only to acquire or construct an item of
in stages and disposals of interests, with property, plant and equipment) that the entity
significant differences in the accounting must then use either to connect the customer to
a network or to provide the customer with
depending on whether or not control is obtained
ongoing access to a supply of goods or services.
as a result of the transaction, or where a
This interpretation clarifies whether and when an
transaction results only in a change in the
asset should be recognised, and how it should
percentage of a controlling interest. The be measured. It also clarifies how revenue
amendment does not require the restatement of arising from such a transaction should be
previous transactions. The Amendment to recognised. The company will apply IFRIC 18
IAS 27 must be adopted at the same time as from 1 January 2010, but it is not expected to
IFRS 3(R). The company will apply the have any significant impact on the accounts of
Amendment to IAS 27 from 1 January 2010, but the company or group.
it is not expected to have any significant impact Improvements to IFRSs: 2010 (effective for
on the accounts of the company or group. annual periods beginning on or after 1 January
Amendment to IAS 39: Financial Instruments – 2010). The improvements in this amendment
Recognition and Measurement: Eligible clarify the requirements of IFRSs and eliminate
Hedged Items (effective for annual periods inconsistencies within and between standards.
beginning on or after 1 July 2009). This The company will apply the improvements from
amendment clarifies how the principles that 1 January 2010, but it is not expected to have
determine whether a hedged risk or portion of any significant impact on the accounts of the
cash flows is eligible for designation should be company or group.
applied in the designation of a one-sided risk in Amendments to IFRS 2: Group Cash-settled
a hedged item, and inflation in a financial hedged Share-based Payment Transactions (effective
item. The company will apply the Amendment for annual periods beginning on or after
to IAS 39 from 1 January 2010, but it is not 1 January 2010). This amendment clarifies
expected to have any significant impact on the that, where a parent (or another group entity) has
accounts of the company or group. an obligation to make a cash-settled share-
IFRIC 17: Distributions of Non-cash Assets to based payment to another group entity’s
Owners (effective for annual periods beginning employees or suppliers, the entity receiving the
on or after 1 July 2009). Prior to this goods or services should account for the

transaction as equity-settled. The amendment financial liability. Broadly, it applies to

also moves the IFRIC 11 requirements in respect transactions where the two parties are acting
of equity-settled share-based payment only in their capacity as lender and borrower. It
transactions among group entities and the does not address the appropriate treatment for
clarification of the scope of IFRS 2 contained the creditor and does not apply to arrangements
within IFRIC 8 into IFRS 2 itself. in which liabilities are extinguished in return for
The company will apply the Amendments to equity instruments in accordance with the
IFRS 2 from 1 January 2010, but it is not original terms of the financial liability. The
expected to have any significant impact on the company will apply IFRIC 19 from 1 January
accounts of the company or group. 2011, but it is not expected to have any
Amendments to IFRS 1: Additional significant impact on the accounts of the
Exemptions for First-time Adopters (effective company or group.
for annual periods beginning on or after Revised IAS 24: Related Party Disclosures
1 January 2010). These amendments introduce (effective for annual periods beginning on or after
two further transitional reliefs into IFRS 1: A first- 1 January 2011). The revision to IAS 24 is in
time adopter which under previous GAAP response to concerns that the previous
accounted for exploration and development disclosure requirements and the definition of a
costs for oil and gas properties in the related party were too complex and difficult to
development or production phases in cost apply in practice, especially in environments
centres that include all properties in a large where government control is pervasive. The
geographical area may, subject to certain company will apply the revised IAS 24 from
conditions, elect to measure oil and gas assets 1 January 2011, but it is not expected to have
at the date of transition to IFRSs at the amount any significant impact on the accounts of the
determined under its previous GAAP; and, where company or group.
a first-time adopter made the same Amendments to IFRIC 14 IAS 19: Limit on a
determination of whether an arrangement Defined Benefit Asset, Minimum Funding
contained a lease in accordance with previous Requirements and their Interaction (effective
for annual periods beginning on or after
GAAP as that required by IFRIC 4 but at a date
1 January 2011). These amendments apply in
other than that required by IFRIC 4, it need not
the limited circumstances when an entity is
reassess that determination when it adopts
subject to minimum funding requirements and
IFRSs. The amendments to IFRS 1 are not
makes an early payment of contributions to
applicable to the group or company as the
cover those requirements. The amendments
financial statements are already prepared in
permit such an entity to treat the benefit of such
accordance with IFRS.
an early payment as an asset. The company is
Amendment to IAS 32: Classification of
currently assessing the impact and will apply the
Rights Issues (effective for annual periods
amendment to IFRIC 14 IAS 19 from 1 January
beginning on or after 1 February 2010). This
2011, but it is not expected to have any
amendment addresses the accounting for rights
significant impact on the accounts of the
issues (rights, options or warrants) that are
company or group.
denominated in a currency other than the IFRS 9: Financial Instruments (effective for
functional currency of the issuer. Previously such annual periods beginning on or after 1 January
rights issues were accounted for as derivative 2013). IFRS 9 will eventually replace IAS 39 in
liabilities. However, the amendment requires that, its entirety. However, the process has been
provided the entity offers the rights, options or divided into three main components:
warrants pro rata to all of its existing owners of Classification and measurement; impairment;
the same class of its own non-derivative equity and, hedge accounting. As each phase is
instruments, such rights issues are classified as completed, it will delete the relevant portions of
equity regardless of the currency in which the IAS 39 and create new chapters in IFRS 9. The
exercise price is denominated. The company company will apply the amendment to IFRS 9
will apply the Amendments to IFRS 32 from from 1 January 2013 and the company is
1 January 2011, but it is not expected to have any currently assessing the impact on the accounts
significant impact on the accounts of the of the company and group.
company or group. The group has adopted the following standards which
IFRIC 19: Extinguishing Financial Liabilities are effective for the first time this year. The impact is
with Equity Instruments (effective for annual discussed below:
periods beginning on or after 1 April 2010). This IFRS 8: Operating Segments (effective for annual
interpretation addresses transactions in which an periods beginning on or after 1 January 2009).
entity issues equity instruments to a creditor in IFRS 8 requires an entity to adopt a ‘management
return for the extinguishment of all or part of a approach’ in the identification of its operating

segments and its reporting on their financial specifies that all cancellations, whether by the
performance. Generally, the information to be entity or by other parties, should receive the
reported would be what management uses same accounting treatment. The company has
internally for evaluating segment performance and applied IFRS 2 from 1 January 2009, but it has
deciding how to allocate resources to operating not had any impact on the accounts of the
segments. company or group.
Such information may be different from that used Amendments to IAS 1: Presentation of
to prepare the statement of comprehensive Financial Statements – A Revised
income and statement of financial position. The Presentation (effective for annual periods
standard also requires an explanation of the basis beginning on or after 1 January 2009). The
on which the segment information is prepared Amendment to IAS 1 principally affects the
and reconciliations to the amounts recognised in presentation of the primary statements. An
the statement of comprehensive income and entity will be required to present, as a primary
statement of financial position. The company has
statement, a statement of changes in equity, in
applied IFRS 8 and reviewed its disclosure of
which all owner changes in equity are included.
operating segments from 1 January 2009, but it
Under this amendment, all non-owner changes
has not had any significant impact on the
accounts of the company or group. in equity (ie comprehensive income) are to be
Revised IFRS 1: First-time Adoption of presented either in single primary statement (a
International Financial Reporting Standards statement of comprehensive income) or in two
(effective for annual periods beginning on or after separate primary statements (a statement of
1 January 2009). IFRS 1(R) has an improved comprehensive income and statement of other
structure but does not contain any technical comprehensive income). An analysis of the tax
changes. The revision is not applicable to the effect of items recognised in other
company, as it already prepares its financial comprehensive income must also be included
statements under IFRS. either in the primary statement or as a note. In
Amendment to IAS 23: Borrowing Costs addition, an opening comparative statement of
(effective for annual periods beginning on or after financial position must be included when there is
1 January 2009). This amendment removes the a change in accounting policy. The amendment
option to immediately recognise as an expense does not change the recognition or
borrowing costs that relate to the construction measurement of transactions and balances
of qualifying assets (assets that take a in the financial statements. The company
substantial period of time to get ready for use or has applied the amendment to IAS 1 from
sale). Instead, an entity will be required to 1 January 2009, but the only impact on the
capitalise borrowing costs whenever the financial statements was presentational.
conditions for capitalisation are met. The Amendments to IAS 32 and IAS 1: Puttable
provisions of this amendment are applicable to Financial Instruments and Obligations Arising
borrowing costs relating to qualifying assets for on Liquidation (effective for annual periods
which the commencement date for capitalisation beginning on or after 1 January 2009). These
is on or after the effective date of the amendments result in certain types of financial
amendment. The company has applied the
instrument that meet the definition of a liability,
Amendment to IAS 23 from 1 January 2009, but
but represent the residual interest in the net
it has not had any impact on the accounts of the
assets of the entity, being classified as equity.
company or group.
The amendments require entities to classify the
Amendment to IFRS 2: Share-based
following types of financial instruments as equity,
Payment – Vesting Conditions and
provided they have particular features and
Cancellations (effective for annual periods
meet specific conditions: (a) Puttable financial
beginning on or after 1 January 2009). This
amendment clarifies that vesting conditions are instruments; and, (b) instruments, or
service conditions and performance conditions components of instruments, that impose on the
only. Other features of a share-based payment entity an obligation to deliver to another party a
are not vesting conditions. The purpose of pro rata share of the net assets of the entity only
making this distinction is to enable an entity to on liquidation. The company has applied the
address the accounting for non-vesting Amendment to IAS 32 and IAS 1 from 1 January
conditions, which previously were not covered 2009, but it has not had any impact on the
by IFRS 2. Non-vesting conditions must be accounts of the company or group.
taken into account when estimating the fair value Amendments of IFRS 1 and IAS 27: Cost of an
of the equity instruments granted; effectively this Investment in a Subsidiary, Jointly-Controlled
means that a non-vesting condition will be Entity or Associate (effective for annual periods
treated in the same way as a market vesting beginning on or after 1 January 2009). These
condition. The guidance in IFRS 2 covering the amendments allow a first-time adopter that, in its
accounting for vesting conditions is not affected separate financial statements, elects to measure
by the amendment. The amendment also its investments in subsidiaries, jointly controlled

entities or associates at cost, to initially recognise interpretation may give rise to a shift from the
these investments either at cost determined in recognition of revenue over the construction
accordance with IAS 27 or deemed cost (being period using, for example, the percentage of
either its fair value at the date of transition to completion method to the recognition of revenue
IFRSs or its previous GAAP carrying amount at at a single point in time (eg at completion, or on
that date). delivery). Affected agreements will mainly be
The amendment to IFRS 1 and IAS 27 are not those accounted for in accordance with IAS 11
applicable to the company or group as the that do not meet the definition of a construction
financial statements are already prepared in contract as interpreted by the IFRIC and do not
accordance with IFRS. result in a ‘continuous transfer’ (ie agreements in
Amendments to IFRS 7: Improving
which the entity transfers to the buyer control
Disclosures about Financial Instruments
and the significant risks and rewards of
(effective for annual periods beginning on or after
ownership of the work in progress in its current
1 January 2009). This amendment requires the
state as construction progresses). The company
analysis of each class of financial asset and
has applied IFRIC 15 from 1 January 2009, but
financial liability that is measured at fair value
in the statement of financial position, into a it has not had any impact on the accounts of the
three level fair value measurement hierarchy. company or group.
It requires additional disclosures in respect of Consolidation
those financial instruments classified as Level The consolidated financial information includes the
Three (namely those that are measured using a financial statements of the company, its subsidiaries
valuation technique which uses inputs that are and the company’s proportionate share in joint
not based on observable market data). It also ventures using uniform accounting policies for like
implements some changes to the definition of transactions and other events in similar circumstances.
and disclosures associated with liquidity risk. Subsidiaries
The company has applied the amendment to Subsidiaries are entities over which the group has the
IFRS 7 from 1 January 2009, as a result of which power to govern the financial and operating policies,
additional disclosures are included in note 22. generally accompanying an interest of more than one
Improvements to IFRSs: 2009 (effective for half of the voting rights. Subsidiaries are fully
annual periods beginning on or after 1 January consolidated from the date on which control is
2009). The improvements in this amendment transferred to the group. They are de-consolidated
clarify the requirements of IFRSs and eliminate from the date that control ceases. The purchase
inconsistencies between standards. The most method of accounting is used to account for the
significant changes cover the following issues: acquisition of subsidiaries by the group. The cost of
The classification of assets and liabilities as an acquisition is measured at the fair value of the assets
held for sale where a non-controlling interest
given, equity instruments issued and liabilities incurred
is retained; accounting by companies that
or assumed at the date of exchange, plus costs directly
routinely sells assets previously held for rental
attributable to the acquisition. Identifiable assets
to others; accounting for loans given at a nil or
acquired (including mineral property interests) and
below market rate of interest; the reversal of
impairments against investments in associates liabilities and contingent liabilities assumed in a
accounted for using the equity method; the business combination are measured initially at their fair
timing of expense recognition for costs values at the acquisition date, irrespective of the extent
incurred on advertising and other promotional of any non-controlling interest. The excess of the cost
activity; and, accounting for properties in the of acquisition over the fair value of the group’s share of
course of construction. The company has the identifiable net assets acquired is recorded as
applied the improvements to the IFRSs from goodwill or other identifiable intangible assets. If the
1 January 2009, but it has not had any cost of acquisition is less than the fair value of the net
significant impact on the accounts of the assets of the subsidiary acquired, the difference is
company or group. recognised directly in the statement of comprehensive
IFRIC 15: Agreements for the Construction of income.
Real Estate (effective for annual periods Inter-company transactions, balances and unrealised
beginning on or after 1 January 2009). This gains on transactions between group companies are
Interpretation clarifies the definition of a eliminated. Unrealised losses are also eliminated
construction contract, the interaction between unless the transaction provides evidence of an
IAS 11 and IAS 18, and provides guidance on impairment of the asset transferred. Accounting
how to account for revenue when the agreement policies of subsidiaries have been changed where
for the construction of real estate falls within the necessary to ensure consistency with the policies
scope of IAS 18. For some entities, the adopted by the group.

Joint venture group provides segmental information using the same

Joint ventures are those entities in which the group categories of information the group’s chief operating
holds a long term interest and which are jointly decision maker utilises. The group’s chief operating
controlled by the group and one or more joint venture decision maker is considered by management to be
partners under a contractual arrangement. the board of directors. The group has only one
The group’s interest in such jointly controlled entities business segment, that of gold mining. Segment
is accounted for by proportionate consolidation. analysis is based on individual mining operations and
Under this method the group includes its share of the exploration projects that have a significant amount of
joint venture’s individual income and expenses, assets capitalised expenditure or other fixed assets.
and liabilities and cash flows on a line by line basis with Foreign currency translation
similar items in the group’s financial statements. Inter Functional and presentation currency
company accounts and transactions are eliminated on Items included in the financial statements of each of
consolidation. the group’s entities are measured using the currency
The group recognises the portion of gains or losses on of the primary economic environment in which the
the sale of assets by the group to the joint venture that entity operates (‘the functional currency’). The
is attributable to the other joint venture partners. The consolidated financial statements are presented in
group does not recognise its share of profits or losses US dollars, which is the group and the company’s
from the joint venture that result from the purchase of functional and presentation currency.
assets by the group from the joint venture until it resells Transactions and balances
the assets to an independent party. However, if a loss Foreign currency transactions are translated into the
on the transaction provides evidence of a reduction in relevant functional currency using the exchange rates
the net realisable value of current assets or an prevailing at the date of the transactions. Foreign
impairment loss, the loss is recognised immediately. exchange gains and losses resulting from the
The results of joint ventures are included from the settlement of such transactions and from the
effective dates of acquisition and up to the effective translation at year end exchange rates of monetary
dates of disposal. assets and liabilities denominated in foreign currencies
The cost of a joint venture acquisition is measured at the are recognised in the statement of comprehensive
fair value of the assets given, equity instruments issued income.
and liabilities incurred or assumed at the date of Group companies
exchange, plus costs directly attributable to the The results and financial position of material group
acquisition. Identifiable assets acquired (including mineral entities (none of which has the currency of a hyper-
property interests) and liabilities and contingent liabilities inflationary economy) that have a functional currency
assumed in a joint venture acquisition are measured different from the presentational currency are
initially at their fair values at the acquisition date, translated into the presentation currency as follows:
irrespective of the extent of any non-controlling interest. Assets and liabilities for each statement of
The excess of the cost of acquisition over the fair value financial position presented are translated at the
of the group’s share of the identifiable net assets acquired closing rate at the date of that statement of
is recorded as goodwill or other identifiable intangible financial position;
assets. If the cost of acquisition is less than the fair value Income and expenses for each statement of
of the net assets of the subsidiary acquired, the difference comprehensive income are translated at average
is recognised directly in the statement of comprehensive exchange rates (unless this average is not a
income. reasonable approximation of the cumulative
Investment in subsidiaries and joint ventures effect of the rates prevailing on the transaction
Are stated at cost less any provisions for impairment dates, in which case income and expenses are
in the financial statements of the company. Dividends translated at the rate on the dates of the
are accounted for when the company becomes transactions); and
entitled to received them. On the disposal of an All resulting exchange differences are recognised
investment, the difference between the net disposal as a separate component of equity.
proceeds and the carrying amount is charged or Intangible assets
credited to the statement of comprehensive income. Mineral properties
Segment reporting Mineral properties acquired are recognised at fair value
An operating segment is a group of assets and at the acquisition date. Mineral properties are tested
operations engaged in performing mining or advanced annually for impairment on the same basis that
exploration that are subject to risks and returns that property, plant and equipment are when there is an
are different from those of other segments. Other indication of impairment. Mineral properties will be
parts of the business are aggregated and treated as amortised on a units of production basis when the
part of a ‘corporate and exploration’ segment. The related mine commences production.

