Good afternoon, ladies and gentlemen. And welcome to the Randgold Q4 International Investor Call. My name is Bridget and I’ll be your coordinator for today’s conference. For the duration of the call, you’ll be on listen-only. However at the end of the presentation, you’ll have the opportunity to ask questions. [Operator Instructions]. I would now hand you over to your host, CEO Dr. Mark Bristow to begin today conference call. Thank you.

Thank you, Bridget. And good afternoon or good morning ladies and gentlemen out of the U.S., and afternoon to those, phoning in from the U.K., Europe and South Africa. And at mid-day U.K. time today we delivered out our presentation outlining the results for the year 2014 as well as the quarter four of 2014. And my intention this evening is, this morning for you in the Americas is to run you through a quick summary of that presentation. I don’t intend to do it in as much detail because it is available on our website as a webcast. And you can go back and pick up all the details if you would like to. There was a less, really looking at the results as a whole, a solid set of results first successive year of production growth and eight year in a row that our numbers have justified and increased in the dividend to shareholders. And I think what’s very important as we’ve always said is, we’ve been able to do this without really increasing our outstanding shares in the market, our total outstanding shares have grown by just over - just under 3%. I think the results as well impressive, when you look at context of this period with gold prices being in the three-year bear market extractive industries are generally floundering and the global economic here remains quite jittery. And on top of the standard numbers that everyone look, to I think the real underlying four scenarios alters the fact that we have been able to grow cash sitting on just under a $100 million in cash and gold on hand. And we’ve also been able to replace reserves that we mined last year using the same criteria as we’ve been doing now for three years and…

Thank you. [Operator Instructions]. Our first question comes from the line of Josh Wolfson from Dundee Capital. Please go ahead with your question Josh.

Hi, good morning everyone. I just had two questions. And the first one it was, I guess if you’re able to provide any more information on the Mali tax claim which looks like it grew from the last result. And what the status is of the current arbitration? And then also if you have any perspectives on some of the developments more recently in DRC I guess really to pick those politics? And I guess the potential changes to the mining code? That’s it.

Okay, Josh. Malian tax claim, well we’ve got two. We got the disputed one which is now under arbitration in Paris and in fact where that price is just happening as we speak. And we expect a final outcome for that from this year. The latest taxes are a result of a recent review for ‘11, ‘12 and ‘13 tax years. And it’s more of the same really as Mali tax authorities drive their case home. As Graham will tell you we haven’t done, we’ve been strict with our advisors and auditors and we have made provisions where we think it’s appropriate. But most of the stuff is very clearly in contravention with our convention. And we certainly strong relationships with all the key ministries, the Ministry of Finance, the cabinets has just been reshuffled again and the Ministry of Finance has been replaced along with a few other ministers. So, yes, I think we’re pretty comfortable that we’ll find a proper outcome of this. And we’ve invested a lot of money on the basis of our conventions. And over the 20 years, we’ve really never got a situation where we have a grace of confrontation. And we all agree that the best way to deal with disputes even if it’s from the tax authorities applying incorrect legislation. Because you remember this, multiple mining codes and we have a grandfather clause on our codes which goes back to 1991. And we all agree the best way is to allow our competent authority to rule on this disagreement. And we’re confident about the outcome. So that’s really the situation. We continue to work with Malian authorities and yes, we’re a very big player in that economy. And we continue to do so, and in fact I’ll be standing next to the…

September, it’s still the same.

