Document:

<PAGE>

THIS AGREEMENT is made the 16th day of December 2002

BETWEEN: -

         (1) ROLLS-ROYCE POWER VENTURES LIMITED whose registered office is at
Allington House, 150 Victoria Street, London SW1E 5LB ("RRPV");

         (2) SYAMA POWER PLANT SALES LIMITED whose registered office is at
Allington House, 150 Victoria Street, London SW1E 5LB ("SYPPS");

         (3) OPERATION D'ENERGIE DE SYAMA S.A. whose registered office is at
Avenue de l'OUA, BP 3013, Barnako, Mali ("OES");

         (4) SOCIETE DES MINES DE SYAMA S.A. whose registered office is at 104,
Rue 21, Hippodrome, BP E1160, Barnako, Mali ("SOMISY");

         (5) RANDGOLD RESOURCES LIMITED whose registered office is at La Motte
Chambers, St. Helier, Jersey JE1 1BL ("RRL"); and

         (6) RANDGOLD & EXPLORATION COMPANY LIMITED whose registered office is
at 5 Press Avenue, Selby, Johannesburg 2025, South Africa ("RECL")

WHEREAS: -

         A. SOMISY and RRPV (on behalf of itself and, after notice was given on
23 February 2001 pursuant to Clause 2.4 of the DTA, SYPPS) entered into an
agreement dated 25 February 2000 (the "DTA") for the provision of works and
services in relation to the provision of power to a gold mine at Syama, Mali, as
more particularly described in the DTA;

         B. By a guarantee dated 25 August 2000 (the "Guarantee"), RRL and RECL
guaranteed the obligations of SOMISY under the DTA;
<PAGE>

         C. SOMISY and RRPV (on behalf of itself and, once notice was given on
23 February 2001, OES) entered into an agreement dated 25 February 2000 (the
"ESA") under which OES agreed to operate and maintain the power generation
facility for the provision of electricity to SOMISY for 10 years;

         D. Disputes have arisen between SOMISY and SYPPS under the DTA and
between SYPPS and RRL and RECL under the Guarantee in relation to which SYPPS
issued a Claim Form in the Technology and Construction Court (reference number
HT-02-41) on 8 February 2002;

         E. The parties have agreed to resolve the disputes and potential
disputes arising under and in connection with the DTA, the ESA and the Guarantee
on the terms set out in this Agreement provided always that nothing contained in
this Agreement constitutes any admission of liability by any party in relation
to any claims that any other party might have against them in relation to the
DTA, the ESA or the Guarantee whether pleaded in the Litigation or not.

NOW IT IS HEREBY AGREED as follows: -

1.       DEFINITIONS

         1.1 Whenever the following terms appear in this Agreement they shall
have the meanings stated below, unless the context requires otherwise:

         "AGREEMENT" means this agreement;

         "ASSOCIATED COMPANY" means any company, body corporate, firm,
         partnership or other legal entity in respect of which any of the Somisy
         Parties have or establish or acquire for

                                      -2-
<PAGE>

         the purposes of the New Project a Controlling Interest within a two (2)
         year period from the date of this Agreement;

         "BANKING DAY" means a day on which banks are open for business in
         London;

         "CONTROLLING INTEREST" means in relation to another company or other
         legal entity:-

                  (i) the majority of the voting rights; or

                  (ii) the right to appoint or remove a majority of the board of
directors; or

                  (iii) the right to exercise a dominant influence by virtue of
provisions contained in the memorandum or articles or by virtue of a control
contract; or

                  (iv) control pursuant to an agreement with other shareholders
or members of a majority of the voting rights in that other company;

         "INTEREST RATE" means the rate per annum, which is the aggregate of
         LIBOR plus 2%;

         "LIBOR" means the US Dollar Libor rate for the relevant period set out
         in Clause 2.4 as set out in the "Financial Times" of London by
         convention on the day following the commencement of such period;

         "LITIGATION" means the proceedings between SYPPS, RRL and RECL in the
         Technology and Construction Court (reference number HT-02-41);

         "NEW PROJECT" means the next gold mine to be developed or opened by any
         of the Somisy Parties or any Associated Company at either Loulo in Mali
         or Tongon in

                                      -3-
<PAGE>

         the Ivory Coast, for which any person is requested or invited to bid
         for the supply of power thereto in an amount of at least 3 MW within a
         period of two (2) years from the date of this Agreement;

         "RANDGOLD COMPANY" means any of SOMISY, RRL, RECL and/or any company,
         body corporate, firm, partnership or other legal entity in which any of
         them, whether jointly or severally, hold an interest;

         "RR COMPANY" means any of RRPV, SYPPS, OES and/or any company, body
         corporate, firm, partnership or other legal entity in which any of
         them, whether jointly or severally, hold an interest;

         "SETTLEMENT SUM" means the sum of US$5,300,000 (five million and three
         hundred thousand US Dollars);

         "SOMISY PARTIES" means, together, SOMISY, RRL and/or RECL;

         "TAX" or "TAXATION" means all forms of taxation and statutory,
         governmental, state, federal, provincial, local government or municipal
         charges, duties, imposts, contributions, levies, withholdings or
         liabilities wherever chargeable and whether of the UK or any other
         jurisdiction, and any penalty, fine, surcharge, interest, charges or
         costs payable in connection with any Taxation within this definition;
         and

         "VAT" means value added tax.

         Defined terms used in this Agreement, which are not defined in Clause
         1.1 above, shall have the meanings assigned to them in the DTA, unless
         the context requires otherwise.