Property, plant and equipment changes in circumstances indicate that the net book
Undeveloped properties value may not be recoverable. The recoverable
Undeveloped properties upon which the group has not amount is the higher of value in use and the fair value
performed sufficient exploration work to determine less cost to sell. In assessing the value in use, the
whether significant mineralisation exists are carried at expected future cash flows from the assets is
original acquisition cost. Where the directors consider determined by applying a discount rate to the
that there is little likelihood of the properties being anticipated pre-tax future cash flows. The discount
exploited, or the value of the exploitable rights has rate used is derived from the group’s weighted
diminished below cost, an impairment is recorded. average cost of capital. An impairment is recognised
Long-lived assets in the statement of comprehensive income to the
Long-lived assets including development costs and extent that the carrying amount exceeds the assets’
mine plant facilities are initially recorded at cost. Where recoverable amount. The revised carrying amounts
relevant the estimated cost of dismantling the asset are amortised in line with group accounting policies.
and remediating the site is included in the cost of A previously recognised impairment loss is reversed if
property, plant and equipment, subsequently they are the recoverable amount increases as a result of a
measured at cost less accumulated amortisation and reversal of the conditions that originally resulted in the
impairment. impairment. This reversal is recognised in the
Development costs and mine plant facilities relating to statement of comprehensive income and is limited to
existing and new mines are capitalised. Development the carrying amount that would have been determined,
costs consist primarily of direct expenditure incurred net of depreciation, had no impairment loss been
to establish or expand productive capacity and are recognised in prior years. Assets are grouped at the
capitalised until commercial levels of production are lowest levels for which there are separately identifiable
achieved, after which the costs are amortised. cash flows (cash-generating units) for purposes of
Short-lived assets assessing impairment. The estimates of future
Short-lived assets including non-mining assets are discounted cash flows are subject to risks and
shown at cost less accumulated depreciation and uncertainties including the future gold price. It is
impairment. therefore reasonably possible that changes could occur
Depreciation and amortisation which may affect the recoverability of mining assets.
Long-lived assets include mining properties, such as Stripping costs
freehold land, metallurgical plant, tailings and raw All stripping costs incurred (costs incurred in removing
water dams, power plant and mine infrastructure, as overburden to expose the ore) during the production
well as mine development costs. Depreciation and phase of a mine are treated as variable production
amortisation are charged over the life of the mine (or costs and as a result are included in the cost of
over the remaining useful life of the asset, if shorter) inventory produced during the period that the stripping
based on estimated ore tonnes contained in proven costs are incurred.
and probable reserves, to reduce the cost to estimated Inventories
residual values. Proven and probable ore reserves Include ore stockpiles, gold in process and supplies
reflect estimated quantities of economically and spares and are stated at the lower of cost or net
recoverable reserves, which can be recovered in the realisable value. The cost of ore stockpiles and gold
future from known mineral deposits. Total proven and produced is determined principally by the weighted
probable reserves are used in the depreciation average cost method using related production costs.
calculation. The remaining useful lives for Morila and Costs of gold inventories include all costs incurred up
Loulo are estimated at four and a minimum of 19 years until production of an ounce of gold such as milling
respectively. Any changes to the expected life of the costs, mining costs and directly attributable mine
mine (or asset) are applied prospectively in calculating general and administration costs but exclude transport
depreciation and amortisation charges. Short-lived costs, refining costs and royalties. Net realisable value
assets which include motor vehicles, office equipment is determined with reference to current market prices.
and computer equipment are depreciated over Morila uses a selective mining process and has a few
estimated useful lives of between two to five years but grade categories. Full grade ore is defined as ore
limited to the remaining mine life. Residual values and above 1.4g/t and marginal ore is defined as ore below
useful lives are reviewed, and adjusted if appropriate, 1.4g/t. For Loulo, high grade ore is defined as ore
at each statement of financial position date. Changes above 3.5g/t and medium grade is defined as ore
to the estimated residual values or useful lives are above 2.0g/t. All stockpile grades are currently being
accounted for prospectively. processed and all ore is expected to be fully
Impairment processed. This does not include high grade tailings
The carrying amount of the property, plant and at Morila, which are carried at zero value due to
equipment of the group is compared to the uncertainty as to whether they will be processed
recoverable amount of the assets whenever events or through the plant. For Loulo, Yalea material less than

0.8g/t is classified as mineralised waste and is not in or cash flows of hedged items. Refer to note 22 for
inventory, while material less than 0.7g/t from Gara is treatment of the group’s gold contracts.
regarded as mineralised waste and is not in inventory. Cash flow hedge
The processing of ore in stockpiles occurs in The effective portion of changes in the fair value of
accordance with the life of mine processing plan that derivatives that are designated and qualify as cash flow
has been optimised based on the known mineral hedges is recognised in equity in the hedging reserve.
reserves, current plant capacity and mine design. The gain or loss relating to the ineffective portion is
Stores and materials consist of consumable stores and recognised immediately in the statement of
are valued at weighted average cost after appropriate comprehensive income.
impairment of redundant and slow moving items. Amounts accumulated in equity are recycled in the
statement of comprehensive income in the periods
Consumable stock for which the group has
when the hedged item will affect profit or loss
substantially all the risks and rewards of ownership are
(for instance when the forecast sale that is hedged
brought on to the statement of financial position.
takes place). When a hedging instrument expires or is
Interest/borrowing costs
sold or terminated, or when a hedge no longer meets
Is recognised on a time proportion basis, taking into the criteria for hedge accounting, any cumulative gain
account the principal outstanding and the effective rate or loss existing in equity at that time remains in equity
over the period to maturity. Borrowing cost is and is recognised when the forecast transaction
expensed as incurred except to the extent that it is ultimately recognised in the statement of
relates directly to the construction of property, plant comprehensive income. When a forecast transaction
and equipment during the time that is required to is no longer expected to occur, the cumulative gain or
complete and prepare the asset for its intended use, loss that was reported in equity is immediately
when it is capitalised as part of property, plant and transferred to the statement of comprehensive income.
equipment. Borrowing cost is capitalised as part of The fair values of derivative instruments used for
the cost of the asset where it is probable that the asset hedging purposes are disclosed in note 21.
will result in economic benefit and where the borrowing Movements on the hedging reserve in shareholders’
cost can be measured reliably. No interest or equity are shown in note 21. The full fair value of a
borrowing costs have been capitalised during the year. hedging derivative is classified as a non-current asset
Financial instruments or liability when the remaining maturity of the hedged
These are measured as set out below. Financial item is more than 12 months; it is classified as a
instruments carried on the statement of financial current asset or liability when the remaining maturity of
position include cash and cash equivalents, receivables, the hedged item is less than 12 months.
accounts payable, borrowings, derivative financial Receivables
instruments, and available for sale financial assets. Are recognised initially at fair value. There is a
rebuttable presumption that the transaction price is fair
Derivatives
value unless this could be refuted by reference to
The group uses derivative financial instruments such
market indicators. Subsequently, receivables are
as gold forward contracts to manage the risks
measured at amortised cost using the effective interest
associated with commodity prices. Derivatives are method, less provision for impairment. A provision for
initially recognised at fair value on the date a derivative impairment of trade receivables is established when
contract is entered into and are subsequently re- there is objective evidence that the group will not be
measured to their fair value. able to collect all amounts due according to the original
The method of recognising the resulting gain or loss terms of receivables. Significant financial difficulties of
depends on whether the derivative is designated as a the debtor, probability that the debtor will enter
hedging instrument, and if so, the nature of the item bankruptcy or financial reorganisation, and default or
being hedged. The group designates certain delinquency in payments are considered indicators
derivatives as hedges of highly probable forecast that the trade receivable may be impaired. The
transactions (cash flow hedges). The fair value of amount of the provision is the difference between the
derivative financial instruments that are traded on an asset’s carrying amount and the present value of
active market is based on quoted market prices at the estimated future cash flows, discounted at the effective
statement of financial position date. The fair value of interest rate. The amount of the provision is
financial instruments not traded on an active market is recognised in the statement of comprehensive income.
determined using appropriate valuation techniques. At Cash and cash equivalents
the inception of the transaction, the group documents Cash and cash equivalents are carried in the statement
the relationship between hedge instruments and of financial position at cost. For the purpose of the
hedged items, as well as its risk management objective cash flow statement, cash and cash equivalents
and strategy for undertaking various hedge comprise cash on hand, deposits held at call with
transactions. The group also documents its banks, other short term highly liquid investments with
assessment, both at hedge inception and on an a maturity of three months or less at the date of
ongoing basis, of whether the derivatives that are used purchase and bank overdrafts. In the statement of
in hedging transactions have been and will continue to financial position, bank overdrafts are included in
be highly effective in offsetting changes in fair values borrowings in current liabilities.

Available-for-sale financial assets it is probable that an outflow of resources embodying

Available-for-sale financial assets are non-derivatives economic benefits will be required to settle the
that are either designated in this category or not obligation, and a reliable estimate of the amount of the
classified in any of the other categories. Available-for- obligation can be made.
sale financial assets are designated on acquisition. Current tax
They are normally included in current assets and are Current tax is the tax expected to be payable on the
carried at fair value. However current market taxable income for the year calculated using rates (and
conditions resulted in management’s decision in 2008 laws) that have been enacted or substantively enacted
to reclassify the Auction Rate Securities held within by the statement of financial position date. It includes
available for sale financial assets as non-current, in adjustments for tax expected to be payable or
order to more accurately reflect their nature. Where a recoverable in respect of previous periods.
decline in the fair value of an available-for-sale financial Deferred taxation
asset constitutes objective evidence of impairment, the Deferred tax is provided in full, using the liability
amount of the loss is recognised in the statement of method, on temporary differences arising between the
comprehensive income, other movements in fair value tax bases of assets and liabilities and their carrying
are recognised in other reserves in equity. amounts in the consolidated financial statements.
Borrowings However, if the temporary difference arise from initial
Are recognised initially at fair value, net of transaction recognition of an asset or liability in a transaction other
costs incurred. Borrowings are subsequently stated at than a business combination that at the time of the
amortised cost; any difference between the proceeds transaction affects neither accounting nor taxable profit
(net of transaction costs) and the redemption value is or loss, it is not accounted for. Deferred tax is
recognised in the statement of comprehensive income determined using tax rates (and laws) that have been
over the period of the borrowings using the effective enacted or substantively enacted by the statement of
interest method. Borrowings are classified as current financial position date and are expected to apply when
liabilities unless the group has an unconditional right to the related deferred tax asset is realised or the deferred
defer settlement of the liability for at least 12 months tax liability is settled. Deferred tax assets are
after the statement of financial position date. recognised to the extent that it is probable that future
Accounts payable taxable profit will be available against which the
Accounts payable and other short term monetary temporary differences can be utilised.
liabilities, are initially recognised at fair value and Deferred tax is provided on temporary differences
subsequently carried at amortised cost using the arising on investments in subsidiaries and joint
effective interest method. ventures, except where the timing of the reversal of the
Rehabilitation costs temporary difference is controlled by the group and it
The net present value of estimated future rehabilitation is probable that the temporary difference will not
costs is provided for in the financial statements and reverse in the foreseeable future.
capitalised within mining assets on initial recognition. Share capital
Rehabilitation will generally occur on closure or after Ordinary shares are classified as equity. Incremental
closure of a mine. Initial recognition is at the time of the costs directly attributable to the issue of new shares
disturbance occurring and thereafter as and when or options are shown in equity as a deduction from
additional disturbances take place. The estimates are the proceeds.
reviewed annually to take into account the effects of Employee benefits
inflation and changes in estimates and are discounted Pension obligations
using rates that reflect the time value of money. Annual The group has defined contribution plans. A defined
increases in the provision due to the unwinding of the contribution plan is a pension plan under which the
discount are recognised in the statement of group pays fixed contributions into a separate entity.
comprehensive income as a finance cost. The present The group has no legal or constructive obligations to
value of additional disturbances and changes in the pay further contributions if the fund does not hold
estimate of the rehabilitation liability are capitalised to sufficient assets to pay all employees the benefits
mining assets against an increase in the rehabilitation relating to employee service in the current and prior
provision. The rehabilitation asset is amortised as noted periods. For defined contribution plans, the group
previously. Rehabilitation projects undertaken, included pays contributions to publicly or privately administered
in the estimates, are charged to the provision as incurred. provident funds on a mandatory, contractual or
Environmental liabilities, other than rehabilitation costs, voluntary basis. The group has no further payment
which relate to liabilities arising from specific events, obligations once the contributions have been paid.
are expensed when they are known, probable and The contributions are recognised as employee benefit
may be reasonably estimated. expenses when they are due. Prepaid contributions
Provisions are recognised as an asset to the extent that a
Are recognised when the group has a present legal or cash refund or a reduction in the future payments
constructive obligation as a result of past events where is available.

Termination benefits as a finance lease. Finance leases are capitalised at

Termination benefits are payable when employment is the estimated present value of the underlying lease
terminated before the normal retirement date, or payments. Each lease payment is allocated between
whenever an employee accepts voluntary redundancy the liability and the finance charges to achieve a
in exchange for these benefits. The group recognises constant rate on the finance balance outstanding. The
termination benefits when it is demonstrably interest portion of the finance payment is charged to
committed to either: Terminating the employment of the statement of comprehensive income over the lease
current employees according to a detailed formal plan period. The plant and equipment acquired under the
without possibility of withdrawal; or providing finance lease are depreciated over the useful lives of
termination benefits as a result of an offer made to the assets, or over the lease term if shorter.
encourage voluntary redundancy. Benefits falling due Leases in which a significant portion of the risks and
more than 12 months after statement of financial rewards of ownership are retained by the lessor are
position date are discounted to present value. classified as operating leases. Payments made under
Profit-sharing and bonus plans operating leases are charged to the statement of
The group recognises a liability and an expense for comprehensive income on a straight-line basis over
bonuses. The group recognises a provision where the period of the lease.
contractually obliged or where there is a past practice Revenue recognition
that has created a constructive obligation. The company enters into contracts for the sale of gold.
Share-based payments Revenue arising from gold sales under these contracts
The fair value of the employee services received in is recognised when the price is determinable, the
exchange for the grant of options or shares after product has been delivered in accordance with the
7 November 2002 is recognised as an expense. The terms of the contract, the significant risks and rewards
total amount to be expensed rateably over the vesting of ownership have been transferred to the customer
period is determined by reference to the fair value of and collection of the sales price is reasonably assured.
the options or shares determined at the grant date, These criteria are met when the gold leaves the mines’
excluding the impact of any non-market vesting smelt houses. As sales from gold contracts are
conditions. subject to customer survey adjustment, sales are
The total amount to be expensed is determined by initially recorded on a provisional basis using the
reference to the fair value of the options granted: group’s best estimate of the contained metal.
Including any market performance conditions; and Subsequent adjustments are recorded in revenue to
Excluding the impact of any service and non- take into account final assay and weight certificates
market performance vesting conditions (for from the refinery, if different from the initial certificates.
example, profitability, sales growth targets and The differences between the estimated and actual
remaining an employee of the entity over a contained gold have historically not been significant.
specified time period). Losses on matured hedges are included within
Non-market vesting conditions are included in revenue as these pertain to losses incurred as gold
assumptions about the number of options that are hedges are settled and the actual price received (see
expected to become exercisable or the number of accounting policy on derivatives).
shares that the employee will ultimately receive. This Exploration and evaluation costs
estimate is revised at each statement of financial The group expenses all exploration and evaluation
position date and the difference is charged or credited expenditures until the directors conclude that a future
to the statement of comprehensive income, with a economic benefit is more likely than not of being
corresponding adjustment to equity. realised, ie ‘probable’. While the criteria for concluding
The proceeds received on exercise of the options net that an expenditure should be capitalised is always
of any directly attributable transaction costs are probable, the information that the directors use to
credited to equity. make that determination depends on the level of
When the options are exercised, the company issues exploration.
new shares. The proceeds received net of any directly Exploration and evaluation expenditure on brownfield
attributable transaction costs are credited to share sites, being those adjacent to mineral deposits which
capital (nominal value) and share premium when the are already being mined or developed, is expensed as
options are exercised. incurred until the directors are able to demonstrate that
Leases future economic benefits are probable through the
Determining whether an arrangement is, or contains, completion of a prefeasibility study, after which the
a lease is based on the substance of the arrangement expenditure is capitalised as a mine development cost.
and requires an assessment of whether fulfilment of A ‘prefeasibility study’ consists of a comprehensive
the arrangement is dependent on the use of a specific study of the viability of a mineral project that has
asset or assets and whether the arrangement conveys advanced to a stage where the mining method, in the
a right to use the asset. Leases of plant and case of underground mining, or the pit configuration, in
equipment where the group assumes a significant the case of an open pit, has been established, and
portion of risks and rewards of ownership are classified which, if an effective method of mineral processing has