September, October, it’s really where we got to an engagement and then we had the whole Cameroon reshuffle where we had very low guidance in the signing the ministry as woken up to the fact that it’s going to do something. And wants to try false that through parliament and state it for review. Yes, our point is that, we had got to a point where there were two major issues that we hadn’t reached term senses and that is the royalty structure. Although it was within range, it was how we structured the range and whether we provided some scope for deferring industries and remoteness of the projects that were being developed. And the second one was the stability clause which is absolutely crucial if the DRC wants to build on the - it’s really very real successes of the past two decades. The other point is that we think debating and reminding people is that, the DRC’s mining industry is, it’s been developed under a myriad of different turns. And it’s only very recently that the latest, that the code is being applied to fairly large investments like Kibali. All the others or many - most of the others are, have been developed under specific product deals or side deals or deals through the Paris Ethos. And we’re saying that the code is not the way to address that. Because if you rather model just with the current code, and you’re rare-neck the mining industry through that, the government should be getting a substantial portion percentage of the revenue. And they’re suggesting that not. So, yes, this sounds to me like a very important way opportunity for the transparency initiative to play its role. And so that’s what we’ve said. And we’ve said to government, if you feel you’re not getting the revenues, then there is, and the mining industry, mining charges are working less, putting commission together and understand where the money is leaking, because it should be coming because with absolutely no fear of price reduction, DRC current mining code is one of the most aggressive as Africa, it’s not the most aggressive on a tax basis. And so that’s where it is. And we’re, as you know, probably the Congo DRC is a place where if you keep quiet you’re approved. And so we’re as an industry are committed to continuing the debate we’re mindful that it’s important to keep it constructive and that’s what we will do.

Okay. And just on the prior comments you made, that you have made provisions or is it appropriate for the Malian tax, I guess claims. What were the provisions or in what quantity provisions were made?

Graham.

It’s a service place of a tax claim. Yes. So, we previously had provisioned about $14 million. We’ve added another $13 million, so we’ve got about $27 million provisioned.

Okay. So nothing, nothing that would cause you to use that credit for something else more or less?

No, I mean, we’ve obviously been conservative to be honest. We don’t believe it would even be that amount but we’ve been conservative in our provision.

Okay. That’s all the questions I had. Thank you very much.

Thanks Josh.

Thank you. Our next question comes from the line of Patrick Chidley from HSBC. Please go ahead with your question, Patrick.

Hi, good day everybody. Just questions on Loulo, just on the underground plans for 2015, I hope if you could sort of outline a bit more detail as to what the expected tons at Gara and Yalea would be, as well as some developments meters as well planned?

Yes, I think Patrick, just one thing you reminded me of is, we don’t, we have still got to a proper tax holiday in Gounkoto, I thought you would ask that. We’re looking at a 60-40 ratio out at Loulo and Gounkoto. We don’t like giving you all the details, either your job is not to write-down mines. We’ve given you in the profile on year-by-year basis. And we would like to rotate some of that flexibility to manage these businesses. So, yes, when I see you, I’ll take you through the mine-ore. But at this stage that’s - we’ve looked at 60% Loulo underground 40% Gounkoto. We keep that profile pretty well right through the five-year period.

All right.

So, that and any other throughput hasn’t changed at all. I mean, our mulling, planned mulling is 4.4 million tons for this year. And then we really top our, we’ll move to 4.6 million tons flat for the rest of the - if you do the rest of the tick that’s what it is.

Okay, all right, thanks. And…

All right, sorry, and Yalea is 120 and Gara is about 100, but yes, that’s - so now I’ve given you then numbers.

Well, thanks a lot. Okay, is there any open pit planned or anything outside of in the Loulo area that you might be thinking about like going back to some of those older areas or is that?

No, I think those will come in a higher gold price if we saw in the 10-year plan, yes. So right to saying they’re coming in the 10-year plan when you fade out all the capital and we’re just marginal costing.

Okay, that’s very useful. And then, I mean, I know this is detail again, but can you tell on what the strip ratio of Gounkoto might be roughly speaking?

Strip ratio going forward?

Just lift here?

It’s the same as what we told you last year.

Okay.

It’s about 12, look let me check, because I’ve got - I’ll just quickly check that number Patrick. So let’s go to the next question, I’ll tell you as soon as I.

Okay. Next question would be, the Megi part, I didn’t get to whether or not that was included in the total resource already and new sort of addition for the resources?

Yes, it’s in the resource, yes, it’s in our resource.

