LONDON (Reuters) – African miner Randgold Resources (RRS.L) is looking to make its first acquisition outside its home continent in North and South America to diversify its portfolio of assets, its chief executive Mark Bristow told Reuters.
The London-listed miner has invested throughout the commodity price downturn, generated cash and steadily increased dividends while rivals have been struggling with big debts taken on to fund acquisitions and expansion.
Flush with cash, Randgold is on the hunt for gold mines outside Africa. “We have $900 million of ammunition to do anything that arises,” Bristow said. “We would rather stay in our time zone and go West. So South America, North America, the Americas in general,” he said, declining to name any countries.
Africa’s main metals producers, including the Democratic Republic of Congo, Tanzania and South Africa, have recently moved to review mining regulations and codes, spooking potential investors.
“There hasn’t been genuine exploration in Sub-Saharan Africa in the last few years,” he said. “This move to review the mining codes since the collapse of the (commodity) Supercycle has chased away serious explorers.”