been determined, includes a financial analysis based on The estimates and assumptions that have a significant
reasonable assumptions of technical, engineering, risk of causing a material adjustment to the carrying
operating economic factors and the evaluation of other amounts of assets and liabilities within the next
relevant factors. The prefeasibility study, when combined financial year are discussed below:
with existing knowledge of the mineral property that is Future rehabilitation obligations
adjacent to mineral deposits that are already being The net present value of current rehabilitation
mined or developed, allow the directors to conclude that estimates have been discounted to their present value
it is more likely than not that the group will obtain future at 3.5% per annum (2008: 3.5%), for Morila, being an
economic benefit from the expenditures. estimate of the prevailing interest rates. A 3.5%
Exploration and evaluation expenditure on greenfield (2008: 3.5%) discount rate was used for Loulo.
sites, being those where the group does not have any Expenditure is expected to be incurred at the end of
mineral deposits which are already being mined or the respective mine lives. For further information,
including the carrying amounts of the liabilities, refer to
developed, is expensed until such time as the directors
note 15. A 1% change in the discount rate on the
have sufficient information to determine that future
group’s rehabilitation estimates would result in a
economic benefits are probable. The information
US$1.4 million (2008: US$1.5 million) impact on the
required by directors is typically a final feasibility study
provision for environmental rehabilitation, and a
however a prefeasibility study may be deemed to be US$0.1 million impact on the statement of
sufficient where the additional work required to prepare comprehensive income.
a final feasibility study is not significant. Gold price assumptions
Exploration and evaluation expenditure relating to The following gold prices were used in the mineral
extensions of mineral deposits which are already being reserves optimisation calculations:
mined or developed, including expenditure on the
definition of mineralisation of such mineral deposits, is
capitalised as a mine development cost following the US$ 2009 2008
completion of an economic evaluation equivalent to a
prefeasibility study. This economic evaluation is Morila 700 650
distinguished from a prefeasibility study in that some Loulo: open pit 700 650
of the information that would normally be determined Loulo: underground 700 650
in a prefeasibility study is instead obtained from the Tongon 700 650
existing mine or development. This information when Kibali 700 -
combined with existing knowledge of the mineral Massawa 700 -
property already being mined or developed allow the Gounkoto 700 -
directors to conclude that more likely than not the
group will obtain future economic benefit from the Changes in the gold price used could result in changes
expenditures. Costs relating to property acquisitions in the mineral reserve optimisation calculations. Mine
are capitalised within development costs. modelling is a complex process and hence is it not
Dividend distribution feasible to perform sensitivities on gold price
Dividend distribution to the company’s shareholders is assumptions.
recognised as a liability in the group’s financial Determination of ore reserves
The group estimates its ore reserves and mineral
statements in the period in which the dividends are
resources based on information compiled by
approved by the board of directors and declared to
Competent Persons as defined in accordance with the
shareholders.
Australasian Code for Reporting of Exploration Results,
Earnings per share
Mineral Resources and Ore Reserves of December
Is computed by dividing net income by the 2004 (the JORC code). Reserves determined in this
weighted average number of ordinary shares in way are used in the calculation of depreciation,
issue during the year. amortisation and impairment charges, as well as the
Diluted earnings per share assessment of the carrying value of mining assets.
Is presented when the inclusion of potential ordinary There are numerous uncertainties inherent in
shares has a dilutive effect on earnings per share. estimating ore reserves and assumptions that are valid
3 CRITICAL ACCOUNTING ESTIMATES AND at the time of estimation may change significantly
JUDGEMENTS when new information becomes available. Changes
Some of the accounting policies require the application in the forecast prices of commodities, exchange rates,
of significant judgement by management in selecting production costs or recovery rates may change the
the appropriate assumptions for calculating financial economic status of reserves and may, ultimately, result
estimates. in the reserves being restated. For further information
By their nature, these judgements are subject to an refer to Reserves and Resources on page 81.
inherent degree of uncertainty and are based on Uncertainties relating to transactions with a
historical experience, terms of existing contracts, contractor
management’s view on trends in the gold mining As explained in note 26 to the financial statements,
industry and information from outside sources. there are uncertainties relating to the value of the

securities held in respect of advances to a contractor rate securities with a par value of US$49 million and a
and also a claim relating to the Loulo development. carrying value of US$29 million. The trading market
The amounts reflected in the financial statements for these instruments has become substantially illiquid
reflect the directors’ best estimate of the amount that as a result of current conditions in the credit markets.
will be recovered in respect of the advances and the The company continues to receive interest payable on
outcome of the dispute relating to the cost of the most of these securities. As these investments have
development. been illiquid for more than 12 months and there is no
Indirect taxes receivable certainty that they will become liquid within the next
Given their slow-moving nature, the group has had to 12 months, the assets have been reclassified into the
apply judgement in determining when amounts will be non-current section of available-for-sale financial
recovered with respect to indirect taxes owing to assets to more accurately reflect their nature.
Morila and Loulo by the Mali government. The Management estimates the fair value of these
amounts reflected in the financial statements are the investments at each reporting period. Management
directors’ best estimate of the timing of the recovery applies a mark to model in their valuation methods and
of these amounts. For further information, including the model is based upon ‘observable market inputs’.
the carrying amount of the assets, refer to note 7. This method relies upon inputs from the ratings
Derivative valuation agencies in respect of the underlying collateral,
The company uses valuations obtained from banks for including credit ratings, likelihood of default and
the mark-to-market estimation of the Loulo hedge recoverability in the event of default. Management
book. The banks use the following key inputs in the considers the primary indication of the carrying value
valuations: of the ARS to be the credit rating and the continued
receipt of interest. Where the ARS investments have
been down-graded below investment grade, this is
31 Dec 31 Dec deemed to be an indication of impairment.
2009 2008 Carrying values of property, plant and equipment
and mineral properties
LIBOR rates 1.21 – 0.25% 3.92 – 1.83% The group assesses at each reporting period whether
Spot gold prices US$1 096 US$865 there is any indication that these assets may be
Gold lease rates 0.77% 0.23 – 1.11% impaired. If such indication exists, the group estimates
the recoverable amount of the asset. The recoverable
Share-based payments amount is assessed by reference to the higher of
Refer to note 19 for the key assumptions used in ‘value in use’ (being the net present value of expected
determining the value of share-based payments. future cash flows of the relevant cash generating unit)
Areas of judgement and ‘fair value less cost to sell’. The estimates used
Areas of judgement made in applying specific for impairment reviews are based on detailed mine
accounting policies that have the most significant plans and operating plans. Future cash flows are
effect on the amounts recognised in the financial based on estimates of:
statements are: The quantities of the reserves and mineral
Exploration and evaluation expenditure resources for which there is a high degree of
The group has to apply judgement in determining confidence in economic extraction;
whether exploration and evaluation expenditure should Future production levels;
be capitalised or expensed. Management exercises Future commodity prices;
this judgement based on the results of economic Future cash cost of production, capital
evaluations, prefeasibility or feasibility studies. Costs expenditure, close down, restoration and
are capitalised where those studies conclude that environmental clean up; and
more likely than not the group will obtain future Future gold prices (an US$1 000 gold price was
economic benefit from the expenditures. used for the current year’s impairment
Depreciation calculations and US$800 gold price in the prior
There are several methods for calculating depreciation, year).
ie the straight line method, the production method Management estimates allocations of the purchase
using ounces produced and the production method price in acquisitions and business combinations to
using tonnes milled. The directors believe that the assets and liabilities acquired, as well as fair values
tonnes milled method is the best indication of plant attributable to assets and liabilities acquired.
and infrastructure usage.
Classification and valuation methodology of
auction rate securities (‘ARS’)
The group has applied judgment in the classification
of the ARS. These financial assets consist of auction

GROUP
31 Dec 31 Dec
US$000 Notes 2009 2008
4 INCOME AND MINING TAXES

Current taxation 18 435 22 395
Deferred taxation 12 3 015 2 169
21 450 24 564
The tax on the group’s profit before tax differs from the
theoretical amount that would arise using the statutory
tax rate applicable to the group’s Malian operations.
Profit before tax 105 713 71 584
Tax calculated at tax rate of 35% 37 000 25 054
Reconciling items
Income taxed at 0% (8 958) (10 107)
Expenses deductible at 0% 18 184 18 629
Mali tax holiday permanent differences (26 695) (8 976)
Capital allowances not deductible 3 015 2 169
Other permanent differences (1 096) (2 205)
Taxation charge 21 450 24 564
The company is not subject to income tax in Jersey. Somilo SA benefits from a five year tax holiday in Mali. The tax holiday
commenced on 8 November 2005. The benefit of the tax holiday to the group was to increase its net profit by
US$26.7 million (2008: US$9 million). Accordingly, had the group not benefited from the tax holiday in Mali, earnings per
share would have been reduced by US$0.33 and US$0.12 for the years ended 31 December 2009 and 2008 respectively.
Under Malian tax law, income tax is based on the greater of 35% of taxable income or 0.75% of gross revenue. The Morila
and Loulo operations have no assessable capital expenditure carry forwards or assessable tax losses, as at 31 December
2009 and 2008 respectively, for deduction against future mining income.
5 SHARE CAPITAL AND PREMIUM

The total authorised number of ordinary shares is 100 million (2008: 100 million) of US 5 cents each (2008: US 5 cents).
All issued shares are fully paid. The total number of issued shares at 31 December 2009 was 90 100 795 shares
(2008: 76 500 324).
During the year 5 750 000 shares were placed at US$59.50 per share raising US$341.8 million and incurring
US$12.4 million in associated costs. These shares were issued to a number of new and existing shareholders and are
ordinary shares ranking alongside the ordinary shares already in issue.
Please refer to the statement of changes in equity for more detail on the annual movement of the number of ordinary shares,
share capital, as well as share premium. Share options are granted to selected employees. Refer to note 19 for more
detail on share options.

GROUP
Income Per share
(numerator) Shares amount
US$000 (denominator) US$
6 EARNINGS AND DIVIDENDS PER SHARE

FOR THE YEAR ENDED 31 DECEMBER 2009
BASIC EARNINGS PER SHARE
Shares outstanding at 1 January 2009 76 500 324
Weighted number of shares issued 4 522 466
Income available to shareholders 69 400 81 022 790 0.86
EFFECT OF DILUTIVE SECURITIES
Weighted stock options issued to employees 1 139 061
Diluted earnings per share 69 400 82 161 851 0.84
FOR THE YEAR ENDED 31 DECEMBER 2008

BASIC EARNINGS PER SHARE
Shares outstanding at 1 January 2008 76 140 330
Weighted number of shares issued 159 786
Income available to shareholders 41 569 76 300 116 0.54
EFFECT OF DILUTIVE SECURITIES
Weighted stock options issued to employees 1 240 082
Diluted earnings per share 41 569 77 540 198 0.54
Refer to note 19 for details on share options issued to employees. US$9.9 million (US$0.13 per share) was paid as
dividends in 2009 (2008: US$9.2 million). On 29 January 2010, the board of directors approved an annual dividend of
US$0.17 per share which will result in an aggregate dividend payment of US$15.3 million and is expected to be paid in
March 2010.
Included in the Moto options are 121 800 options outstanding as at 31 December 2009 (2008: nil) which could potentially
have a dilutive impact in future, but which were anti-dilutive in 2009.
GROUP COMPANY
US$000 Notes 2009 2008 2009 2008
7 RECEIVABLES
Trade 21 428 9 559 - -
Advances to contractors 7.1 28 544 12 064 - -
Taxation debtor 7.2 42 134 9 858 - -
Prepayments and other receivables 7.3 37 125 26 557 11 487 2 489
129 231 58 038 11 487 2 489
Impairment provision (2 153) (1 136) - -
Total 127 078 56 902 11 487 2 489
Less: current portion (121 786) (47 499) (11 487) (2 489)
Long term portion 5 292 9 403 - -
7.1 Advances to contractors comprise advances made to a contractor at Loulo, MDM Ferroman (Pty) Ltd (in liquidation)
(‘MDM’) (US$11.6 million) (2008: US$12.1 million), as well as advances made to BCM (US$6.7 million) (2008: nil),
Afrilog (US$9.2 million) (2008: nil) and Shaft Sinkers (US$1.1 million) (2008: nil). Significant uncertainties exist relating
to the recoverability of advances made to MDM. More detail is given in note 26 to the financial statements.

7 RECEIVABLES (continued)
7.2 The taxation debtor relates to indirect taxes owing to the group by the State of Mali, including TVA balances at both
Loulo (US$37 million) and Morila (US$2.6 million), as well as refundable duty taxes (US$1.7 million) and custom duties
(US$0.7 million).
7.3 Prepayments and other receivables include a balance of US$3.7 million (US$1.8 million is included in non-current
receivables) of deferred cash consideration in respect of the sale of the Kiaka project. Refer to note 13 for further
details.
GROUP COMPANY
US$000 2009 2008 2009 2008
The fair values of trade and other

receivables are as follows:
Trade 21 428 9 559 - -
Advances to contractors 27 527 12 064 - -
Taxation debtor 40 998 8 722 - -
Prepayments and other receivables 37 125 26 557 11 487 2 489
127 078 56 902 11 487 2 489
Movements on the provision for

impairment and present valuing of
trade receivables are as follows:
AT 1 JANUARY – taxation debtor 1 136 1 136 - -

Provision for receivables impairment
- advances to contractors 1 017 - - -
Unused amounts reversed - - - -
AT 31 DECEMBER 2 153 1 136 - -
The creation and release of provision for impaired receivables have been included in mining and processing costs in
the statement of comprehensive income. The unwinding of the discount is included in finance costs in the statement
of comprehensive income. The other classes within trade and other receivables do not contain impaired assets.
The credit quality of receivables that are not past due or impaired remains very high. The maximum exposure to
credit risk at the reporting date is the fair value of each class of receivable mentioned above. The group does not
hold any collateral as security. Refer to note 21 for further information on the concentration of credit risk.
US$62.6 million (2008: US$12.5 million) of advances to contractors and the taxation debtor falls due within 12 months,
whilst the balance falls due thereafter. All other receivable balances are due within 30 days. The TVA balance at
Morila is past due but not impaired.
Long term receivables have been discounted at 3% (2008: 3.5%).
GROUP
31 Dec 31 Dec
US$000 2009 2008
8 INVENTORIES AND ORE STOCKPILES

Consumable stores 58 334 38 621
Short term portion of ore stockpiles 46 336 40 140
Gold in process 4 443 3 020
Total current asset inventories and ore stockpiles 109 113 81 781
Long term portion of ore stockpiles 34 178 48 831
Total inventories and ore stockpiles 143 291 130 612
Ore stockpiles have been split between long and short term based on current Life of Mine plan estimates.

GROUP COMPANY
US$000 2009 2008 2009 2008
9 PROPERTY, PLANT AND EQUIPMENT

Mine properties, mine development costs and mine
plant facilities and equipment
Cost
At the beginning of year 434 997 347 422 22 708 -
Additions 199 583 87 575 - 22 708
Transfers - - (22 708) -
634 580 434 997 - 22 708
Accumulated depreciation and amortisation
At beginning of year 98 859 77 526 - -
Charge for the year 28 502 21 333 - -
127 361 98 859 - -
Net book value 507 219 336 138 - 22 708
Long-lived assets
Included in property, plant and equipment are long-lived assets which are amortised over the life of the mine and comprise
the metallurgical plant, tailings and raw water dams, power plant and mine infrastructure. The net book value of these
assets was US$488.8 million as at 31 December 2009 (2008: US$320.7 million). The figures in the company column relate
to the mine development at Tongon, at cost. These balances have been transferred to Tongon during 2009. This is not
yet depreciated as the mine is currently in the construction phase.
Short-lived assets
Included in property, plant and equipment are short-lived assets which are amortised over their useful lives and are
comprised of motor vehicles and other equipment. The net book value of these assets was US$10.5 million as at
31 December 2009 (2008: US$7.3 million).
Undeveloped property
Included in property, plant and equipment are undeveloped property costs of US$7.9 million (2008: US$8.1 million). Refer
to note 16 for assets collateralised and under finance lease. No borrowing costs were capitalised as part of additions
during the year (2008: nil). Refer to the property, plant and equipment accounting policy note on page 119 for details of
each asset category’s useful economic life.
GROUP
31 Dec 31 Dec
US$000 2009 2008
10 MINERAL PROPERTIES
Cost - -
At the beginning of year - -
Acquisitions 405 779 -
405 779 -
Amortisation
At beginning of year - -
Charge for the year - -
- -
Net book value 405 779 -
Mineral properties relate to the acquisition of a joint venture interest in Moto Goldmines Limited, as well as a further
10% interest in the Kibali project. Refer to note 30 for details thereof.