                                      -4-
<PAGE>

2.       PAYMENT

         2.1 Any one or more of the Somisy Parties shall pay to SYPPS the
Settlement Sum, as damages, to the account of SYPPS, account number 23957201, JP
Morgan Chase, 125 London Wall, London EC2Y 5AJ, Swift code CHASGB2L, or to such
other account as SYPPS may from time to time nominate in writing in the
following installments:

                  2.1.1 US$2,650,000 (two million six hundred and fifty thousand
US Dollars) shall be payable within twenty-one (21) days of the date of this
Agreement;

                  2.1.2 US$1,325,000 (one million three hundred and twenty five
thousand US Dollars) shall be payable on the first anniversary of the date of
this Agreement;

                  2.1.3 US$1,325,000 (one million three hundred and twenty five
thousand US Dollars) shall be payable on the second anniversary of the date of
this Agreement;

         For the avoidance of doubt SYPPS shall be obliged to pay all Taxation
         (including VAT, if applicable) due on the Settlement Sum other than any
         and all Taxation arising from the original importation of the Equipment
         into Mali.

         2.2 Interest shall accrue on any outstanding part of the Settlement Sum
at the Interest Rate and be calculated on a day to day basis on a year of three
hundred and sixty (360) days:-

                  2.2.1 in respect of the period from the date of this Agreement
until the first anniversary of the date of this Agreement, using LIBOR for the
twelve (12) month period commencing on the date of this Agreement;

                                      -5-
<PAGE>

                  2.2.2 in respect of the period from the first anniversary of
the date of this Agreement until the second anniversary of the date of this
Agreement, using LIBOR for the twelve (12) month period commencing on the date
which is the first anniversary of the date of this Agreement; and

                  2.2.3 in respect of any amount not paid when due and in
respect of the period whilst unpaid, using overnight LIBOR as quoted for each
day during which such amount is unpaid.

         2.3 Any interest unpaid when due shall be compounded with and added to
the Settlement Sum and shall itself bear interest at the Interest Rate.

         2.4 If any period would commence or payment is due on a day, which is
not a Banking Day, the Interest Rate for each period shall instead commence on
or such payment date shall be extended to the next following Banking Day.

         2.5 Interest accrued in accordance with Clause 2.2 above shall be
payable by the Somisy Parties to SYPPS together with the payment of the relevant
part of the Settlement Sum in accordance with Clause 2.1 above.

3.       RETURN OF EQUIPMENT

         3.1 SOMISY shall allow SYPPS, on fourteen (14) days' written notice to
SOMISY given at any time prior to 31 August 2003, to enter the Site for the
purposes of decommissioning and removing all items listed in Appendix 1 (the
"Equipment"). SYPPS shall be responsible for and shall pay for the
decommissioning, packaging, loading and transport of the Equipment, and

                                      -6-
<PAGE>

SYPPS shall leave the Site in a proper state of repair. SYPPS must obtain
permission from SOMISY should SYPPS decide not to remove a particular item or
items of the Equipment.

         SOMISY shall pay any outstanding import duties or other charges
         relating to the original importation of the Equipment into Mali but
         otherwise shall not be liable for any new or other Taxation arising
         from the removal by SYPPS of the Equipment.

         SOMISY hereby grants to SYPPS and its representatives a licence to
         enter the Site for the purposes stated in this Clause 3.1 and agrees to
         do all further acts and execute all further documents which may be
         necessary to effect such removal and to allow the export of any of the
         Equipment from Mali and/or the removal thereof from the Site to another
         location in Mali. For the avoidance of doubt for the purposes of this
         Clause 3.1 should SYPPS require the export from Mali of any items of
         the Equipment, SOMISY agrees to be named as exporter of such items, and
         to execute all necessary documents required, and give any other
         reasonable assistance to effect such export.

         3.2 Risk in and title to the Equipment shall remain with SYPPS.

         3.3 Any costs, which may be incurred by any party in complying with its
obligations under this Clause 3, shall be borne by that party except as
otherwise provided in Clause 3.1.

         3.4 For the avoidance of doubt, unless an item is specifically listed
as Equipment, the items referred to in the DTA as the `Balance of Plant' shall
be retained by, and risk in and title to such items shall remain vested in,
SOMISY.

                                      -7-
<PAGE>

4.       INVITATIONS TO TENDER

         4.1 RRL agrees to grant, or to procure that any of its Associated
Companies grant RRPV (or such other RR Company as from time to time may be
notified by RRPV to RRL) the opportunity to bid for any contract for the supply
of power to the New Project.

         4.2 If such RR Company does not submit a bid in a compliant form with
respect to the New Project, then RRL (or its Associated Company, as the case may
be) may award the contract for the power supply to the New Project to any third
party.

         4.3 In the event that a RR Company submits a compliant bid and, after
consideration of all compliant bids submitted for the New Project, RRL or its
Associated Company does not intend to award the New Project power supply to such
RR Company, then, before awarding the same to any third party, RRL agrees that
it (or its Associated Company, as the case may be) shall invite such RR Company
to submit a revised bid with respect to the New Project and shall consider any
revised bid so submitted by such RR Company.

         4.4 Such RR Company shall then either submit a revised bid in response
to such invitation or advise RRL or its Associated Company that it does not
intend to do so.

         4.5 RRL agrees, on behalf of itself and its Associated Companies, that
any bids submitted by any RR Company pursuant to this Clause 4 shall be given
fair and proper consideration.