You asked me for the strip ratio of Gounkoto or Tongon?

Gounkoto.

Okay. Gounkoto, strip ratio is for 2015 is 15.

Okay, thanks. Great. And then in terms of the Loulo paced drill, as you issued in Q4 and those are the things that you said are fixed, are they?

Yes. We got to have a few issues Patrick as we go along. One thing I can say is Gara is now outperforming Yalea because we just got a draught. And we’ve still got some teething problems in here Yalea, particularly on the reticulations that we know we can got a bit of work to do to take out some of the bends and make it more efficient. And at the same time, remember we’re always forcing the mix. We’ll aggregate less cement in less slime, and every now and then we get it, we miscue I mean. We’ve got pretty good at cleaning the pops. Yes, I think well, after a month, push it along a bit, but what really gives us comfort is how quickly the Gara team has got up to on top of that. So, we don’t know, we don’t want to say it’s perfect but yes, this is a brand new size that’s and we’ve done really well at it. And we’re at work it’s the appropriate strategy, so we are cumulative in becoming experts of that. And we’re building, we’re going to build a transponder lot of learning to Kibali as well, slightly different product which we’re putting it out in modern Kibali, but still it is a lot of alerting you can get out of this, the teething problems we’ve had at Yalea.

Right, right. So, Gara is doing well, Loulo is a little?

Yes, I think that the merger, they’re not worry about the backs they’ll look at the quarter-on-quarter development and see how it’s coming down. And that’s the direct product I’ve been able to fill in the probably stripes and get into immediate stuffs.

Got it, yes, okay, thanks. And how about some, just on M&A, you mentioned that you’re reviewing opportunities and there is the restructuring, the gold industry is up-changing silver and gold. You said similar things that the industry by November, I’m wondering if anything has changed in terms of how you, what you view that there are opportunities or are you thinking opportunities have gone away a little bit primarily?

It’s up, what I’m saying is and I’ll say this to you for a while. This dynamic situation - I think it’s more the industry is on lot more stressed than certainly you, everyone else think. And anyhow everyone is delaying, there is a lot of high-grading going on, so we’re bringing the cliffs, there is a big cliff coming at us as an industry. And we’re bringing it forward, and it’s, and the gold price is not going to, I think that the gold price is definitely on a better trend. And my view is that it’s going to trend the same as it did out of the edging process. There is a big demand but yes, industry, just keep pumping ounces into the supply side. And you’re going to take the company, if you look at that turn, upturn from 2001, it took four years before you really saw the benefits of the higher gold price. I think we’re in, and really that slope is going to be dependent on whether the industry against form proactive deals with its reinvention or it’s got a weight around praying for a higher gold price until the intensity drives it to do so. And so, it’s not, and one thing we’ve learnt is, don’t go and dig out M&A in a market that’s not sure about where it’s positioned because there are many people that have paid premiums in a market that changes very quickly just often as in you look like a banana. So we don’t like looking like bananas.

All right. Many thanks. Okay. Well, thanks hearing Mark and thanks very much [indiscernible]?

I mean, the big fact Patrick is exploration and exploration and exploration, we know that 25 of those big ones at dedicates again. So, your holidays are going to look a lot more stressed over the next couple of quarters.

Well, I’m sure you’d come up with the goods, looks like you’ve got some good opportunities that several hope deserving.

Thank you. Our next question comes from the line of Max Reith [ph] from Merger Markets. Please go ahead with your question Max.

Hello Mark, and gentlemen, thanks for taking the question. Patrick really asked a question that I was focused on. But I’m wondering if Mark you can give any more detail about what outside growth could be attractive to Randgold?

Hi Max, yes. Anything that has the potential for 3 million ounces or more of valuable gold that will deliver 20% internal real rate of return at a long-term gold price of $1,000.

Thanks very much.

Thank you. We currently have no further questions coming through. [Operator Instructions]. We have no further questions coming through. So I hand you back to your host to conclude today’s conference call.