Randgold CEO sees reserves up over 60 pct

West African-focused gold miner Randgold Resources expects its reserves to grow more than 60 percent when it releases its updated figures in March, Chief Executive Mark Bristow told Reuters.

"That will definitely be more than 60 percent because we should have Gounkoto reserves in by then," he said. The latest estimates for the Gounkoto project, close to Randgold's flagship Loulo complex in Mali, are for an inferred mineral resource of 2.65 million ounces based on a scoping study.

Earlier on Monday, the FTSE 100-listed company posted a better-than-expected surge in annual profit and brought forward by one year the expected start up of production from the Kibali project to January 2014, pushing the shares higher.#

The shares were up 6.3 percent at 4,476 pence at 0903 GMT, outperforming a 3.2 percent rise in the UK mining index. Bristow said the Kibali joint venture could be accelerated further if the relocation of locals, a critical issue, can be shortened and the site cleared earlier.

Randgold and AngloGold Ashanti Ltd have a 90 percent stake in Kibali, one of the largest undeveloped gold deposits in Africa, with the Democratic Republic of Congo holding the remaining 10 percent.

Overall, gold production rose to 488,255 ounces from 428,426 ounces in 2008, helped by record production from Loulo. Bristow said Loulo continued to produce at record levels last month.