         4.6 For the avoidance of doubt the provisions of this Clause 4, which
impose obligations on RRL and its Associated Companies, are not intended to
impose obligations on any person other than RRL and its Associated Companies.

                                      -8-
<PAGE>

5.       SETTLEMENT

         5.1 The parties to this Agreement agree that the terms of this
Agreement are in full and final settlement of all and any claims any of them may
have under or in relation to the DTA and/or the ESA and/or the Guarantee
(whether pleaded in the Litigation or not, whether presently existing or yet to
arise, whether presently known to the parties or not, and whether arising
pursuant to the terms of the DTA and/or the ESA and/or the Guarantee, for breach
of the DTA and/or the ESA and/or the Guarantee, in tort, for breach of statutory
duty or otherwise).

         5.2 The parties agree that nothing contained in this Agreement
constitutes an admission of liability by any party in relation to any claims
that any other party might have against them in relation to the DTA, the ESA or
the Guarantee, whether pleaded in the Litigation or not.

         5.3 Each party to this Agreement agrees that it shall bear its own
costs of negotiating and executing this Agreement.

         5.4 SYPPS, RECL and RRL shall each bear their own costs incurred in
relation to the Litigation.

         5.5 Upon execution of this Agreement, the parties to the Action pending
in the Technology and Construction Court (reference HT-02-41) shall take all
steps necessary to obtain the dismissal of that Action, with each party bearing
its own costs, and in particular shall lodge with the Court a signed Minute of
Order in the form of the attached draft, Appendix 3.

                                      -9-
<PAGE>

6.       GENERAL

         6.1 Any obligations owed by SOMISY under this Agreement are owed by
SOMISY, RRL and RECL, jointly and severally. Likewise any obligations owed by
SYPPS under this Agreement are owed by RRPV, SYPPS and OES jointly and
severally.

         6.2 SYPPS agrees on behalf of itself and all RR Companies, and the
Somisy Parties agree on behalf of themselves and all Randgold Companies, that
they shall hold in confidence this Agreement and all information and documents
relating to it and/or to the Litigation and that none of them shall issue any
public statement(s) whatsoever concerning the Litigation and/or the existence or
terms of this Agreement or any information or documents relating thereto
except:-

                  6.2.1 with the prior written consent of either RRPV, in the
case of a Somisy Party or any Randgold Company, or RRL in the case of a RR
Company, such consent not to be unreasonably withheld; or

                  6.2.2 as may necessarily be required by law, any relevant
stock exchange or other competent regulatory authority; or

                  6.2.3 in the case of a public statement which is in the form
of the jointly approved statement attached hereto as Appendix 2.

7.       RESIDUAL LIABILITIES

         The parties to this Agreement agree for the avoidance of doubt that
         there are no residual liabilities arising under or in connection with
         the DTA, ESA, the Guarantee or any associated agreements and that all
         obligations under the DTA, ESA, the Guarantee or any associated
         agreements are to be regarded as fully discharged.

                                      -10-
<PAGE>

8.       APPLICABLE LAW

         8.1 This Agreement shall be governed by and construed in accordance
with the law of England and Wales.

         8.2 The parties hereto hereby submit to the exclusive jurisdiction of
the High Court of England and Wales for the resolution of any dispute arising
under or in connection with this Agreement, subject only to the rights of the
parties to enforce a judgment obtained in the English courts in any other
jurisdiction.

         8.3 For the purposes of Clause 8.2, SOMISY, RECL and RRL hereby
irrevocably appoint Herbert Smith, solicitors, of Exchange House, Primrose
Street, London EC2A 2HS to accept service of any documents served in relation to
any proceedings relating to any dispute arising under or in connection with this
Agreement on their behalf, and RRPV, SYPPS and OES hereby irrevocably appoints
CMS Cameron McKenna, solicitors, of Mitre House, 160 Aldersgate Street, London
EC1A 4DD to accept service of any documents served in relation to any
proceedings relating to any dispute arising under or in connection with this
Agreement on their behalf.

                                      -11-
<PAGE>
`

SIGNED:

ROLLS-ROYCE POWER VENTURES LIMITED

By:    /s/ John B. Cheatham
       ----------------------------------

Name:  John B. Cheatham
       ----------------------------------

Title:
       ----------------------------------

SYAMA POWER PLANT SALES LIMITED

By:    /s/ John B. Cheatham
       ----------------------------------

Name:  John B. Cheatham
       ----------------------------------

Title:
       ----------------------------------

OPERATION D'ENERGIE DE SYAMA S.A.

By:    /s/ Mark Mencel
       ----------------------------------

Name:  Mark Mencel
       ----------------------------------

Title:
       ----------------------------------

SOCIETE DES MINES DE SYAMA S.A.