COMPANY
31 Dec 31 Dec
US$000 2009 2008
11 INVESTMENTS AND LOANS IN

SUBSIDIARIES AND JOINT VENTURES
Investments in subsidiaries and joint ventures
Investment in Tongon 12 028 2 000
Investment in Randgold Resources Mali SARL 2 2
Investment in Moto Goldmines Limited (“Moto”) 400 873 -
Total investments in subsidiaries and joint ventures 412 903 2 002
Loans to subsidiaries and joint ventures
Loan – Somilo - 45 403
Loan – Seven Bridges - 4
Loan – Randgold Resources Mali SARL 9 818 8 059
Loan – Randgold Resources (Somilo) Ltd 282 238 178 500
Loan – Randgold Resources (UK) 161 -
Loan – Tongon 148 841 -
Loan – Kibali 588 -
Loan – Kibali Jersey 2 1 758 -
Total loans to subsidiaries and joint ventures 443 404 231 966
Loans from subsidiaries and joint ventures
Loan – Mining Investments Jersey Ltd (94 454) (41 785)
Loan – Somilo (131) -
Loan – Seven Bridges (326) -
Loan – Border Energy East Africa (11) -
Total loans from subsidiaries and joint ventures (94 922) (41 785)
Total investments and loans in subsidiaries
and joint ventures 761 385 192 183
GROUP
31 Dec 31 Dec
US$000 2009 2008
The group’s interest in the Morila joint venture was as follows:

Non-current assets 59 310 79 156
Current assets 58 565 59 020
Total assets 117 875 138 176
Non-current liabilities 9 306 8 504
Current liabilities 21 108 16 712
Total liabilities 30 414 25 216
The group’s interest in the Kibali joint venture was as follows:

Non-current assets 333 327 -
Current assets 8 800 -
Total assets 342 127 -
Non-current liabilities - -
Current liabilities (5 344) -
Total liabilities (5 344) -
Refer to note 20 for disclosure of the income and expenses of the Morila joint venture and the Kibali joint venture respectively.
Refer to page 156 for details of the group companies, as well as information on the country of incorporation, proportion of
ownership interest and voting power held for each of the subsidiaries and joint ventures. During 2008, all transactions and
balances relating to Morila were transferred from Randgold Resources Ltd to Mining Investments (Jersey) Ltd in order to
reflect the transaction flow more accurately.

GROUP
31 Dec 31 Dec
US$000 Notes 2009 2008
12 DEFERRED TAXATION
Deferred tax is calculated on temporary differences under the liability
method using a tax rate of 35% (2008: 35%).
The movement on deferred taxation is as follows:
At the beginning of the year 1 457 (712)
Statement of comprehensive income charge 4 3 015 2 169
At the end of the year 4 472 1 457
Deferred taxation assets and liabilities comprise

the following:
Decelerated tax depreciation 4 762 3 016
Deferred taxation liability 4 762 3 016
Deferred stripping (290) (1 559)
Deferred taxation asset (290) (1 559)
Net deferred taxation liability/(asset) 4 472 1 457
Temporary differences which are expected to be realised during the Loulo tax holiday are recognised at 0%.
The group did not recognise deferred income tax assets of US$3.5 million (2008: US$3.1 million) in respect of costs at
Morila amounting to US$10 million (2008: US$8.7 million) that can be carried forward against future taxable income.
GROUP COMPANY
US$000 2009 2008 2009 2008
13 AVAILABLE-FOR-SALE FINANCIAL ASSETS

Beginning of year 38 600 48 950 38 600 48 950
Impairment of auction rate securities (9 580) (10 350) (9 580) (10 350)
Additions 8 831 - 7 256 -
Fair value movement recognised in equity 8 970 - 8 783 -
Exchange differences 9 - (25) -
At 31 December 46 830 38 600 45 034 38 600
Less: non-current portion (29 020) (38 600) (29 020) (38 600)
Current portion 17 810 - 16 014 -
Additions consist of the group’s 50% share of 7.9 million shares in Kilo Goldmines Ltd valued at US$1.6 million and an
investment in 20 million Volta Resources Inc shares valued at US$7.3 million on acquisition and subsequently fair valued
to US$1.8 million and US$16 million respectively, as at 31 December 2009. The fair value gain arising was taken to other
reserves in equity.
The shares in Volta Resources were acquired as part of the consideration received for the sale of the Kiaka project in
Burkina Faso to Volta Resources as well as a deferred cash consideration of US$3.7 million, resulting in a gain on disposal
of US$10.7 million after costs of US$0.3 million. The gain on disposal is included in other income. The shares in Kilo
Goldmines were acquired as part of the Moto acquisition (Refer note 30).
Management has no on-going involvement with the Kiaka project or Volta Resources and therefore in the absence of
significant influence it is deemed to be appropriate to categorise the investments as available-for-sale financial assets.
The impairment of auction rate securities has been charged to the statement of comprehensive income as a component
of finance costs.
GROUP
US$000 2009 2008
Available-for-sale financial assets include the following:

Investments in US auction rate securities 29 020 38 600

13 AVAILABLE-FOR-SALE FINANCIAL ASSETS (continued)

This relates to the company’s portfolio of auction rate securities (ARS), consisting of collaterised debt obligations (‘CDOs’)
(A-2 second priority tranches) with a par value of US$43 million and collaterised loan notes (‘CLNs’) with a par value of
US$5.9 million. One of the CDO instruments has stopped paying interest. The other ARS investments carries interest at
rates varying between one month LIBOR plus 55 basis points and 1 month LIBOR plus 225 basis points. The trading
market for these instruments has become substantially illiquid as a result of current conditions in the markets. The company
does not expect to need access to these funds in the near to medium term.
The underlying collateral for the instruments consists primarily of residential mortgages, commercial and industrial bank
loans. The average final maturity date of the CDOs is 2039 and the CLNs 2017. The average expected repayment period
of the underlying collateral is 4 to 5 years. Proceeds from the repayment of the underlying collateral are used to redeem
outstanding portions of the notes. The expected repayment periods of underlying collateral relating to the tranches
Randgold Resources is invested in are two years and longer.
The company assesses the recoverability of the ARS investments whenever events or circumstances indicate that the
carrying amount may not be fully recoverable, and a fair value calculation is performed at each reporting period.
Downgrading of an ARS investment to below investment grade would be considered an indication of impairment.
In the absence of observable market transactions for these assets or comparable assets with common characteristics, the
company has applied a mark to model valuation methodology. The mark to model methodology is based on observable
market data. The key inputs to the model are primarily obtained from reports produced by credit rating agencies and
comprise:
Credit ratings of the underlying collateral.
Average maturity of the underlying collateral.
Default ratios, which are prepared by the credit rating agencies on the basis of historical default data. The key inputs
used by the company to determine the appropriate default ratio to apply are the average maturity and credit ratings
of the underlying collateral.
Recovery ratios applied in the event of default of the underlying collateral.
The assumptions in respect of the key inputs comprise a significant volume of data, the interaction of the different inputs
is also complex and therefore detailed quantitive disclosure has not been given, as it would not give the user the necessary
sense of the potential variability of fair value estimates. An assessment of the reasonably possible variability in the fair value
of the auction rate securities is provided in note 21 under ‘concentration of credit risk’.
GROUP COMPANY
US$000 2009 2008 2009 2008
14 ACCOUNTS PAYABLE AND ACCRUED

LIABILITIES
Trade payables 16 139 13 405 - -
Payroll and other compensation 6 325 4 951 5 326 2 927
Accruals and other payables 59 616 29 754 15 995 3 181
82 080 48 110 21 321 6 108
GROUP
31 Dec 31 Dec
US$000 2009 2008
15 PROVISION FOR ENVIRONMENTAL

REHABILITATION
Opening balance 14 054 11 074
Unwinding of discount 492 443
Change in estimates 2 370 2 537
16 916 14 054

15 PROVISION FOR ENVIRONMENTAL REHABILITATION (continued)

As at 31 December 2009, US$11.2 million of the provision relates to Loulo (31 December 2008: US$9.7 million) which is
based on estimates provided by environmental consultants. The remaining US$5.7 million relates to Morila
(31 December 2008: US$4.4 million). The provisions for rehabilitation costs include estimates for the effect of inflation and
changes in estimates and have been discounted to their present value at 3.5% (2008: 3.5%) per annum for Morila, being
an estimate derived from the risk free rate. A 3.5% (2008: 3.5%) discount rate was used for Loulo. Limited environmental
rehabilitation regulations currently exist in Mali to govern the mines, so the directors have based the provisions for
environmental rehabilitation on standards set by the World Bank, which require an environmental management plan, an
annual environmental report, a closure plan, an up-to-date register of plans of the facility, preservation of public safety on
closure, carrying out rehabilitation works and ensuring sufficient funds exist for the closure works. However, it is reasonably
possible that the group’s estimate of its ultimate rehabilitation liabilities could change as a result of changes in regulations
or cost estimates. The group is committed to rehabilitation of its properties. It makes use of independent environmental
consultants for advice and it also uses past experience in similar situations to ensure that the provisions for rehabilitation
are adequate. Current Life of Mine plans envisage the expected outflow to occur at the end of the Life of Mine, which is
2013 for Morila and 2029 for Loulo.
GROUP
31 Dec 31 Dec
US$000 Notes 2009 2008
16 BORROWINGS
Morila power plant finance lease 16.1 1 096 1 792
Morila oxygen plant finance lease 16.2 188 370
Loulo CAT finance lease 16.3 - 600
1 284 2 762
Less: current portion (1 050) (1 478)

234 1 284
All loans are secured and have variable interest rates, except for the Loulo CAT finance lease which has a fixed rate.
16.1 Morila power plant finance lease

The Morila power plant finance lease relates to five generators leased from Rolls-Royce for Morila. The lease is
repayable over ten years commencing 1 April 2001 and bears interest at a variable rate which as at
31 December 2009 was approximately 38% (2008: 33%) per annum. The lease is collateralised by plant and
equipment, the net book value at 31 December 2009 amounted to US$2.1 million (2008: US$2.7 million). Average
annual lease payments of US$1.5 million are payable in instalments over the term of the lease. The company has
guaranteed the repayment of this lease.
16.2 Morila oxygen plant finance lease

The Morila oxygen plant finance lease relates to three oxygen generating units leased from Air Liquide for Morila. The
lease is payable over 10 years commencing 1 December 2000 and bears interest at a variable rate which as at
31 December 2009 was approximately 3.09% (2008: 3.09%) per annum. The lease is collateralised by the production
units, the net book value of which at 31 December 2009 was US$0.3 million (2008: US$0.4 million).
16.3 Loulo CAT finance lease

The euro denominated Caterpillar finance facility related to fifteen 3512B HD generator sets and ancillary equipment
purchased from JA Delmas and financed by a loan from Caterpillar Finance for Loulo. The lease was payable quarterly
over 42 months commencing on 1 August 2005, and bore interest at a fixed rate of 6.03% (2008: 6.03%) per annum.
The company together with Randgold Resources (Somilo) Limited jointly guaranteed the repayment of this lease.
The average lease payments of US$0.5 million were payable in instalments over the term of the lease.
The final payment under this finance lease was made during 2009.

16 BORROWINGS (continued)
The exposure of the group’s borrowings to interest rate changes at the statement of financial position dates are as
follows:
2009 2008
0 - 12 months 1 050 879

1 - 5 years 234 1 283
1 284 2 162
The carrying amounts and fair value of the non-current borrowings are as follows:
Carrying Carrying Fair Fair

amount amount value value
2009 2008 2009 2008
Finance leases 234 1 284 234 1 284

234 1 284 234 1 284
The fair value of current borrowings equals their carrying amount, as the impact of discounting is not significant. The
fair values are based on cash flows discounted using a rate based on the borrowing rate.
2009 2008
The carrying amounts of the group’s borrowings are denominated in the

following currencies:
US dollar 1 284 2 162
Euro - 600
1 284 2 762
The group has no undrawn borrowing facilities (2008: US$60 million).
GROUP
31 Dec 31 Dec
US$000 2009 2008
Maturities
The borrowings mature over the following periods:
Not later than 1 year 1 050 1 478
Later than 1 year and not later than 5 years 234 1 284
Later than 5 years - -
1 284 2 762
Finance lease liabilities - minimum lease payments

Balance of leases outstanding 1 780 3 683
Future finance charges on leases (496) (921)
Present value of finance lease liabilities 1 284 2 762
At the date of origination, there was no material fair value attributable to the guarantees issued by the company on
behalf of group entities to third parties. Had the value been recognised, the depreciated carrying amount would have
been insignificant.

GROUP
31 Dec 31 Dec
US$000 2009 2008
17 LOANS FROM MINORITY SHAREHOLDERS IN SUBSIDIARIES

Somilo
Government of Mali - principal amount 653 671
Deferred interest payable 2 292 2 361
Loans 2 945 3 032
The government of Mali loan to Somilo is uncollateralised and bears interest

at the base rate of the Central Bank of West African States plus 2%.
The accrual of interest ceased in the last quarter of 2005 per mutual agreement
between shareholders. The loan is repayable from cash flows of the Loulo mine
after repayment of all other loans. In the event of a liquidation of Somilo the
shareholder loans and deferred interest are not guaranteed.
18 FINANCIAL LIABILITIES - FORWARD GOLD SALES

Forward gold sales 25 312 53 137
Less: current portion (25 312) (37 388)
Non-current portion - 15 749
The financial liabilities relate to the Loulo forward gold sales all of which qualify for hedge accounting. These derivative
instruments are further detailed in note 22.
19 EMPLOYMENT COST
The group contributes to several defined contribution provident funds. The provident funds are funded on the ‘money
accumulative basis’ with the members and company having been fixed in the constitutions of the funds. All the group’s
employees, other than those directly employed by West African subsidiary companies, are entitled to be covered by the
above-mentioned retirement benefit plans. Retirement benefits for employees employed by West African subsidiary
companies are provided by the state social security system to which the company and employees contribute a fixed
percentage of payroll costs each month.
GROUP
US$000 2009 2008
Total employee benefit cost was as follows:

Short term benefits 11 162 7 747
Pension contributions 464 374
Share-based payments 9 564 6 471
Total 21 190 14 592
Share-based payments
The fair value of employee services received as consideration for equity instruments (equity settled) of the company is
calculated using the Black-Scholes option pricing model. The key assumptions used in this model for options granted
during the year were as follows:
GROUP
31 Dec 31 Dec
US$000 Notes 2009 2008
Expected life 3 years 3 years

Volatility 19.1 59.23% 41.63%
Risk free interest rate 1.65% 2.69%
Dividend yield 0% 0%
Weighted average share price on grant and valuation date 19.2 US$56.99 US$45.27
Weighted average exercise price 19.3 US$56.99 US$45.27

19 EMPLOYMENT COST (continued)

19.1 Volatility is based on the three year historical volatility of the company’s shares on each grant date.
19.2 Weighted average share price for the valuation is calculated taking into account the market price on all grant dates.
19.3 The weighted average exercise price is calculated taking into account the exercise price on each grant date. Please refer
to page 102 for details provided on share options, including the number and weighted average exercise price of share
options outstanding at the beginning and end of each period, options granted, exercised and lapsed during the period.
19.4 The exercise of the options issued in 2009 is subject to a satisfactory performance level being achieved during the
12 month period prior to the exercise date of each tranche of options. The minimum performance level to be achieved
is defined as level 3 in the company’s performance management system. Similar performance criteria was attached
to the options that were issued in 2008. It is expected that most employees who were awarded share options would
achieve a level 3 performance.
The table below summarises the information about the options outstanding, including options that are not yet
exercisable:
GROUP
Weighted Weighted
average average
Number contractual exercise
Outstanding options of shares life (years) price (US$)
Range of exercise price (US$)

At 31 December 2009
1.25 - 2.13 30 712 0.94 2.11
2.50 - 3.25 15 302 2.50 3.22
5.00 - 8.25 116 556 - -
8.05 - 8.05 73 800 4.60 8.05
16.15 - 16.15 13 000 5.92 16.15
22.50 - 22.50 69 300 6.92 22.50
22.19 - 22.19 1 088 500 7.64 22.19
26.26 – 46.34 489 000 8.47 42.08
56.99 – 56.99 183 000 9.68 56.99
2 079 170 7.31 27.72
At 31 December 2008
1.25 - 2.13 56 112 2.25 1.90
2.50 - 3.50 15 302 3.50 3.22
5.00 - 8.25 116 556 - -
8.05 - 8.05 237 300 5.60 8.05
12.78 - 16.15 111 000 6.62 14.36
22.50 - 22.50 147 000 7.92 22.50
22.19 - 22.19 1 494 000 8.64 22.19
26.26 – 46.34 489 000 9.47 42.08
2 666 270 7.86 22.77


19.4 (continued)
The table below summarises the information about the Randgold Resources Share Option Scheme options that are
exercisable as at 31 December 2009 and 2008:
Weighted
average
Number exercise price
Outstanding options of shares (US$)

At 31 December 2009
1.25 - 2.13 30 712 2.11
2.50 - 3.50 15 302 3.22
5.00 - 8.25 116 556 -
8.05 - 16.15 73 800 8.05
22.50 - 22.50 5 300 22.50
22.19 - 22.19 102 500 22.19
344 170 11.81
At 31 December 2008
1.25 - 2.13 56 112 1.90
2.50 - 3.50 23 302 3.19
5.00 - 8.25 116 556 -
8.05 - 16.15 262 300 8.67
22.50 - 22.50 19 000 22.50
447 270 8.00
Moto options
Options over 774 163 ordinary shares were issued in relation to Moto options, as part of the acquisition of the joint
venture interest in Moto Goldmines Ltd (‘Moto’) (Refer note 30).
The weighted average exercise price of these options as at 15 October 2009 (the date of completion of the Moto
acquisition) was US$56.39 per option. The fair value of these share options has been calculated as US$20.2 million.
The Black Scholes valuation model was used to determine the fair value of these options.
Weighted Weighted
average average
Number contractual exercise price
Outstanding options of shares life (years) (US$)
The table below summarises the information about the options related to the Moto acquisition that were outstanding
as at 31 December 2009:
Moto options:
At 31 December 2009
37.11 – 51.27 183 436 0.41 42.82
105.16 – 105.16 121 800 0.30 105.16
64.19 – 80.96 67 079 0.54 77.43
372 315 0.39 69.45
Restricted shares issued to directors

During the year, an annual reward of 1 200 ordinary shares were awarded to the 8 non-executive directors.
The issue price of these shares was US$43.92.
During the year, the CEO received the following restricted share awards:
40 000 restricted shares with an award date of 1 January 2009, two thirds vesting on 1 January 2010 and the
remaining third vesting on 1 January 2011. The issue price of these shares was US$43.26.
40 000 restricted shares with an award date of 1 January 2009, one third vesting on 1 January 2010, one third
vesting on 1 January 2011 and the remaining third vesting on 1 January 2012. The issue price of these shares
was US$43.26.


