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Randgold Says Century-Old Mine's Reserves May Rise Fourfold

The amount of gold buried at Ghana’s Obuasi mine, an operation dating back to 1897, is so vast the site may hold four times current declared reserves, said Randgold Resources Ltd., the London-listed producer that’s agreed to help turn the project around.

Randgold, working on plans to rebuild the AngloGold Ashanti Ltd. mine, identified 6 million ounces of reserves at 8 to 12 grams a metric ton, Chief Executive Officer Mark Bristow said, compared with the estimate now of 5.6 million ounces at 6 grams of gold a ton.

"It’s still early days but the potential is probably 20 million ounces," Bristow said. “The problem with Obuasi is 100 years of legacy all round. Can you convert this world class ore...