By:    /s/  C.J. Prinsloo
       ----------------------------------

Name:  C.J. Prinsloo
       ----------------------------------

Title: Financial Director
       ----------------------------------

                                      -12-
<PAGE>

By:    /s/  D. M. Bristow
       ----------------------------------

Name:  D. M. Bristow
       ----------------------------------

Title: Director
       ----------------------------------

RANDGOLD & EXPLORATION COMPANY LIMITED

By:    /s/  R.A.R. Kebble
       ----------------------------------

Name:  R.A.R. Kebble
       ----------------------------------

Title: Director
       ----------------------------------

                                      -13-
<PAGE>

APPENDIX 1

THE EQUIPMENT

5012 Engine                                                    2        Units
Turbo-chargers                                                 2        Pairs
Engine Flexibles (set of 4)                                    2        Sets
Exhaust transition pieces                                      2        Sets
Air intake transition pieces                                   2        Units
Platforms and ladders                                          2        Sets
Flexible coupling                                              2        Units
Oil mist detector                                              2        Units
Motor driven compressor                                        2        Units
Compressor control panel                                       1        Unit
Starting Air Receiver                                          2        Units
Strainer assemblies                                            2        Units
Filter / drier assembly                                        2        Units
Lubricating oil filter and cooler module                       2        Units
Fill valve assembly                                            2        Units
Diesel transfer pump                                           2        Units
Flowmeter assembly                                             2        Units
Fuel oil bus rail module                                       2        Units
Control oil module                                             2        Units
Exhaust details (Silencer, Manifold and spares)                2        Sets
Exhaust flexibles (turbocharger side)                          4        Units
Exhaust flexible (silencer side)                               2        Units
Charge air filter, site mounted                                2        Units
Charge air silencer                                            2        Units
Charge air flexibles                                           4        Units
Jacket water thermostat                                        2        Units
Secondary cooling water thermostat                             2        Units
Jacket water heating module (attached to engine)               2        Units
Air blast cooler                                               2        Units
Special engine tools                                           1        Lot
AC Generator (1 x 3.3kV and 1 x 11kV)                          2        Units
Generator neutral earthing contactor board                     2        Units
Generator neutral earthing resistor                            2        Units
LV Engine Auxiliary MCC, including local LV cables             2        Units
24V DC batteries and charger                                   1        Unit
Engine Local Control Panels including cables                   2        Units
Fuel treatment module (Alfa Laval)                             1        Unit
Oil treatment trolley (Alfa Laval)                             1        Unit
Steel structures for charge air duct and silencer support      1        Lot
Steel structures for exhaust duct and silencer support         1        Lot

<PAGE>

APPENDIX 2

DRAFT FORM OF PUBLIC STATEMENT

"Following the closure of Randgold's Syama mine in Mali, Randgold Resources and
Rolls-Royce Power Ventures have settled their dispute regarding the power supply
to that mine. The settlement includes the return to Rolls-Royce Power Ventures
of the power generation equipment. Rolls-Royce Power Ventures will be paid $5.3
million, and Randgold will retain the balance of plant relating to the mine.
Rolls-Royce Power Ventures and Randgold will continue their relationship at the
Morila mine in Mali."

<PAGE>

APPENDIX 3

IN THE HIGH COURT OF JUSTICE                                          CLAIM NO.
HT-02-41
QUEEN'S BENCH DIVISION
TECHNOLOGY AND CONSTRUCTION COURT

B E T W E E N :-

SYAMA POWER PLANT SALES LIMITED
CLAIMANT

- AND -

         (1)  RANDGOLD RESOURCES LIMITED
         (2)  RANDGOLD AND EXPLORATION COMPANY LIMITED
         DEFENDANTS

         ------------------------------------------------------------

         ------------------------------------------------------------

         DRAFT / ORDER

         ------------------------------------------------------------

UPON terms of settlement having been agreed by the parties

AND UPON the parties agreeing not to enforce any existing orders for costs

BY CONSENT IT IS ORDERED THAT:-

1.       this Action be dismissed; and

2.       there be no Order as to costs.

Dated the                           day of                    2002

We agree to an Order in the above terms  We agree to an Order in the above terms

---------------------------------------  ---------------------------------------

CMS Cameron McKenna                      Herbert Smith
Solicitors for the Claimant              Solicitors for the Defendants<PAGE>

                          FOURTH CONTRACT OF EMPLOYMENT

between

RANDGOLD RESOURCES LIMITED

(registration number 62686)
a Company incorporated in Jersey, Channel Islands
("the Company")

and

DENNIS MARK BRISTOW

(the "Employee")

<PAGE>

                                TABLE OF CONTENTS

                                                                           PAGE

1.       INTRODUCTION.........................................................1

2.       EMPLOYMENT...........................................................1

3.       DUTIES...............................................................1

4.       THIRD CONTRACT OF EMPLOYMENT.........................................3

5.       REMUNERATION PACKAGE.................................................3

6.       SECURITY.............................................................4

7.       EXPENSES.............................................................4

8.       BONUS SCHEME.........................................................4

9.       HOLIDAYS.............................................................6

10.      LIFE ASSURANCE.......................................................7

11.      APPLICATION OF PROVISIONS OF PERSONNEL MANUALS.......................7

12.      INCAPACITY...........................................................7

13.      TERMINATION..........................................................8

14.      CONFIDENTIALITY AND RESTRAINT........................................9

15.      RETURN OF COMPANY PROPERTY..........................................11

16.      DOMICILIUM..........................................................11

17.      GENERAL.............................................................13

                                      -i-

<PAGE>

THE PARTIES AGREE AS FOLLOWS:

1.       INTRODUCTION

It is recorded that--

         1.1 the Employee is at present employed by the Company in the position
of Chief Executive Officer in terms of a written contract of employment ("Third
Contract of Employment").

         1.2 the parties have negotiated and now wish to record the terms of a
further contract of employment ("Fourth Contract of Employment").

2.       EMPLOYMENT

         2.1 Notwithstanding the date of signature hereof, the Employee shall be
deemed to have been employed by the Company under this Fourth Contract of
Employment as from the 1st OCTOBER 2002 ("Commencement date").

         2.2 The employment of the Employee as Chief Executive Officer of the
Company shall continue for a minimum fixed term until 31st May 2006 and shall
continue for an indefinite period thereafter, until terminated on not less than
6 (six) month's written notice given by one party to the other, which notice may
be given so as to terminate the Employee's employment with effect from the
expiry date of the minimum fixed term or any later date.