19.4 (continued)
The CFO received 36 000 restricted shares in 2007 at an issue price of US$22.19. The first tranche of the restricted
shares vested on 1 July 2008, with the second and third tranches vesting on 1 July 2009 and 1 July 2010 respectively.
The CFO further received 54 000 restricted shares in 2009 at an issue price of US$56.99. The first tranche of the
restricted shares vests on 2 September 2011, with the second and third tranches vesting on 2 September 2012 and
2 September 2013 respectively. Refer to the long-term incentive: restricted share award table on page 102 of the
remuneration report for further details on these shares.
20 SEGMENT INFORMATION
Randgold has implemented IFRS 8 ‘Operating Segments’ with effect from 1 January 2009. Operating segments have
been identified on the basis of internal reports about components of the group that are regularly reviewed by the group’s
chief operating decision maker. The operating segments included in internal reports are determined on the basis of their
significance to the group. In particular, operating mines are reported as separate segments and exploration projects that
have significant capitalised expenditure or other fixed assets are also reported separately. Other parts of the group are
included with corporate and exploration. The group’s chief operating decision maker is considered by management to be
the board of directors. An analysis of the group’s business segments is set out below. Major customers are not identifiable
because all gold is sold to an agent.
Tongon was not split out separately during the prior year, as the project was in the construction phase and all expenditure
was capital in nature. In the prior year, capital expenditure related to Tongon amounted to US$22.7 million and was included
in the corporate and exploration column.
Corporate Inter
Group’s Group’s and company
40% share share of explora- elimina-
US$000 of Morila Loulo Tongon Kibali tion tions Total
Year ended 31 December 2009

Profit and loss
Gold sales on spot 132 231 345 736 - - - (1 414) 476 553
Loss on hedging contracts - (43 773) - - - - (43 773)
Total revenue 132 231 301 963 - - - (1 414) 432 780
Mining and processing costs
excluding depreciation (57 353) (164 826) - - - 1 047 (221 132)
Depreciation and amortisation (5 499) (22 931) - (72) - - (28 502)
Mining and processing costs (62 852) (187 757) - (72) - 1 047 (249 634)
Transport and refining costs (258) (1 336) - - - - (1 594)
Royalties (7 935) (17 475) - - - - (25 410)
Exploration and corporate expenditure (505) (3 471) - (1 216) (45 919) - (51 111)
Other (expenses)/income (4 159) (7 910) - (2 086) 22 888 - 8 733
Finance costs (1 026) (7 929) - 27 - 7 013 (1 915)
Finance income 7 181 - 170 10 099 (7 013) 3 444
Provision for financial assets - - - - (9 580) - (9 580)
Profit before income tax 55 503 76 266 - (3 177) (22 512) (367) 105 713
Income tax expense (19 004) (1 324) - - (1 122) - (21 450)
Net profit 36 499 74 942 - (3 177) (23 634) (367) 84 263
Capital expenditure (3 737) (73 869) (118 574) (35) (10 007) 9 521 (196 701)
Total assets 117 876 503 242 148 863 342 127 717 581 (9 521) 1 820 168
Total external liabilities# (30 414) (89 819) - (5 344) (8 386) - (133 963)

Corporate Inter
Group’s Group’s and company
40% share share of explora- elimina-
US$000 of Morila Loulo Tongon Kibali tion tions Total
20 SEGMENT INFORMATION
(continued)
Year ended 31 December 2008
Profit and loss
Gold sales on spot 148 236 225 874 - - - 374 110
Loss on hedging contracts - (35 538) - - - (35 538)
Total revenue 148 236 190 336 - - - - 338 572
Mining and processing costs
excluding depreciation (58 785) (119 402) - - - - (178 187)
Depreciation and amortisation (5 359) (15 974) - - - - (21 333)
Mining and processing costs (64 144) (135 376) - - - - (199 520)
Transport and refining costs (297) (1 756) - - - - (2 053)
Royalties (9 072) (10 658) - - - - (19 730)
Exploration and corporate expenditure (53) (3 501) - - (41 609) - (45 163)
Other (expenses)/income (3 346) (4 011) - - 11 188 - 3 831
Finance costs (1 380) (9 492) - - (1 267) 8 801 (3 338)
Finance income 96 104 - - 17 936 (8 801) 9 335
Provision for financial assets - - - - (10 350) - (10 350)
Profit before income tax 70 040 25 646 - - (24 102) - 71 584
Income tax expense (23 188) (1 284) - - (92) - (24 564)
Net profit 46 852 24 362 - - (24 194) - 47 020
Capital expenditure (1 100) (59 415) - - (24 523) - (85 038)
Total assets 138 176 365 966 - - 317 300 - 821 442
Total external liabilities# (25 216) (98 836) - - (6 217) - (130 269)
# Total external liabilities, excludes loans from minority shareholders and minority interests.
21 FINANCIAL RISK MANAGEMENT

In the normal course of its operations, the group is exposed to gold price, currency, interest rate, liquidity and credit risks.
In order to manage these risks, the group may enter into transactions which make use of on-balance sheet derivatives.
The group does not acquire, hold or issue derivatives for trading purposes. The group has developed a risk management
process to facilitate, control and monitor these risks. The board has approved and monitors this risk management process,
inclusive of documented treasury policies, counterpart limits, controlling and reporting structures.
Controlling risk in the group

The treasury committee is responsible for risk management activities within the group. The treasury committee reviews
and recommends to the board all treasury counterparts, limits, instruments and hedge strategies. At least two members
of the treasury committee need to be present for a decision to be made one of whom needs to be an executive director.
The treasury committee is only permitted to invest with institutions with investment ratings of AA- or higher. Two of the
banks with which the group is holding deposits are rated below the AA- stipulated per the group’s policy but above an A
rating. Both these banks have secured government backing in one form or another. In the light of the government support
for these two banks it was decided to continue to hold a portion of the group’s deposits (limited to 10% per institution)
with them. The treasurer is responsible for managing investment, gold price, currency, liquidity and credit risk. The treasury
function monitors adherence to treasury risk management policy and counterpart limits and provides regular reports. The
financial risk management objectives of the group are defined as follows:
Safeguarding the group core earnings stream from its major assets through the effective control and management of
gold price risk, foreign exchange risk and interest rate risk;
Effective and efficient usage of credit facilities in both the short and long term through the adoption of reliable liquidity
management planning and procedures;
Ensuring that investment and hedging transactions are undertaken with creditworthy counterparts; and
Ensuring that all contracts and agreements related to risk management activities are coordinated, consistently
throughout the group and comply where necessary with all relevant regulatory and statutory requirements.
Refer to page 93 to 94 for details on the group’s risk factors included in the corporate governance report.

21 FINANCIAL RISK MANAGEMENT (continued)

Foreign currency and commodity price risk
In the normal course of business, the group enters into transactions denominated in foreign currencies (primarily euro,
South African rand and Communauté Financière Africaine franc). As a result, the group is subject to exposure from
fluctuations in foreign currency exchange rates. In general, the group does not enter into derivatives to manage these
currency risks. Generally, the group does not hedge its exposure to gold price fluctuation risk and sells at market spot
prices. Gold sales are disclosed in US dollars and do not expose the group to any currency fluctuation risk. However,
during periods of capital expenditure or loan finance, the company may use forward contracts or options to reduce the
exposure to price movements, while maintaining significant exposure to spot prices.
These derivatives may establish a fixed price for a portion of future production while the group maintains the ability to benefit
from increases in the spot gold price for the majority of future gold production. At year end, the volume of outstanding
forward sale contracts was 41 748 ounces. Also refer to the sensitivity analysis performed on the valuation of the financial
liabilities in note 22. The group is also exposed to fluctuations in the price of consumables, such as fuel, steel, rubber,
cyanide and lime, mainly due to changes in the price of oil, as well as fluctuations in exchange rates.
GROUP COMPANY
US$000 2009 2008 2009 2008
Level of exposure of foreign currency risk

Carrying value of foreign currency balances.
Cash and cash equivalents includes balances
dominated in:
Communauté Financiére Africaine franc
(CFA) 7 506 (2 609) 7 821 1 138
Euro (EUR) 10 987 11 556 11 270 11 615
South African rand (ZAR) (668) 8 830 (1 356) 8 489
British pound (GBP) 59 335 59 335
Australian dollar (AUD) 3 617 - - -
Canadian dollar (CAD) 360 - - -
Accounts receivable and prepayments include

balance dominated in:
Communauté Financiére Africaine franc (CFA) 51 435 24 151 54 56
Euro (EUR) 3 956 377 4 370
South African rand (ZAR) 6 564 571 2 519 394
British pound (GBP) 159 1 302 34 1 302
Australian dollar (AUD) 1 171 - -
Canadian dollar (CAD) 47 - -
Accounts payable includes balances dominated in:

Communauté Financiére Africaine franc (CFA) (28 264) (25 380) - (147)
Euro (EUR) (5 895) (782) - (460)
South African rand (ZAR) (3 489) (362) (188) (1 914)
British pound (GBP) - (394) - (396)
Australian dollar (AUD) (3 487) - - -
Canadian dollar (CAD) - - - -
The group’s exposure to foreign currency arises where a company holds monetary assets and liabilities denominated in a
currency different to the functional currency of the group which is the US dollar. The following table shows the impact of
a 10% change in the US dollar on profit and equity arising as a result of the revaluation of the group’s foreign currency
financial instruments.

GROUP COMPANY
Effect of 10% Effect of 10%
strengthening of strengthening of
US$ on net US$ on net
earnings and earnings and
Closing equity equity
exchange rate US$000 US$000

Level of exposure of foreign currency risk (continued)
At 31 December 2009
Euro (EUR) 0.6977 905 1 127
British pound (GBP) 0.6279 22 9
Communauté Financiére Africaine franc (CFA) 457.66 2 600 788
South African rand (ZAR) 7.4174 241 98
Australian dollar (AUD) 1.1199 130 -
Canadian dollar (CAD) 1.0494 41 -
At 31 December 2008
Euro (EUR) 0.7095 1 115 1 153
British pound (GBP) 0.6910 203 203
Communauté Financiére Africaine franc (CFA) 465.40 (874) 105
South African rand (ZAR) 9.4649 976 1 080
Australian dollar (AUD) 1.4487 41 -
Canadian dollar (CAD) 1.2228 - -
The sensitivities are based on financial assets and liabilities held at 31 December where balances were not denominated
in the functional currency of the group. The sensitivities do not take into account the group’s sales and costs and the
results of the sensitivities could change due to other factors such as changes in the value of financial assets and liabilities
as a result of non-foreign exchange influenced factors.
GROUP
2010 2011 Total
Net open hedge position as at 31 December 2009

The group had the following net forward-pricing commitments
outstanding against future production.
All open contracts in the group’s commodity hedge position

Forward sales
Ounces 41 748 - 41 748
Average US$/oz 500 - 500
All open contracts in the group’s commodity hedge position

GROUP
2009 2010 Total
Forward sales
Ounces 84 996 41 748 126 744
Average US$/oz 435 500 456
The volume of production hedged and the tenor of the hedging book is continually reviewed in the light of changes in
operational forecasts, market conditions and the group’s hedging policy. Forward sales contracts require the future delivery
of gold at a specified price. The gains and losses on ineffective portions of cash flow hedge derivatives are recognised
immediately in profit or loss. During the year to 31 December 2009, a loss of US$0.2 million (2008: US$0.4 million) due to
hedge ineffectiveness was recognised.


Interest rate and liquidity risk
Fluctuations in interest rates impact on the value of short term cash investments and interest payable on financing activities
(including long term loans), giving rise to interest rate risk. In the ordinary course of business, the group receives cash from
its operations and is required to fund working capital and capital expenditure requirements.
The group generally enters into variable interest bearing borrowings. This cash is managed to ensure surplus funds are
invested in a manner to achieve maximum returns while minimising risks. The group has in the past been able to actively
source financing through public offerings, shareholder loans and third party loans. A 1% change in interest rates on the
group’s net cash (cash and cash equivalents less borrowings) would result in a US$5.9 million (2008: US$2.6 million) impact
on profit before tax.
The group typically holds financial investments with an average maturity of 30 days to ensure adequate liquidity. The
maturity of borrowings is set out in note 16 and the maturity of all other financial liabilities is set out in note 22. In the
ordinary course of business, the group receives cash from the proceeds of its gold sales and is required to fund working
capital requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve market-related
returns while minimising risks. The group is able to actively source financing at competitive rates. The counterparts are
financial and banking institutions of good credit standing. Management believes that the working capital resources, by
way of internal sources and banking facilities, are sufficient to fund the group’s currently foreseeable future business
requirements.
GROUP COMPANY
Effective Effective
Amount rate for the Amount rate for the
Maturity date Currency US$000 year (%) US$000 year (%)
Cash and cash equivalents:

All less than 90 days US$ 589 681 0.35 575 674 0.35
The other financial instruments of the group that are not included in the tables above are non-interest bearing and are
therefore not subject to interest rate risk.
Concentration of credit risk

The group’s derivative financial instruments and cash balances do not give rise to a concentration of credit risk because it
deals with a variety of major financial institutions. Its receivables and loans are regularly monitored and assessed.
Receivables are impaired when it is probable that amounts outstanding are not recoverable as set out in the accounting
policy note for receivables. Gold bullion, the group’s principal product, is produced in Mali. The gold produced is sold to
the largest accredited gold refinery in the world. Credit risk is further managed by regularly reviewing the financial statements
of the refinery. The group is further not exposed to significant credit risk, as cash is received within a few days of the sale
taking place. Included in receivables is US$40.9 million net of a present value provision (2008: US$8.7 million) (Refer to
note 7) relating to indirect taxes owing to Morila and Loulo by the State of Mali, which are denominated in FCFA. Receivables
also include advances to MDM totalling US$10.5 million net of present value provision (2008: US$12.1 million)
(Refer to note 26). Available-for-sale financial assets consists of a portfolio of auction rate securities. The trading market
for these instruments has become substantially illiquid as a result of current conditions in the credit markets. The company
continues to receive interest on the auction rate securities. (Refer to note 13). A 10% negative change in the fair value of
the auction rate securities will result in a loss of US$2.9 million (2008: US$4 million) related to these assets.
Capital risk management

The group’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost
of capital. In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the
industry, the group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total
capital. Net debt is calculated as total borrowings (including borrowings and trade and other payables, as shown in the
consolidated statement of financial position) less cash and cash equivalents. Total capital is calculated as equity, as shown
in the consolidated statement of financial position, plus net debt.