3.       DUTIES

         3.1 As Chief Executive Officer of the Company, the Employee shall:

                  3.1.1 discharge the responsibilities and duties as set out in
the job description attached hereto and undertake such duties and exercise such
powers in relation to the Company, its associated companies and their businesses
as the board of directors of the Company (the "Board") shall from time to time
assign to or vest in him, provided, however, that the Board shall procure that
such duties and powers shall not conflict with one another;
<PAGE>

                  3.1.2 in the discharge of such duties and in the exercise of
such power observe and comply with all resolutions, regulations and directives
from time to time made or given by the Board; and

                  3.1.3 use his best endeavours to properly conduct, improve,
extend, develop, promote, protect and preserve the business interest, reputation
and goodwill of the company and its associated companies.

         3.2 For the purposes of this Agreement, "associated company" or
"associated companies" means -

                  3.2.1 any company or entity which is directly or indirectly
controlled by the Company,

                  3.2.2 any company or entity which directly or indirectly
controls the Company, or

                  3.2.3 any company or entity which is directly or indirectly
controlled by any company which also directly or indirectly controls the
Company.

         3.3 The Employee shall at all times promptly give to the Board (in
writing, if so requested) all such information and explanations as it requires
in connection with matters relating to his employment or with the business of
the Company and/or its associated companies.

         3.4 It shall be part of the normal duties of the Employee at all times
to consider in what manner and by what new methods or devices the products,
services, processes, equipment or systems of the Company and associated
companies might be improved, and promptly to give to the Secretary of the
Company full details of any invention or improvement which he may from time to
time make or discover in the course of his duties, and to further the interests
of the Company and its associated companies' undertakings with regard thereto.
Any such invention or improvement shall be the property of the Company and the
Employee shall take all steps as may be necessary and reasonably required by the
Company, at the sole expense of the Company, to

                                      -2-
<PAGE>

procure that the Company obtains complete and exclusive legal title to any such
invention or improvement.

4.       THIRD CONTRACT OF EMPLOYMENT

         4.1 This Fourth Contract of Employment supersedes the Third Contract of
Employment as from the Commencement Date.

5.       REMUNERATION PACKAGE

         5.1 As from the Commencement Date, the Employee's remuneration package
shall be US $462,000 per annum, which shall be reviewed annually with a view to
effecting appropriate annual increases.

         5.2 The composition of the Employee's remuneration package shall be the
following--

                  5.2.1 a salary which shall be equal to the difference between
US $462,000 and the cost to the Company of providing the other components of the
package set out in 5.2.2 and 5.2.3;

                  5.2.2 the contributions payable by the Company in respect of
the Employee and his wife and children to the medical aid scheme of which the
Employee is a member, all of which shall be for the account of the Company,

                  5.2.3 the monthly contributions payable by the Company in
respect of the Employee to any pension, provident and retirement annuity funds
nominated by the Employee, all of which shall be for the account of the Company.

         5.3 The Employee's salary shall be payable by equal monthly
installments (and proportionately for any lesser period, each monthly
installment being deemed to accrue rateably from day to day) in arrears on the
last day of each month.

                                      -3-
<PAGE>

6.       SECURITY

         The Company shall at its cost provide appropriate security and security
         services at the Employee's residence.

7.       EXPENSES

         7.1 The Employee shall be reimbursed for all travelling, hotel and
other out-of-pocket expenses reasonably incurred by him in or about the
discharge of his duties hereunder.

         7.2 The Employee shall be reimbursed all costs and expenses incurred by
him in connection with his home telephone.

         7.3 The Company requires the Employee to be a member of an appropriate
club for various reasons, including the entertainment of clients and customers
of the Company and shall pay the annual membership fees of such club.

         7.4 Should it become necessary during the Employee's periods of work in
West and East Africa to be evacuated from his place of work far medical reasons,
the Company shall arrange for such evacuation and the costs thereof shall be for
the Company's account.

         7.5 The Company shall meet the Employee's membership fees of such
professional bodies as it deems are required.

8.       BONUS SCHEME

         8.1 Over and above the remuneration package and other benefits
stipulated in this Fourth Contract of Employment, the Employee shall be eligible
for an annual bonus.

         8.2 The Employee shall be entitled to be paid a bonus in United States
Dollars in respect of each successive 12 month period of employment with the
Company, ending on 31st March 2003, 31st March 2004, 31st March 2005 and 31st
March 2006 ("employment period") if the ruling price of ordinary shares in the
Company for that Employment Period as defined in 8.4, is higher than the base
price for that Employment Period, as defined in 8.3.

                                      -4-
<PAGE>

         8.3 The base price shall be in the case of each of the employment
periods in respect of which a bonus is to be calculated, the weighted average
price of ordinary shares in the Company quoted on the London Stock Exchange over
the last calendar month preceding the employment period in respect of which the
bonus is being calculated.

         8.4 The ruling price for each employment period shall be the weighted
average price of ordinary shares in the Company quoted on the London Stock
Exchange over the last calendar month of that employment period.

         8.5 Should a bonus become payable to the Employee in respect of any
employment period, then the amount of such bonus shall be calculated in
accordance with the following formula:

B = 150 000 (P(2) - P(1))
-------------------------

         Where    B        is the amount of the bonus, in United States Dollars:

                  P(2)     is the ruling price for the employment period in
                           respect of which the bonus is being calculated, as
                           defined in 8.4, converted to United States Dollars at
                           the exchange rate prevailing an the last business day
                           of that employment period; and

                  P(1)     is the base price for the employment period in
                           respect of which the bonus is being calculated,
                           converted to United States Dollars at the exchange
                           rate prevailing on the last business day of the
                           employment period in respect of which the bonus is
                           being calculated.

         8.6 For the purposes of this Clause 8, the exchange rate which shall be
applied for the conversion of a Sterling amount to a United States Dollar amount
on a particular date shall be the closing buying rate for purchases of United
States Dollars in London on that date, as certified by Standard Chartered Bank,
whose certificate shall be binding upon the parties.

                                      -5-
<PAGE>

         8.7 In the above formula, the factor 150,000 (One hundred and fifty
thousand) represents a fictional shareholding of 150,000 (One hundred and fifty
thousand) shares in the share capital of the Company as presently constituted.
Should the ordinary shares in the Company which are listed in the London Stock
Exchange be consolidated or sub-divided, then the ruling price and the base
price stipulated in 8.2 and the formula in 8.5 shall be modified by agreement
between the parties in such a way as to give effect to the original intention of
the parties. In the event that the parties do not agree on the terms of such
modification, the matter shall be referred to the Company's Remuneration
Committee whose decision shall be final and binding upon the parties.

         8.8 Should the Company became subject to or involved in any
re-organisation, unbundling, scheme of arrangement or other change of
circumstances which directly or indirectly prejudices the Employee's prospective
bonus(es) under the bonus scheme as set out in this clause, then the parties
shall endeavour to reach agreement on a modified or substituted bonus scheme
which will give effect to the original intent of the bonus scheme. Failing such
agreement, the terms of the modified or substituted bonus scheme shall be
determined by the Company's Remuneration Committee, whose decision shall be
final and binding upon the parties.

         8.9 Should this agreement be terminated during the minimum fixed term
in terms of 13 or by mutual agreement between the Company and the Employee, any
bonus due to the Employee in terms of 8.2 shall be calculated proportionately
over a 12 month employment period.

9.       HOLIDAYS

         The Employee shall be entitled to 33 (thirty three) working days paid
         holiday in each successive period of 12 (twelve) months commencing on 1
         October 2002, to be taken at such times as the Board shall consider
         most convenient, having regard to the requirements of the Company's
         business.

                                      -6-
<PAGE>

10.      LIFE ASSURANCE

         Subject to the insurance company's requirements, life assurance cover
against death is provided for the Employee whilst the Employee is a member of
the Company's Provident Fund, as follows:

         10.1 3 (three) years' pensionable salary; and

         10.2 non contributory cover equal to 2 (two) years' pensionable salary,
payable in South African Rands.

11.      APPLICATION OF PROVISIONS OF PERSONNEL MANUALS

         11.1 The terms and conditions of employment as contained in any of the
Company's personnel policies and manuals are incorporated into this Agreement
and the Employee shall be bound by the provisions thereof.

         11.2 The Employee's entitlement to any benefit other than those
recorded in this Agreement shall be governed by the appropriate provisions of
the Company's personnel policies and manuals.

         11.3 It is expressly provided that such policies and manuals may be
changed, added to and/or deleted from time to time at the discretion of the
Company and it is agreed that by accepting these terms and conditions, the
Employee hereby accepts any such changes, which will be appropriately
communicated to him.

         11.4 In the event of a conflict between the provisions of the personnel
policies and manuals and the provisions of this Agreement, the provisions of
this Agreement shall override those contained in the personnel policies and
manuals.

12.      INCAPACITY

         12.1 If the Employee at any time be incapacitated or prevented by
illness, injury, accident or any other circumstance beyond his control (the
"incapacity") from discharging his

                                      -7-
<PAGE>

full duties hereunder for a total of 180 (one hundred and eighty) or more days
in any 12 (twelve) consecutive calendar months, the Company may by notice in
writing to the Employee given at any time so long as the incapacity shall
continue:

                  12.1.1 discontinue payment in whole or in part of the salary
on and from such dates as may be specified in the notice until the incapacity
shall cease; or

                  12.1.2 whether or not payment shall already have been
discontinued, terminate this Agreement forthwith or on such date as may be
specified in the notice.

         12.2 Save as hereinafter provided the salary shall, notwithstanding the
incapacity, continue to be paid to the Employee in accordance with 5, in respect
of the period of incapacity prior to such discontinuance or termination.

         12.3 Notwithstanding the above, whilst the Employee is a member of the
Company's Provident Fund, the Employee shall be covered against temporary and
permanent disability under the Company's insurance policies.

         Therefore, to the extent that the Employee receives payment of a
         disability benefit in terms of any such insurance policies, the Company
         will pay to the Employee his salary in terms of clause 5 above less the
         disability benefit.

13.      TERMINATION

         This Agreement may be terminated forthwith by the Company without prior
         notice if the Employee shall at any time

         13.1 commit any serious or persistent breach of any provisions
contained in this Agreement;

         13.2 be guilty of misconduct or wilful neglect in the discharge of his
duties;

         13.3 become insolvent or make any arrangement or composition with his
creditors;

                                      -8-
<PAGE>

         13.4 notwithstanding the provisions of clause 12 above, become
permanently incapacitated by accident or ill-health from performing his duties
under this Agreement and for the purposes of this sub-clause incapacity for 3
(three) consecutive months or an aggregate period of 6 (six) months in any
period of 12 (twelve) months shall be deemed to be permanent incapacity.