GROUP
US$000 2009 2008

Capital risk management (continued)
Total borrowings (1 284) (2 762)
Less: cash and cash equivalents 589 681 257 631
Net cash 588 397 254 869
Total equity 1 683 260 688 141
Total capital 1 094 863 433 272
Gearing ratio 0% 0%
Maturity analysis
The following table analyses the group’s financial liabilities into the relevant maturity groupings based on the remaining
period from the statement of financial position to the contractual maturity date. As the amounts disclosed in the table are
the contractual undiscounted cash flows, these balances will not necessarily agree with the amounts disclosed in the
statement of financial position.
GROUP COMPANY
Trade and Expected Other Trade and
other future interest financial other
US$000 payables Borrowings payments Derivatives liabilities payables
At 31 December 2009
Financial liabilities
Within 1 year, on demand 82 080 1 050 396 25 312 - 21 321
Between 1 and 2 years - 234 100 - - -
Between 2 and 3 years - - - - - -
After 5 years - - - - 2 945 -
Total 82 080 1 284 496 25 312 2 945 21 321
At 31 December 2008
Within 1 year, on demand 48 110 1 478 425 37 388 - 6 108
Between 1 and 2 years - 950 396 15 749 - -
Between 2 and 3 years - 334 100 - - -
After 5 years - - - - 3 032 -
Total 48 110 2 762 921 53 137 3 032 6 108

22 FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table shows the carrying amounts and fair values of the group’s financial instruments outstanding at
31 December 2009 and 2008. The fair value of a financial instrument is defined as the amount at which the instrument
could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
GROUP COMPANY
Carrying Fair Carrying Fair Carrying Fair Carrying Fair
Categories of amount value amount value amount value amount value
financial 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec
US$000 instruments 2009 2009 2008 2008 2009 2009 2008 2008
Financial assets
Cash and cash Loans and
equivalents receivables 589 681 589 681 257 631 257 631 575 674 575 674 251 305 251 305
Available-for-sale
financial assets
categorised as
level 1
Available-for-sale Available-
financial assets for-sale 17 810 17 810 - - 16 014 16 014 - -
Available-for-sale
financial assets
categorised as
level 2
Available-for-sale Available-
financial assets for-sale 29 020 29 020 38 600 38 600 29 020 29 020 38 600 38 600
Receivables Loans and
receivables 127 078 127 078 56 902 56 902 11 487 11 487 2 489 2 489
Loans to subsidiaries Loans and
and joint ventures receivables - - - - 443 404 443 404 231 966 231 966
Accounts payable Other
financial
liabilities 82 080 82 080 48 110 48 110 21 321 21 321 6 108 6 108
Current portion Other
of long term financial
borrowings liabilities 1 050 1 050 1 478 1 478 - - - -
Long term borrowings Other
(excluding loans from financial
outside shareholders) liabilities 234 234 1 284 1 284 - - - -
Liabilities on forward
gold sales cate-
gorised as level 1
Liabilities on forward Derivatives
gold sales used for
(note 18) hedging 25 312 25 312 53 137 53 137 - - - -
Government of Other financial
Mali loan liabilities 2 945 2 695 3 032 2 642 - - - -
Loans from
subsidiaries Loans and
and joint ventures receivables - - - - 94 922 94 922 41 785 41 785
The table above shows the level of the fair value valuation hierarchy applied to financial instruments carried at fair value.
The total financial assets valued using level 1 is US$17.8 million (company: US$16 million), level 2 US$29 million (company:
US$29 million) and level 3 US$nil. The only financial liabilities carried at fair value are valued using level 1 US$25.3 million
(company: US$ nil). There have been no transfers between the levels of fair value hierarchy during the year. Randgold
does not hold any financial instruments that are fair valued using a level 3 valuation.
Refer to notes 3 and 13 for details on the valuation technique used for available-for-sale financial assets.

GROUP
Forward Forward
Carrying sales sales
US$000 amount ounces US$/oz
22 FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

Financial instruments
Details of the group’s on statement of financial position
forward gold sale contracts as at 31 December 2009
(all treated as cash flow hedges):
Maturity dates
Year ended 2010 25 312 41 748 500
Total 25 312 41 748 500
Details of the group’s on statement of financial position

forward gold sale contracts as at 31 December 2008
(all treated as cash flow hedges):
Maturity dates
Year ended 2009 37 388 84 996 435
Year ended 2010 15 749 41 748 500
Total 53 137 126 744 456
These financial instruments were taken out as part of the Loulo project financing, but some of the contracts which matured
in 2006 have been rolled forward. For ounces delivered into hedges the net cash proceeds from the sales will be limited
to the forward price per the contract as per the previous table. These profits/losses have already been recognised in profit
or loss, at the original designated delivery date.
A security package associated with the corporate revolving credit facility which was put in place in May 2007 includes a
pledge over Randgold’s shareholding in Loulo and Morila and the intermediate shareholding companies, a first ranking
pledge over the existing and any future hedging arrangements and upstream guarantees from the companies which hold
Randgold’s interest in the Loulo and Morila mines. Randgold cancelled the facility in 2009, but the security package will
remain in place until such time as all the hedges have been delivered into.
GROUP
31 Dec 31 Dec
US$000 2009 2008
The hedge book liability as stated at present will realise as follows:

Amounts deferred in equity which will reduce/(increase) revenue in future periods
2009 - 36 053
2010 14 242 4 919
14 242 40 972
The non-cash losses on rolled forward contracts for previously designated dates
which have already been recognised in profit or loss
2009 - 1 335
2010 9 544 9 544
The ineffective loss portion of hedging contracts previously recognised 1 526 1 286
Total fair value 25 312 53 137
Movement in the hedging reserve

Opening balance (40 972) (73 823)
Transfer to profit for the period 44 339 35 901
Fair value movement on financial instruments (17 609) (3 050)
Closing balance (14 242) (40 972)
Estimation of fair values

Receivables, accounts payable, bank overdrafts and cash and cash equivalents
The carrying amounts are a reasonable estimate of the fair values because of the short maturity of such instruments. Long
term receivables are discounted using the effective interest rate which approximates to a market related rate. The rates
used and the fair values are stated in note 7.

22 FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

Long term borrowings
The fair value of market-based floating rate long term debt is estimated using the expected future payments discounted at
market interest rates.
The fair value for the loans from minority shareholders is based on estimated project cash flows which have been discounted
at 3% (2008: 3.5%).
Gold price contracts

The fair value of gold price forward sales contracts has been determined by reference to quoted market rates at year end
statement of financial position dates (Refer to note 3). The forward price of gold is sensitive to fluctuations in the gold spot
price, interest rates and the gold lease rate.
The following table shows a sensitivity analysis of the mark-to-market valuations of Randgold’s hedges as at
31 December 2009:
Impact on mark-to-market valuation of financial liabilities – forward gold sales

Sensitivity to change in gold price at 31 December 2009
Loulo (100%)
Change in US$ gold price 20 10 5 2 0 (2) (5) (10) (20)
Mark-to-market (US$million) (26.1) (25.7) (25.5) (25.4) (25.3) (25.2) (25.1) (24.9) (24.5)
Sensitivity to change in average US$ interest rate at 31 December 2009

Loulo (100%)
Change in rate 1.00% 0.50% 0.20% 0.00% (0.20%) (0.50%) (1.00%)
Mark-to-market (US$million) (25.4) (25.4) (25.3) (25.3) (25.3) (25.2) (25.2)
Sensitivity to change in gold lease rate at 31 December 2009

Loulo (100%)
Change in rate 1.00% 0.50% 0.20% 0.00% (0.20%) (0.50%) (1.00%)
These movements will affect profits when the relevant forward contracts expire.
There will be a corresponding impact on equity.
Effect of change in gold price on profit and loss at 31 December 2009

Change in rate 20% 10% 0% (10%) (20%)
Effect on profit and loss (US$million) 81.2 40.6 0.0 (40.6) (81.2)
Impact on mark-to-market valuation of financial liabilities – forward gold sales

Sensitivity to change in gold price at 31 December 2008
Loulo (100%)
Change in US$ gold price 20 10 5 2 0 (2) (5) (10) (20)
Mark-to-market (US$million) (55.5) (54.3) (53.7) (53.4) (53.1) (53.9) (52.6) (52.0) (50.8)
Sensitivity to change in average US$ interest rate at 31 December 2008

Loulo (100%)
Change in rate 1.00% 0.50% 0.20% 0.00% (0.20%) (0.50%) (1.00%)
Sensitivity to change in gold lease rate at 31 December 2008

Loulo (100%)
Change in rate 1.00% 0.50% 0.20% 0.00% (0.20%) (0.50%) (1.00%)
These movements will affect profits when the relevant forward contracts expire.
There will be a corresponding impact on equity.
Effect of change in gold price on profit and loss at 31 December 2008

Change in rate 20% 10% 0% (10%) (20%)
Effect on profit and loss (US$million) 60.6 30.3 0.0 (30.3) (60.6)

GROUP
31 Dec 31 Dec
US$000 2009 2008
23 COMMITMENTS AND CONTINGENT LIABILITIES

Capital expenditure contracted for at statement of financial position date
but not yet incurred is:
Property, plant and equipment 135 810 40 260
The group’s capital commitments relating to the Morila joint venture amounts to US$3.3 million (2008: US$0.6 million).
There are no contingent liabilities for Morila. The group’s capital commitments relating to the Kibali joint venture amount
to US$2.3 million (2008: nil). There are no contingent liabilities for Kibali.
Capital commitments also include commitments relating to Tongon of US$110 million (2008: US$28 million).
Operating lease commitments

The lease relates to the oxygen plant at Loulo leased from Maligaz. The duration of the contract is 10 years and the contract
is renewable for additional periods of five years thereafter. The lease expenditure charged to the statement of comprehensive
income during the year is disclosed in note 27.
GROUP
31 Dec 31 Dec
US$000 2009 2008
The future aggregate minimum lease payments* under operating leases are
as follows:
No later than 1 year 342 347
Later than 1 year and no later than 5 years 1 368 1 387
Later than 5 years 684 694
2 394 2 428
* These payments also include payments for non-lease elements in the arrangement.
GROUP COMPANY
US$000 2009 2008 2009 2008
24 RELATED PARTY TRANSACTIONS

Management fees from Morila SA 3 320 3 381 - -
Management fees from Somilo SA 8 641 6 609 8 641 6 609
Interest earned on shareholder loans advanced to Somilo 7 013 8 801 7 013 8 801
Management fee received from Rockwell 97 56 - -
In terms of the operator agreement between Morila SA and AngloGold Ashanti Services Mali SA, a management fee,
calculated as 1% of the total sales of Morila, is payable to AngloGold Services Mali SA quarterly in arrears. With effect
from 15 February 2008, Randgold Resources (through Mining Investment Jersey Limited) assumed responsibility for the
operatorship of Morila SA and accordingly receives payment of the management fees.
Randgold Resources (through Randgold Resources (Somilo) Ltd) is the operators of Somilo.
Seven Bridges Trading 14 (Pty) Ltd provided administration services to Rockwell Resources RSA (Pty) Ltd. Dr DM Bristow
is a non-executive director of Rockwell Resources International. The balances outstanding at year end related to Rockwell
were negligible (2008: nil).
Refer to note 11 for details of the inter-company balances between the group companies as at 31 December 2009.
Refer to note 11 for details of the company’s investments in and loans to subsidiaries and joint venture within the group.

GROUP
31 Dec 31 Dec
US$000 2009 2008
24 RELATED PARTY TRANSACTIONS (continued)

Key management remuneration
Short term employee benefits 9 491 14 194
Share-based payments 5 472 3 070
Total 14 963 17 264
This includes compensation for two executive directors (2008: Two), eight non-executive directors (2008: Eight) and thirteen
executive management personnel (2008: Twelve). Refer to directors’ and executives’ profiles on pages 6, 7 and 12 and
13 for detail of their roles and responsibilities.
25 NON-GAAP INFORMATION
Randgold has identified certain measures that it believes will assist understanding of the performance of the business.
As the measures are not defined under IFRS they may not be directly comparable with other companies’ adjusted measures.
The non-GAAP measures are not intended to be substitute for, or superior to, any IFRS measures or performance but
management has included them as these are considered to be important comparables and key measures used within the
business for assessing performance. These measures are further explained below.
Total cash costs and cash costs per ounce are non-GAAP measures. Total cash costs and cash costs per ounce are
calculated using guidance issued by the Gold Institute. The Gold Institute was a non profit industry association comprised
of leading gold producers, refiners, bullion suppliers and manufacturers. This institute has now been incorporated into the
National Mining Association. The guidance was first issued in 1996 and revised in November 1999. Total cash costs, as
defined in the Gold Institute’s guidance, include mine production, transport and refinery costs, general and administrative
costs, movement in production and ore stockpiles, transfers to and from deferred stripping where relevant and royalties.
Under the company’s revised accounting policies, there are no transfers to and from deferred stripping.
Total cash costs per ounce are calculated by dividing total cash costs, as determined using the Gold Institute guidance, by
gold ounces produced for the periods presented. Total cash costs and total cash costs per ounce are calculated on a
consistent basis for the periods presented. Total cash costs and total cash costs per ounce should not be considered by
investors as an alternative to operating profit or net profit attributable to shareholders, as an alternative to other IFRS
measures or an indicator of our performance. The data does not have a meaning prescribed by IFRS and therefore amounts
presented may not be comparable to data presented by gold producers who do not follow the guidance provided by the
Gold Institute. In particular depreciation, amortisation and share-based payments would be included in a measure of total
costs of producing gold under IFRS, but are not included in total cash costs under the guidance provided by the Gold
Institute. Furthermore, while the Gold Institute has provided a definition for the calculation of total cash costs and total
cash costs per ounce, the calculation of these numbers may vary from company to company and may not be comparable
to other similarly titled measures of other companies. However, Randgold believes that total cash costs per ounce is a
useful indicator to investors and management of a mining company’s performance as it provides an indication of a
company’s profitability and efficiency, the trends in cash costs as the company’s operations mature, and a benchmark of
performance to allow for comparison against other companies.
Cash operating costs and cash operating costs per ounce are calculated by deducting royalties from total cash costs.
Cash operating costs per ounce are calculated by dividing cash operating costs by gold ounces produced for the periods
presented. Gold sales and the average price received are non GAAP measures. Gold sales represent the sales of gold at
spot and the gains/losses on hedge contracts which have been delivered into at the designated maturity date. It excludes
gains/losses on hedge contracts which have been rolled forward to match future sales. This adjustment is considered
appropriate because no cash is received/paid in respect of these contracts. Average price received is calculated by dividing
gold sales by gold ounces sold. Profit from mining activity is calculated by subtracting total cash costs from gold sales for
all periods presented.

25 NON-GAAP INFORMATION (continued)

The following table reconciles gold sales, total cash costs and profit from mining activity, as non-GAAP measures, to the
information provided in the statement of comprehensive income, determined in accordance with IFRS, for each of the years
set out below:
GROUP
Year Year
ended ended
31 Dec 31 Dec
US$000 2009 2008
Gold sales on spot 476 553 374 110

Profit/(loss) on hedging contracts (43 773) (35 538)
Elimination of inter-company sales 1 414 -
Gold sales 434 194 338 572
Mine production costs 196 318 186 377
Movement in production inventory and ore stockpiles 5 741 (21 865)
Transport and refining costs 1 594 2 053
Royalties 25 410 19 730
Other mining and processing costs 19 073 13 675
Elimination of inter-company sales 1 047 -
Total cash costs 249 183 199 970
Profit from mining activity 185 011 138 602
Depreciation and amortisation (28 502) (21 333)
Exploration and corporate expenditure (51 111) (45 163)
Finance income 3 444 9 335
Other income 8 975 4 194
Other expenses (242) (363)
Finance costs (1 915) (3 338)
Elimination of inter-company sales (367) -
Profit before income tax 105 713 71 584
26 SIGNIFICANT UNCERTAINTIES RELATING TO TRANSACTIONS WITH A CONTRACTOR

The directors believe that the group is entitled to recover US$59.3 million from MDM Ferroman (Pty) Ltd (‘MDM’) (in liquidation),
the contractor which was responsible for construction of the Loulo mine (‘the project’) until the main construction contract
was taken back on 30 December 2005. This comprises payments totalling US$32 million which have been capitalised as
part of the cost of the project, US$15.2 million in respect of damages arising from the delayed completion of the project,
and advances of US$10.5 million (net of a present value and impairment provision of US$1.1 million) (2008: US$12.1 million)
included in receivables.
Of this latter amount, US$7 million is secured by performance bonds and the remainder is secured by various personal
guarantees and other assets. As part of the group’s efforts to recoup the monies owed, MDM was put into liquidation on
1 February 2006. This resulted in a South African Companies Act Section 417 investigation into the business and the
financial activities of MDM, its affiliated companies and their directors. This investigation was concluded in June 2007 and
the liquidators are expected to release a statement of MDM’s assets and liabilities shortly. The directors believe that the
group will be able to recover the US$10.5 million included in receivables. However, this is dependent on the amounts
which can be recovered from the performance bonds, personal guarantees and other assets provided as security. Any
shortfall is expected to be recovered from any free residue accruing to the insolvent estate. The recovery process has
commenced with summons being issued against creditors who received payment from MDM in terms of the Insolvency
and Companies Acts and against the insurance company which issued the performance bonds. The aggregate amount
which will ultimately be recovered cannot presently be determined. Recovery of the other US$47.2 million is dependent
on the extent to which the group’s claim is accepted by the liquidators and the amount in the free residue. The ultimate
outcome of this claim cannot be determined at present. The financial statements do not reflect any adjustment to the cost
of the Loulo development that may arise from this claim, or any additional income that may arise from the claim for damages,
or any charge that may arise from MDM’s inability to settle amounts that are determined to be payable by MDM to the
group in respect of the Loulo development.

GROUP
Year Year
ended ended
31 Dec 31 Dec
US$000 2009 2008
27 MINING AND PROCESSING COSTS AND OTHER DISCLOSABLE ITEMS

Mining and processing costs comprise:
Mine production costs 196 318 186 377
Movement in production inventory and ore stockpiles 5 741 (21 865)
Depreciation and amortisation 28 502 21 333
Other mining and processing costs 19 073 13 675
249 634 199 520
The above includes:
Operating lease payments 342 347
Impairment of receivables 1 017 -
Other income includes a profit of US$10.7 million (2008: nil) realised on the sale of the
Kiaka project in Burkina Faso. Refer to note 13 for more details.
28 EXPLORATION AND CORPORATE EXPENDITURE

Exploration and corporate expenditure comprise:
Exploration expenditure 21 829 15 268
Corporate expenditure 29 282 29 895
51 111 45 163
29 FINANCE INCOME AND COSTS

Finance income - interest income 1 876 9 335
Finance income - net foreign exchange gains on financing activities 1 568 -
Finance income 3 444 9 335
Interest expense – borrowings (1 423) (1 628)
Finance costs – net foreign exchange loss on financing activities - (1 267)
Unwind of discount on provisions for environmental rehabilitation (492) (443)
Finance costs (1 915) (3 338)
Finance (loss)/income – net (8 051) (4 353)
Interest income arises on cash and cash equivalents and available-for-sale assets which are carried at fair value.
The interest income on available for sale assets was US$0.6 million for the year ending 31 December 2009
(2008: US$1.9 million). Interest expenses arise on borrowings measured at amortised cost.