14.      CONFIDENTIALITY AND RESTRAINT

         14.1 It is recorded that in the performance of his duties for the
Company, including those performed in West and East Africa, the Employee will:

                  14.1.1 acquire knowledge of the know-how, trade secrets and
other confidential information of the Company relating to its and associated
companies' activities;

                  14.1.2 derive considerable benefit from the technical and/or
business experience which he will obtain from the Company and associated
companies.

         14.2 For one or more or all of the reasons set forth in 14.1, it is
agreed that in order to protect the proprietary interests of the Company and
associated companies the Employee shall not:

                  14.2.1 either during the continuance of his employment or
thereafter, divulge or disclose or use any information or knowledge so acquired
by him relating to the matters set forth in 14.1.1, to any person whomsoever,
whether for his own benefit or otherwise, except to those officials of the
Company whose province it is to know the same; or

                  14.2.2 during the continuance of his employment and for a
period of 12 (Twelve) months thereafter, entice or solicit or canvass the
services of any person, company or entity with whom the Company or any
associated company has a written agreement at the date of termination of the
Employee's employment, away from any such company, or accept or be interested in
any such services, whether for his own benefit or otherwise.

                                      -9-
<PAGE>

         14.3 The Employee undertakes not to do any of the things set forth in
14.2 either directly or indirectly and whether as a director or partner or owner
or principal or agent or representative or shareholder or financier or employee.

         14.4 The Employee agrees that:

                  14.4.1 the restraints set out above are reasonable as to their
subject matter, area and duration, to protect the Company's proprietary
interests;

                  14.4.2 each of the restraints set out in clause 14.2 are
separate and independent restraints severable from any of the other restraints
set out therein;

                  14.4.3 the time period for which he is restrained from doing
any of the things set out above shall be severable as to each calendar month
within that period; and

                  14.4.4 if any one or more of the restraints set out above are
invalid or unenforceable for any reason, the validity of any of the other
restraints shall not be affected thereby.

         14.5 The Employee may request the Company to release the Employee from
any or all of the restraints described above or to relax the application of any
or all of such restraints. The Company agrees to act reasonably in granting or
refusing any such request. Any request by the Employee in terms hereof shall be
made by the Employee to the Company in writing. Likewise, the decision of the
Company in respect of any such request shall be given in writing by the Company
to the Employee. Any conditions which the Company may impose, in the event of
the Company agreeing to any such request, shall be contained in such written
communication by the Company to the Employee.

         14.6 Nothing contained in this clause shall preclude the Employee from
holding or acquiring shares or other securities of any other company which are
quoted on any recognised stock exchange by way of bona fide investment,
provided, however, that any such investment shall not exceed 5% (five per
centum) of the entire issued share capital or class of shares or other
securities, as the case may be, of the company in question without the prior
written consent of

                                      -10-
<PAGE>

the Company which shall not be unreasonably withheld and provided further, that
the Company shall be entitled to require him not to do so in any particular case
on the ground that such other company is or may be carrying on a business
competing or tending to compete with the business of the Company or any
associated company.

         14.7 As consideration for the Employee agreeing to the restraints
described in 14.2, it is recorded and agreed that the Company will forthwith pay
the Employee an amount equal to twice the gross amount of the Employee's
remuneration package stated in 5.1 of US $462,000 less the amount of US $760,000
paid previously to the Employee during his Second and Third Contracts of
Employment; which amounts to US $164,000, on the following basis:

                  14.7.1 should the Employee commit a material breach of the
restraint undertakings given by the Employee in this Clause, then if the breach
is one which is not capable of being remedied or being a breach which is capable
of being remedied is not remedied within 30 (thirty) days after written demand
given by the Company to the Employee, the Company shall be entitled to institute
action against the Employee for agreed damages of US $924,000, in order to
compensate the Company for the harm suffered by the Company.

15.      RETURN OF COMPANY PROPERTY

         The Employee shall promptly whenever requested by the Company and, in
         any event upon the termination of his employment with the Company,
         deliver to the Company all lists of clients or customers,
         correspondence and all other documents, papers and records which may
         have been prepared by him or have come into his possession in the
         course of his employment with the Company, and the Employee shall not
         be entitled and shall not retain any copies thereof. Title and
         copyright therein shall vest in the Company and, where appropriate any
         associated company.

16.      DOMICILIUM

         16.1 The parties hereto respectively choose domicilium citandi et
executandi for all purposes of and in connection with this Agreement as follows:

                                      -11-
<PAGE>

                  16.1.1   the Company   La Motte Chambers
                                         St Helier
                                         Jersey, Channel Islands

                  16.1.2   the Employee  La Motte Chambers
                                         St Helier
                                         Jersey, Channel Islands

         16.2 Any notice to any party shall be addressed to it at its domicilium
as aforesaid and either sent by pre-paid registered post, delivered by hand, or
sent by telefax transmission. In case of any notice:

                  16.2.1 delivered by hand, it shall be deemed to have been
received, unless the contrary is proved, on the date of delivery, provided such
date is a business day, otherwise on the following business day:

                  16.2.2 sent by pre-paid registered post it shall be deemed to
have been received, unless the contrary is proved, on the seventh business day
after posting:

                  16.2.3 sent via telefax transmission, shall be deemed to have
been received on the same day, provided such day is a business day, otherwise on
the following business day. The party giving notice by telefax transmission
shall have the onus of proving that the telefax was received by the addressee.

         16.3 Any party shall be entitled by notice to the other, to change its
domicilium provided that the change will become effective only business days
after service of the notice in question.

         16.4 For the purposes hereof, "business day" means any day other than a
Saturday, Sunday or public holiday.

                                      -12-
<PAGE>

17.      GENERAL

         17.1 No alteration, cancellation, variation of, or addition hereto
shall be of any force or effect unless reduced to writing and signed by the
parties as an addendum to this Agreement or their duly authorised signatures.

         17.2 Subject only to 17.1, this document contains the entire agreement
between the parties and neither party shall be bound by any undertakings,
representations or warranties not recorded herein.

         17.3 No indulgence, leniency or extension of time which either party
(the "grantor") may grant or show to the other, shall in any way prejudice the
grantor or preclude the grantor from exercising any of its/his rights in the
future.

         17.4 Neither party may cede or assign its/his rights and delegate
its/his obligations in terms of this Agreement without the prior written
approval of the other party.

         17.5 Each party warrants and undertakes to the other that -

                  17.5.1 it is not acting as undisclosed agent or nominee for
any person in entering into this Agreement; and

                  17.5.2 it is entering into this Agreement to secure the
benefits of this Agreement for itself only and for no other person.

         17.6 The headings appearing in this Agreement have been used for
reference purposes only and shall not affect its interpretation.

         17.7 The Company shall bear the costs of and incidental to the
negotiation, preparation and conclusion of this Agreement.

         17.8 The interpretation and enforcement of this Agreement shall at all
times be governed by Jersey law prevailing from time to time, and the parties
hereto hereby consent and submit to the jurisdiction of the Courts of jersey in
all matters arising from or concerning this Agreement.

                                      -13-
<PAGE>

         17.9 If any clause or term of this Agreement should be invalid,
unenforceable or illegal, then the remaining terms and provisions of this
Agreement shall be deemed to he severable therefrom and shall continue in full
force and effect unless such invalidity, unenforceability or illegality goes to
the root of this Agreement.

         17.10 The Employee's rights under this Agreement are not capable of
assignment or hypothecation, nor of attachment by the Employee's creditors.

                                      -14-
<PAGE>

THUS DONE and SIGNED by D. Ashworth and R.A.R. Kebble at Jersey on this 5th day
of May 2003 in the presence of the undersigned witnesses, the signatories hereby
warranting their signature that they are duly authorised thereto.

AS WITNESSES:

1.       /s/ Vicky Koma

2.       /s/ L.M. Snashall

                                           /s/ D. Ashworth
                                           /s/ R.A.R. Kebble
                                           -------------------------------------
                                                 For and on behalf of:
                                           RANDGOLD RESOURCES LIMITED

THUS DONE and SIGNED by the EMPLOYEE at Jersey on this 5th day of May 2003, in
the presence of the undersigned witnesses, the signatory hereby warranting his
signature that he is duly authorised thereto.

AS WITNESSES:

1.       /s/ Vicky Koma

2.       /s/ L.M. Snashall

                                           /s/ D. Mark Bristow
                                           -------------------------------------
                                           DENNIS MARK BRISTOW

                                      -15-
<PAGE>

JOB DESCRIPTION FOR THE CHIEF EXECUTIVE OFFICER OF RANDGOLD RESOURCES LIMITED

TITLE: CHIEF EXECUTIVE OFFICER INCUMBENT: DR D.M. BRISTOW

REPORTS TO:  EXECUTIVE CHAIRMAN

GENERAL PURPOSE:

To add value for stakeholders of Randgold Resources Limited in accordance with
the values and strategic direction agreed with the Board of Directors.

DUTIES AND RESPONSIBILITIES

                  1. The formulation and ownership of the long-term strategic
direction of the Company and obtaining the approval of the resultant plan by the
Executive Chairman.

                  2. Raise the required funds.

                  3. Build, lead, organise, maintain and motivate his management
team.

                  4. Develop a strategic filter and a business plan, including
short-term budgets, which are congruent with the long-term strategic direction
set for the Company and which are approved by the Board of Directors.

                  5. Deliver on size, growth and return guidelines agreed with
the Board and contained in the strategic plan, while ensuring values and budgets
are adhered to, i.e. manage the implementation of the strategic plan.

                  6. Where required, establish Joint Ventures in pursuance of
the strategy, and ensure they operate within agreed parameters.

                  7. Staying in contact with all of the Company's functional and
business unit activities and keeping abreast of major developments in the
industry to ensure best practice and effectiveness are achieved and growth
opportunities are identified.

                  8. Approving Human Resources, Industrial Relations, Corporate
Responsibility and Reward/Remuneration policies and ensuring they are applied
effectively.

                  9. Effecting a comprehensive communication strategy covering
all stakeholders.

                                      -16-
<PAGE>

DIRECT REPORTS:

The Chief Operating Officer, the Financial Director and the following General
Managers report directly to the Chief Executive Officer: Technical Services,
Exploration, Human Resources and Capital Projects.

CONTACTS:

Frequent contact with the Board of Directors. The incumbent is a member of the
Board of Directors.

Frequent contact with the Executive Chairman.

Regular contacts with the C.E.O.s of other companies in the Industry.

Regular contacts with Ministers and Heads of State of countries in which the
Company operates.

Regular contacts with major shareholders of the Company.

Regular communication with the investment community and national and
international media.

EDUCATION:

University degree level, ideally in technical and business related fields.

EXPERIENCE AND PROFILE:

The CEO of an international company such as Randgold Resources Limited must have
a proven record of success at a senior executive level, preferably within the
mineral resource industry, and be highly regarded by his peers in the industry
and by the investment community.

                                      -17-

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