30 ACQUISITION OF JOINT VENTURE INTEREST IN MOTO GOLDMINES LTD

On 15 October 2009 the acquisition of 100% of Moto Goldmines Ltd (‘Moto’), as announced on 5 August 2009, was
completed. Randgold and AngloGold Ashanti, through their indirect jointly owned subsidiary, now control Moto, having
acquired all 111 085 009 outstanding Moto common shares.
The acquisition had the following effect on the group’s assets and liabilities:
Book Fair value Fair

US$000 values adjustments values
Fair value of Moto net assets acquired at acquisition date:

Cash and cash equivalents 9 440 9 440
Property, plant and equipment 1 024 1 024
Mineral properties 226 170 8 707 234 877
Trade and other receivables 3 851 3 851
Available-for-sale financial assets 3 150 3 150
Inventory 11 11
Trade and other payables (3 911) (8 707) (12 618)
Non-controlling interest (46 060) (46 060)
193 675 - 193 675
Randgold on acquisition share of net assets acquired (50%) 96 838
Fair value of the net consideration paid by Randgold 327 824

Less Randgold share of fair value of Moto assets and liabilities acquired (96 838)
Excess of fair value of consideration paid over fair value of net assets acquired 230 986
The fair value adjustments arise in respect of under-provided taxation liabilities and payments due to the DRC government.
The excess of fair value of consideration paid over the fair value of the net assets acquired of US$231 million is wholly attributed
to mineral properties as it represents the gold resources of the Kibali gold project; Moto owns a 70% interest in the Kibali
project and therefore following the acquisition of the joint venture interest in Moto, Randgold had an indirect 35% interest in
Kibali Goldmines SPRL which holds the licence in respect of the Kibali gold project. Randgold’s 50% share in Moto has been
proportionately consolidated from 15 October 2009 and a 15% non-controlling interest in Kibali Goldmines SPRL recognised.
No deferred taxation liability arose on the transaction, as the transaction constituted an acquisition of a joint venture interest
and not a business combination.
Fair
US$000 values
The fair value of the consideration paid by Randgold comprises:

Fair value of 6 628 769 shares issued at the market price of US$72.92 483 370
Cash consideration paid to Moto shareholders 76 864
Net cash consideration paid to Moto warrant and option holders 705
Fair value of 50% of the share options issued to Moto option holders 10 094
Less cash consideration paid by AngloGold Ashanti (76 864)
Less cash paid by AngloGold Ashanti to Randgold (171 233)
Transaction costs 4 888
Total consideration paid by Randgold 327 824
Acquisition of further interest in the Kibali project

On 22 December 2009 Randgold, in conjunction with its joint venture partner AngloGold Ashanti, completed the acquisition
of 20% of Kibali Goldmines SPRL, through their indirect jointly owned subsidiary Kibali (Jersey) Ltd. The cash consideration
paid was US$113.6 million and therefore each company paid US$56.8 million for their respective 10% shareholding.
Randgold also incurred US$1.2 million of transaction costs bringing the total consideration for Randgold’s 10% interest to
US$58 million. The fair value of the net assets acquired was US$14.5 million. The excess of the fair value of the
consideration paid over the fair value of the net assets acquired of US$43.5 million has been wholly attributed to mineral
properties as it represents the increase in Randgold’s interest in the gold resources of the Kibali gold project.
As a result of this further acquisition Randgold has a 45% interest in Kibali Goldmines SPRL; 35% is held indirectly through
its joint venture interest in Moto Goldmines Ltd and 10% indirectly through its joint venture interest in Kibali (Jersey) Ltd. As
a result the non-controlling interest recognised in respect of Kibali Goldmines SPRL has been reduced from 15% to 5%
from 22 December 2009.
31 POST STATEMENT OF FINANCIAL POSITION EVENTS

No significant post statement of financial position events occurred.

00 Markers (R) 3/25/10 8:37 AM Page 9
SHAREHOLDERS’ INFO
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151-160 Shareholding(R) 3/25/10 8:42 AM Page 2
# Chairman of nomination and governance committee

~ Chairman of audit committee
@ Chairman of remuneration committee
* Member of nomination and governance committee
^ Member of audit committee
$ Member of remuneration committee
DIRECTORY
DIRECTORS AUDITORS
Philippe Liétard # (Chairman) BDO LLP
Dr D Mark Bristow (CEO)
Norborne P Cole Jr @ * LEGAL COUNSEL
Christopher L Coleman * ^ $ Ashurst (London)
Dr Kadri Dagdelen ^ Fulbright & Jaworski LLP (New York)
Robert I Israel *
Ogier (Jersey)
Graham P Shuttleworth (CFO)
Dr Karl Voltaire ~ $
Jon K Walden ^
BROKERS
Bank of America Merrill Lynch
Arbuthnot Securities
SECRETARY AND REGISTERED OFFICE
David J Haddon
La Motte Chambers, La Motte Street
FINANCIAL ADVISER
HSBC Bank plc
St Helier Jersey, JE1 1BJ Channel Islands
Tel: +44 1534 735 333 LISTING

Fax: +44 1534 735 444 Randgold Resources Limited was listed on the
London Stock Exchange on 1 July 1997 (trading
symbol: RRS) and began trading on the Nasdaq
REGISTRARS
National Market on 11 July 2002 (trading symbol:
Computershare Investor Services
(Jersey) Limited GOLD).
PO Box 83, Ordnance House
31 Pier Road St Helier, Jersey INVESTOR RELATIONS
JE4 8PW Channel Islands To obtain additional information about the company
or to be placed on the company’s distribution list,
UK TRANSFER OFFICE contact:
Computershare Services plc Kathy du Plessis
7th Floor, Jupiter House Randgold Investor Relations
Triton Court 14 Finsbury Square La Motte Chambers
London, EC2A 1BR UK La Motte Street, St Helier, Jersey
JE1 1BJ Channel Islands
UNITED STATES DEPOSITARY

Tel/Mobile: +44 20 7557 7738
American Depositary Receipts
Fax: +44 1534 735 444
The Bank of New York
E-mail: [email protected]
Shareholder Relations Department
101 Barclay Street, New York
NY 10286 USA
Our website is regularly updated to supply you with the latest information on the company.
www.randgoldresources.com
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OPERATIONS
BURKINA FASO MALI (continued)
Randgold Resources Burkina Faso SARL Morila gold mine
242, Rue 13.03 Gandaogo Tel: +223 66 75 04 30/38/43/45/46/52/55
Secteur 13, Zone du Bois 01 BP 4771 Fax: +223 66 75 01 90
Ouagadougou 01, Burkina Faso
Tel: +226 50 36 39 36 SENEGAL
Fax: +226 50 36 31 46 Randgold Resources (Senegal) Ltd
67 Ave André Peytavin, BP 887
CÔTE D’IVOIRE Dakar, Senegal
Randgold Resources Côte d’Ivoire SARL Tel: +221 33 849 17 80
22 Rue des Hortensias, L125 Boulevard Latrille Fax: +221 33 849 17 84
Cocody Ambassade 01, BP 1216, Abidjan 01
Côte d’Ivoire
Tel: +225 22 48 23 60 SOUTH AFRICA
+225 22 40 09 30 Seven Bridges Trading 14 (Pty) Ltd
Fax: +225 22 44 38 51 Level 0, Wilds View, Isle Of Houghton
Carse O’Gowrie Road
Tongon gold mine Houghton Estate
Tel: +225 08 30 87 87 Johannesburg 2198
South Africa
DEMOCRATIC REPUBLIC OF THE CONGO PO Box 3011, Houghton, 2041
Kibali Goldmines SPRL South Africa
Croisement des avenues Colonel Tel: +27 11 481 72 00
Ebeya et Hôpital Fax: +27 11 481 72 46
Commune de la Gombe, Kinshasa
Democratic Republic of the Congo TANZANIA
Tel: +243 812 532 441 Randgold Resources Tanzania (T) Ltd
+243 99 051 1006 Plot 173, Block D Isamilo, Mwanza
Tanzania
GHANA Tel: +255 282 50 09 74
Inter Afrique Holdings Fax: +255 282 50 20 89
21 Examination Loop North Ridge, Accra, Ghana
Tel: +233 21 24 56 72
Fax: +233 21 24 56 72
UGANDA
Border Energy East Africa Pty Ltd
MALI Plot 110, Alice Reef Road
Randgold Resources Mali SARL Entebbe
Faladié, 6448 Avenue de l’oua, BP E1160 PO Box 34493 Kampala, Uganda
Bamako, Mali Tel: +256 414 25 85 52
Tel: +223 20 20 38 58 Fax: +256 414 25 85 48
+223 20 20 20 06
+223 20 20 16 94 UNITED KINGDOM
Fax: +223 20 20 44 07 Randgold Resources (UK) Ltd
+223 20 20 81 87 1st Floor, 2 Savoy Court, Strand
London WC2R 0EZ
Kankou Moussa SARL United Kingdom
Tel: +223 20 20 35 57 Tel: +44 20 7557 7730
Fax: +223 20 20 44 07 Fax: +44 20 7557 7734
Loulo gold mine
Tel: +223 21 51 30 00/01/02/03/05/07
Fax: +223 21 51 30 04/06
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ANALYSIS OF
SHAREHOLDING
as at 31 December 2009
SHAREHOLDING ANALYSIS Number % of Number % of

of share- of shares
Size of shareholding (Jersey share register) shareholders holders shares* in issue
1 - 10 000 699 75.40 1 006 432 1.12

10 001 - 25 000 81 8.74 1 319 766 1.46
25 001 - 50 000 49 5.29 1 789 546 1.99
50 001 - 500 000 87 9.39 12 513 226 13.89
500 001 - 1 000 000 7 0.75 5 054 372 5.61
Over 1 000 000 4 0.43 68 419 577 75.93
Total 927 100.00 90 102 919 100.00
* This excludes restricted shares which have not vested by 31 December 2009 and ordinary shares, including ordinary shares represented
by American Depositary Shares (‘ADSs’) currently held by Computershare Investor Services, Inc on trust for former shareholders of Moto,
who have yet to claim the ordinary shares (or ADSs, as applicable) to which they are entitled following the acquisition of Moto Goldmines
Limited in October 2009.
SHAREHOLDING OVER 5 PER CENT

The share register of Randgold, Jersey, Channel Islands, reflects only one holder, being BNY (Nominees) Ltd, as holding more
than 5% of the issued ordinary share capital of the company. It is noted that these shares are held for and on behalf of ADR
holders. For post year end notifications refer to the facing page.**
TOP TEN INSTITUTIONAL SHAREHOLDERS BY SUPERGROUP# % total

shares
2009 outstanding 2008
FMR LLC 12 378 238 13.74 11 474 740

BlackRock, Inc 11 016 617 12.23 10 543 045
American International Group, Inc 7 187 595 7.98 4 839 660
Wells Fargo & Co 4 610 234 5.12 6 502 146
Legal & General Group Plc 3 643 356 4.04 3 316 540
Power Financial Corp 3 245 492 3.60 2 926 236
Massachusetts Mutual Life Insurance Co 2 862 600 3.18 3 609 621
Franklin Resources, Inc 2 428 290 2.70 2 177 600
Wellington Management Co LLP 1 873 310 2.08 5 609
AGF Funds, Inc 1 585 386 1.76 1 406 302
TOP TWENTY INSTITUTIONAL INVESTORS BY SUPERGROUP#

Millions of shares Dec 2009 Dec 2008
12
10
0
BlackRock, Inc
American International
Group, Inc
FMR LLC
Financial, Inc
Prudential
Wells Fargo & Co
Legal & General
Power Financial
Massachusetts Mutual
Franklin Resources, Inc

Life Insurance Co
Group Plc
Wellington
Management
State Street Corp
S. Bleichroeder
Arnhold &
Holdings, Inc
Corp
Co LLP
JP Morgan Chase
& co, Inc
Tocqueville Asset
AGF Funds, Inc
Management LP
Legg Mason, Inc

GAMCO
Investors
UBS AG
USAA
ASA Ltd
# For ‘Supergroup’ underlying fundholders refer to the facing page. Source: Capital Precision
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GEOGRAPHICAL DISTRIBUTION OF
% total
COMBINED INSTITUTIONAL SHARES Shares shares
IDENTIFIED Country Holders held outstanding
United States 173 51 467 516 57.12

Canada 30 6 382 066 7.08
Bermuda 1 4 135 0.00
Brazil 1 800 0.00
Total Americas 205 57 854 517 64.21
Total United Kingdom 116 21 872 436 24.27
Switzerland 32 1 766 620 1.96
France 20 1 491 786 1.66
Germany 25 1 290 449 1.43
Norway 4 546 649 0.61
Netherlands 12 469 096 0.52
Luxembourg 15 466 397 0.52
Ireland 5 97 931 0.11
Austria 7 63 530 0.07
Sweden 8 46 962 0.05
Portugal 3 44 959 0.05
Denmark 8 34 388 0.04
Italy 6 23 196 0.03
Belgium 3 22 794 0.03
Finland 4 11 688 0.01
Spain 5 8 119 0.01
Liechtenstein 2 8 059 0.01
% Czech Republic 1 4 000 0.00
United States 57.12 Slovenia and Estonia 2 1 203 0.00
United Kingdom 24.27 Total Europe 162 6 397 826 7.10
Japan 17 1 175 306 1.30
Canada 7.08
Singapore 4 594 651 0.66
Switzerland 1.96 Kuwait 1 486 117 0.54
France 1.66 Australia 8 157 821 0.18
United Arab Emirates 2 108 274 0.12
Germany 1.43 China 2 14 436 0.02
Rest of Europe 2.19 Israel 2 5 807 0.01
Japan 1.30 South Korea 1 3 512 0.00
New Zealand 1 1 162 0.00
South Africa 1.11 India 1 540 0.00
Rest of the world 1.88 Saudi Arabia 1 459 0.00
Total Asia Pacific/Middle East 40 2 548 085 2.83
South Africa 6 1 003 147 1.11
Democratic Republic of the Congo 1 113 694 0.13
Mauritius 1 290 0.00
Source: Capital Precision Total Africa 8 1 117 131 1.24
** Shareholders over 5% – post year end notifications Massachusetts Mutual Life Insurance Co: OppenheimerFunds, Inc,
Subsequent to 31 December 2009, Randgold was notified of the following Baring Asset Management Ltd (UK), Baring Asset Management, Inc
changes in a major interest in shares: Franklin Resources, Inc: incl Franklin Templeton Investments Corp
On 8 January 2010, by BlackRock Inc of an indirect interest in 11 188 315 Wellington Management Co LLP: incl Wellington Management
ordinary shares (11.55% of the then issued share capital). International Ltd
On 3 February 2010, by Wells Fargo and Company of an indirect interest AGF Funds, Inc
in 4 563 676 ordinary shares (5.07% of the then issued share capital). State Street Corp: State Street Global Advisors Ltd (UK), State Street Global
On 16 February 2010, by FMR LLC of an indirect interest in 13 436 365 Advisors, State Street Global Advisors (Japan) Co Ltd, State Street Global
ordinary shares (15.00% of the then issued share capital). Advisors (France) SA, State Street Global Advisors (Australia) Ltd, State Street
On 17 February 2010, by Van Eck Associates Corporation of an indirect Global Advisors Canada Ltd, State Street Global Advisors (Asia) Ltd, State
interest in 6 825 244 ordinary shares (7.6% of the then issued share Street Global Advisors Singapore Ltd
capital). Arnhold & S. Bleichroeder Holdings, Inc: First Eagle Investment
Management LLC
# Top 20 Supergroup institutional investors – underlying GAMCO Investors, Inc
fundholders at 31 December 2009 Tocqueville Asset Management LP
FMR LLC: Fidelity Management & Research, Fidelity Investments (UK), UBS AG: UBS Wealth Management AG (Switzerland), UBS Global Asset
Pyramis Global Advisors LLC Management (UK) Ltd, UBS Global Asset Management (Zurich) AG, UBS
BlackRock, Inc: Blackrock Investment Management (UK) Ltd, BlackRock Securities LLC, UBS (Luxembourg) SA (Wealth Management), UBS Global
Advisors UK Ltd, BlackRock Advisors LLC, Blackrock Asset Management Asset Management (Deutschland) GmbH, UBS Global Asset Management
(Canada) Ltd, BlackRock Japan Co. Ltd United Services Automobile Assoc (USAA): USAA Investment
American International Group, Inc: Van Eck Global, AIG Global Investment Management Corp
Group Wells Fargo & Co: Wells Capital Management, Inc, Evergreen Legg Mason, Inc: Royce & Associates LLC
Investment Management Co, Inc, Wells Fargo Advisors LLC, Wells Fargo JPMorgan Chase & Co, Inc: JPMorgan Asset Management (UK) Ltd,
Investments LLC JPMorgan Securities Ltd (UK), JPMorgan Asset Management, Inc,
Legal & General Group Plc: Legal & General Investment Management Ltd JPMorgan Securities, Inc
Power Financial Corp: Mackenzie Financial Corp, IG Investment Prudential Financial, Inc: Jennison Associates, LLC, The Prudential
Management Ltd, GWL Investment Management Ltd, Putnam Investment Insurance Co of America
Management, Inc ASA Ltd
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GROUP COMPANIES
at 31 December 2009
COUNTRIES OF INCORPORATION % effective COUNTRIES OF INCORPORATION % effective

Name of company ownership Name of company ownership
JERSEY CÔTE D’IVOIRE

Randgold Resources Ltd - Randgold Resources (Côte’d’Ivoire) SARL 100
Randgold Resources (Burkina) Ltd 100 Société des Mines de Tongon SA 89
Randgold Resources (Côte d’Ivoire) Ltd 100
Randgold Resources (Kibali) Ltd 100 DEMOCRATIC REPUBLIC OF THE CONGO
Randgold Resources (Mali) Ltd 100 Kibali Goldmines SPRL 45
Randgold Resources (Senegal) Ltd 100
Randgold Resources (Somilo) Ltd 100
MALI
Randgold Resources T1 Ltd 100
Randgold Resources T2 Ltd 100 Randgold Resources Mali SARL 100
Randgold Resources T3 Ltd 100 Société des Mines de Morila SA 40
Mining Investments (Jersey) Ltd 100 Société des Mines de Loulo SA 80
Morila Ltd 50 Kankou Moussa SARL 75
RAL 1 Ltd 50
Kibali (Jersey) Ltd 50 SOUTH AFRICA
Kibali 2 (Jersey) Ltd 50 Seven Bridges Trading 14 (Pty) Ltd 100
Kibali Services Ltd 50
TANZANIA
AUSTRALIA
Randgold Resources Tanzania (T) Ltd 100
Moto Goldmines Australia (Pty) Ltd 50
Border Energy (Pty) Ltd 50
THE NETHERLANDS
Westmount Resources NL 50
Border Resources NL 50 Kibali Cooperatief UA 50
BURKINA FASO UGANDA

Randgold Resources Burkina Faso SARL 100 Border Energy East Africa (Pty) Ltd 50
CANADA UNITED KINGDOM

Moto Goldmines Ltd 50 Randgold Resources (UK) Ltd 100
0858065 BC Ltd 50
RANDGOLD SHARE PRICE PERFORMANCE VS HSBC GLOBAL GOLD MINING AND FTSE 100 INDICES
Index Volumes traded (millions)

200 7
150
5
4
100
3
2
50
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
2009 2010
Volumes traded (LSE & Nasdaq) Randgold (LSE) TSR* (£) Randgold (Nasdaq) TSR* (US$) HSBC Global Gold Index (US$) FTSE 100 TSR*
(rebased to 100 at 1 January 2009)

156 RANDGOLD RESOURCES | ANNUAL REPORT 2009 * Total shareholder return
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NOTICE OF THE ANNUAL

GENERAL MEETING
Notice is hereby given that the annual general meeting of the company will be held in the conference
room of the Atlantic Hotel, St Bredale, Jersey, JE3 8HE, Channel Islands on 4 May 2010 at 08h30
for the following business:
ORDINARY BUSINESS OF THE COMPANY accordingly will be subject to re-election on an annual

1 To receive and adopt the company’s financial basis.
statements for the year ended 31 December 2009
and the reports of the directors and the auditors 5 To re-elect Norborne Cole Jr (whose appointment
thereon. automatically ends on the day of the annual general
meeting in accordance with the articles of association)
2 To elect Kadri Dagdelen (whose appointment as a non-executive director. Mr Cole was initially
automatically ends on the day of the annual general appointed to the board in May 2006. Mr Cole retired
meeting in accordance with the articles of association) after many years’ service to the Coca-Cola
as a non-executive director. Dr Dagdelen was organisation as the CEO of Coca-Cola Amatil based
appointed to the board on 29 January 2010 and his in Sydney Australia. Since retirement, Mr Cole has
election is recommended by the board. and continues to serve as a director for other listed
and unlisted companies. He is the company’s senior
Dr Dagdelen is Denver based and is currently a independent director, chairs the remuneration
Professor and Departmental Head at the Colorado committee and is a member of the nomination and
School of Mines’ Department of Mining Engineering. governance committee. Mr Cole is deemed an
Dr Dagdelen serves as a member of the audit independent non-executive director.
committee. In terms of the definitions of the
Combined Code and the Sarbanes-Oxley Act, 6 To re-elect Karl Voltaire (whose appointment
Dr Dagdelen is deemed an independent non- automatically ends on the day of the annual general
executive director. meeting in accordance with the articles of association)
as a non-executive director. Dr Voltaire was initially
3 To re-elect Philippe Liétard (whose appointment appointed to the board in May 2006. Dr Voltaire
automatically ends on the day of the annual holds a PhD in finance and economics from the
general meeting in accordance with the articles University of Chicago and subsequently spent
of association) as a non-executive director. 23 years with the World Bank Group in Washington
Mr Liétard was initially appointed to the board in DC. Subsequently he was a director of the Office of
February 1998. On 4 November 2004, Mr Liétard the President at the African Development Bank. He
was appointed the non-executive chairman of the was the CEO of the Nelson Mandela Institute from
company. Mr Liétard also chairs the nomination and 2005 to 2009, and is currently a member of the
governance committee. He is an independent Board of Trustees of the African University of Science
consultant and promoter of mining and energy and Technology. Dr Voltaire chairs the audit committee
investments and currently serves as a director of the and is a member of the remuneration committee.
Rocheambeau Foundation. He is deemed an independent non-executive director.
4 To re-elect Robert Israel (whose appointment 7 To receive and adopt the report of the remuneration
automatically ends on the day of the annual general committee.
meeting in accordance with the articles of association)
as a non-executive director. Mr Israel was initially 8 To approve fees payable to directors as follows:
appointed to the board in July 1997. Mr Israel is a a) A general annual retainer to all non-executive
partner at Compass Advisers LLP and his experience directors of US$50 000.
in corporate finance, especially in the natural resources b) An annual committee assignment fee per
sector, extends over 30 years. He serves as a committee served:
member of the nomination and governance i. audit committee US$35 000;
committee. In terms of the definitions of the Combined ii. remuneration committee US$25 000; and
Code and the Sarbanes-Oxley Act, Mr Israel is not iii. nomination and governance committee
deemed an independent non-executive director and US$10 000.
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NOTICE OF THE ANNUAL GENERAL MEETING (continued)
c) The chairman of a board committee to receive Reasons and effects

an additional premium to the committee The reason for special resolution number 1 is to create
assignment fee of US$15 000. 20 000 000 new ordinary shares of US$0.05 each to
d) The senior independent director, in addition to ensure that the company has sufficient new ordinary
the general annual retainer but in lieu of shares to fulfil the requirements of any new issue of
any committee assignment fee, to receive ordinary shares which might occur. This increase
an additional US$85 000. represents a 20% increase in the authorised share
e) The non-executive chairman, in addition to capital of the company. The effect of the special
the general annual retainer but in lieu of any resolution is to create those new shares and thereby
committee assignment fee, to receive an increase the authorised share capital of the company
additional US$170 000. from US$5 000 000 to US$6 000 000.
f) An award to each director of ‘restricted’ shares
being 1 200 ordinary shares per year. The shares The reason for special resolution number 2 is to reflect
are to vest over a three year period from the date in the company’s memorandum of association the new
of the award, being 1 January 2011. Vesting authorised share capital pursuant to the increase thereof
would accelerate on the following conditions: in terms of special resolution number 1. The effect of
i. termination other than resignation or the special resolution is to amend paragraph 4 of the
dismissal; company’s memorandum of association.
ii. voluntary retirement after the age of 65 with
a minimum of three years’ service as a The reason for special resolution number 3 is to reflect
director; and in the company’s articles of association the new
iii. change in control of the company. authorised share capital pursuant to the increase thereof
in terms of special resolution number 1. The effect of
9 To re-appoint BDO LLP as auditors of the company. the special resolution is to amend Article 4.1 of the
company’s articles of association accordingly.
SPECIAL BUSINESS
10 a) Special Resolution Number 1: NOTES
“Resolved as a special resolution that, the The register of directors’ interests and copies of all service
memorandum of association of the company be contracts of the company will be available during normal
and it is hereby altered in accordance with Article business hours at the registered office from the date of this
38 (1)(a) of the Companies (Jersey) Law 1991 notice until the conclusion of the meeting. A member entitled
(“the Law”) such that the authorised share capital to attend and vote at the meeting may appoint one or more
of the company be and it is hereby increased proxies to attend, vote, speak and act in his/her stead.
from US$5 000 000 to US$6 000 000 by the A proxy need not be a member of the company. For the
creation of an additional 20 000 000 ordinary convenience of members who are unable to attend the
shares of US$0.05 ranking pari passu with the meeting but wish to be represented thereat, a proxy form is
ordinary shares of US$0.05 and having the rights attached. Attention is drawn to the fact that, if it is to be
and obligations set out in the existing articles of effective, a completed proxy form must reach Computershare
association of the company.” Investor Services (Jersey) Limited, at least 48 hours (Saturdays,
b) Special Resolution Number 2: Sundays and public holidays excluded) before the time
“Resolved as a special resolution that, subject to appointed for the meeting, being 12h00 on Thursday 29 April
the passing of special resolution number 1 to be 2010.
proposed at the annual general meeting convened
to consider this resolution, paragraph 4 of the By order of the board
company’s memorandum of association be
amended to read as follows:
“4 The capital of the company is
US$6 000 000 divided into 120 000 000
shares of US$0.05 each.”
c) Special Resolution Number 3:
“Resolved as a special resolution that, subject to David J Haddon
the passing of special resolution number 1 and Secretary
special resolution number 2 to be proposed at
the annual general meeting convened to consider 15 March 2010
this resolution, Article 4.1 of the company’s articles
of association be amended to read as follows:
“4.1 The authorised share capital of the company
is US$6 000 000 divided into 120 000 000
ordinary shares of US$0.05 each.”
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Registration Number 62686
PROXY FORM
for the annual general meeting to be held on Tuesday 4 May 2010 at 08h30
I/We
of
being the holders of ordinary shares
hereby appoint
of
or failing him
of
or failing him, the chairman of the meeting as my/our proxy to vote for me/us and on my/our behalf at
the annual general meeting of shareholders of the company to be held in the Conference Room of the
Atlantic Hotel, St Bredale, Jersey, JE3 8HE, Channel Islands at 08h30 on 4 May 2010 and at every
adjournment of that meeting.
Please indicate with an ‘X’ or tick in the appropriate space below how you wish your votes to be cast.
Vote
Agenda item Vote for against Abstain
1 ORDINARY RESOLUTION
Adoption of the directors’ report and accounts
Election of director Kadri Dagdelen (member of the audit committee)
Re-election of director Philippe Liétard (chairman of the company and
chairman of the nomination and governance committee)
Re-election of director Robert Israel (member of the nomination and
governance committee)
Re-election of director Norborne Cole Jr (senior independent director,
chairman of the remuneration committee and member of the nomination and
governance committee)
Re-election of director Karl Voltaire (chairman of audit committee, member
of the remuneration committee)
Adoption of the report of the remuneration committee
Approve the fees payable to directors
Re-appoint BDO LLP as auditors of the company
10 SPECIAL RESOLUTION
a) Special resolution number 1 - Increase of authorised share capital
b) Special resolution number 2 - Amend paragraph 4 of the
memorandum of association
c) Special resolution number 3 - Amend Article 4.1 of the
articles of association
Signed at on 2010
Signature(s)
Assisted by me (WHERE APPLICABLE)

Full names of signatory if signing in a representative capacity. Please use block letters.
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NOTES TO
PROXY FORM
for the annual general meeting to be held on Tuesday, 4 May 2010 at 08h30
Instructions for signing and lodging the annual general meeting proxy form:
1 A deletion of any printed matter and the completion of any blank spaces need not be signed or initialed.
Any alterations must be signed, not initialed.
2 The chairman shall be entitled to decline to accept the authority of any signatory:
under the power of attorney; and
on behalf of the company,
unless the power of attorney or authority is deposited at the office of the company’s registrars being
Computershare Investor Services (Jersey) Limited (see details below) not less than 48 hours (Saturdays,
Sundays and public holidays excluded) before the time of holding the meeting.
3 The signatory may insert the name of any person(s) whom the signatory wishes to appoint as his proxy
in the blank spaces provided for that purpose.
4 When there are joint holders of shares and if more than one such joint holder be present or represented,
then the person whose name appears first on the register in respect of such shares or his proxy, as
the case may be, shall alone be entitled to vote in respect thereof.
5 The completion and lodging of this form of proxy will not preclude the signatory from attending the
meeting and speaking and voting in person thereat to the exclusion of any proxy appointed in terms
hereof should such signatory wish to do so.
6 If the signatory does not indicate in the appropriate place on the face hereof how he wishes to vote
in respect of any resolutions, his proxy shall be entitled to vote as he deems fit in respect of that
resolution.
7 The chairman of the general meeting may reject or accept any proxy form which is completed other
than in accordance with these instructions, provided that he is satisfied as to the manner in which a
member wishes to vote.
8 If the shareholding is not indicated on the form of proxy, the proxy will be deemed to be authorised
to vote the total shareholding registered in the shareholder’s name.
REGISTRARS
Computershare Investor Services (Jersey) Limited
PO Box 83
Ordnance House
31 Pier Road, St Helier
Jersey JE4 8PW
Channel Islands
Tel: +44 1534 825 203
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Cover (R) 3/25/10 8:36 AM Page 2
WEST AFRICA
Key assets
MASSAWA LOULO MALI
GOUNKOTO
Dakar
SENEGAL
BURKINA
FASO
Contents
Bamako
Ouagadougou
GUINEA
MORILA
TONGON
SIERRA
LEONE CÔTE GHANA
AFRICA LIBERIA
WEST Accra
AFRICA
600km
CENTRAL
SHAREHOLDERS’
CAMEROON
UGANDA KENYA
CONGO
DIARY
OF CONGO BURUNDI
Kinshasa
ANGOLA ZAMBIA
600km
Archean
Mesoproterozoic
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
funding Massawa
major new
discovery

Composite
Cover (R) 3/25/10 8:36 AM Page 1
Randgold Resources
|
Annual Report 2009
Annual Report 2009
|
Broadening horizons

2010.

Composite

Complete Annual Report 2009

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Cover (R) 3/25/10 8:36 AM Page 1

Randgold Resources (‘Randgold’) financed and built the

Randgold’s current major projects are Gounkoto on the Loulo

Randgold Resources (‘Randgold’) financed and built the

Randgold’s current major projects are Gounkoto on the Loulo

Randgold Resources Limited

RANDGOLD RESOURCES | ANNUAL REPORT 2009 161

Randgold Resources Limited

RANDGOLD RESOURCES | ANNUAL REPORT 2009 161

London Stock Exchange: RRS

Gold sales* 434 194 338 572

RANDGOLD RESOURCES | ANNUAL REPORT 2009 01

OUR STRATEGY CONTINUES

02 RANDGOLD RESOURCES | ANNUAL REPORT 2009

What we’re working on

Advance Gara underground

Complete and commission Tongon

Complete Gounkoto and Massawa

Progress Kibali for first production

Continue to build resource base

RANDGOLD RESOURCES | ANNUAL REPORT

The record results achieved in 2009, the most challenging year in

This process is taking place in a complex operating environment and in markets

04 RANDGOLD RESOURCES | ANNUAL REPORT 2009

Randgold has grown in a relatively short time from a junior explorer to a

The development of people and partnerships ranks alongside the discovery

Share price (Nasdaq: GOLD) (US$)

Philippe Liétard Share price (LSE: RRS) (£)

RANDGOLD RESOURCES | ANNUAL REPORT 2009 05

Philippe Liétard D Mark Bristow

06 RANDGOLD RESOURCES | ANNUAL REPORT 2009

Photographed in January 2010 while inspecting the newly constructed

Graham Shuttleworth Robert I Israel *

Christopher Coleman * ^ $ Jon Walden ^

RANDGOLD RESOURCES | ANNUAL REPORT 2009 07

At the beginning of 2009, we knew we were in for a tough year

On the corporate front, we had a successful fully registered equity placement,

Operations beat the odds

08 RANDGOLD RESOURCES | ANNUAL REPORT 2009

of a complex plant expansion project as well as the demands of a difficult

Our Morila joint venture was successfully converted to a stockpile treatment

Tongon takes shape

Progressing the new discoveries

RANDGOLD RESOURCES | ANNUAL REPORT 2009 09

Getting to grips with Kibali

The engine that drives the train

10 RANDGOLD RESOURCES | ANNUAL REPORT 2009

we now have a strong presence in both world-class gold regions in Africa

Our exploration success is also evident in the continued growth of our

Strengthening the team and the systems

Following a group-wide review, we have also started implementing a new

to advance Gounkoto, Massawa and Kibali towards development; and

RANDGOLD RESOURCES | ANNUAL REPORT 2009 11

12 RANDGOLD RESOURCES | ANNUAL REPORT 2009

RANDGOLD RESOURCES | ANNUAL REPORT 2009 13

Total revenue for the group of US$432.8 million increased by 28%

Expenditure on exploration and corporate costs increased by US$6.0 million.

14 RANDGOLD RESOURCES | ANNUAL REPORT 2009

As reported in the 2008 accounts, the company is invested in a portfolio of

Property, plant and equipment increased significantly year on year