Document:

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                               SERVICES AGREEMENT

                                    BETWEEN

                     RANDGOLD & EXPLORATION COMPANY LIMITED
                                  ("RANDGOLD")

                                      AND

                           RANDGOLD RESOURCES LIMITED
                                 ("RESOURCES")

1.   RECORDAL

     1.1  With effect from 30 September 1997 all management contracts and other
          arrangements between Randgold and the mining companies making up the
          Randgold Group were terminated.

     1.2  Resources does not have a corporate presence in South Africa, being
          managed and controlled outside of South Africa. Certain staff required
          by Resources are located in South Africa and Resources requires the
          services of Randgold in South Africa to provide office accommodation,
          payroll administration and other services in respect of the staff
          located in South Africa.

     1.3  Randgold is able and willing to provide the services required by
          Resources and Resources is willing to enter into an agreement with
          Randgold for the provision of the services on a commercial basis as
          set out herein.

2.   SERVICES TO BE PROVIDED

     2.1  Resources has identified the following services which it requires to
          be provided in South Africa by Randgold:

          o    Office accommodation and related services such as reception,
               communications, office equipment and furniture.

          o    Payments and accounting for goods and services to its operations
               in Africa and elsewhere which are sourced from South Africa.

          o    Payroll service for the remuneration of staff located in and
               outside South Africa.

          o    Purchasing of goods and services from South Africa and the
               procurement of insurance for operational requirements.

          o    Company secretarial.

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          o    Legal consulting.

     2.2  Resources understands and accepts that certain of the above services
          are supplied by Randgold on a non-exclusive basis and that Randgold
          may provide services to other companies. Randgold undertakes not to
          supply services to a competitor of Resources without the prior written
          approval of Resources.

     2.3  Randgold has agreed to provide the services set out in 2.1 to
          Resources.

3.   FEE FOR SERVICES

     3.1  For the provision of the services set out in 2.1 Randgold will be paid
          a fee of R330 000 per month plus a mark-up of 25% for the period from
          1 October  1997 to 31  March  1998. From 1 April  1998  this fee will
          increase to R410 000 per month plus a mark-up of 25%.

     3.2  The monthly fee is payable by Resources to Randgold within 14 days of
          the date of the invoice.

     3.3  The services and the fee will be reviewed between Randgold and
          Resources on a quarterly basis.

4.   INFORMATION

     Resources will make available to Randgold any information which may
     reasonably be required for Randgold to carry out its duties in terms
     hereof.

5.   DELEGATION

     Randgold may;

     5.1  contract on behalf of Resources for any services or other
          requirements, the costs of which, if borne by Randgold shall be paid
          directly by Resources;

     5.2  subject to such terms and conditions mutually agreed between Randgold
          and Resources, from time to time delegate to any person, firm or
          company all or any of the services undertaken by it in terms hereof
          and may appoint or employ outside consultants or outside firms or
          independent agents on behalf of Resources;

     5.3  subcontract any of the services.

6.   LOSS OR DAMAGE

     6.1  All work to be conducted by Randgold shall be performed with due care
          and diligence and in good workmanlike manner.

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     6.2  Notwithstanding the provisions of 6.1, Randgold shall not be
          responsible for any liability, loss or damage suffered or incurred by
          Resources, which may arise as a result of or in consequence of any act
          or omission of Randgold, its employees or agents and which is related,
          either directly or indirectly to the implementation of this agreement,
          whether or not such liability, loss or damage is caused or incurred
          through or as a result of any act or omission or negligence of
          Randgold, its employees or agents.

7.   INDEMNITY

     Resources hereby indemnifies and holds Randgold harmless against all claims
     of whatever nature which may be brought against Randgold by any person
     whomsoever arising out of or in any way attributable to Randgold having
     acted in terms of this agreement, and all legal costs, liability, damages
     or expenses which Randgold may suffer, sustain or incur in respect of or
     arising out of such claims.

8.   DURATION

     The services to be provided by Randgold under this agreement shall commence
     on 1 October 1997 and shall continue, and shall remain in force until
     terminated by either party on 6 (six) months'  written notice to the other
     party. A shorter notice period may be arranged by mutual agreement between
     the parties.

9.   ARBITRATION

     Any dispute, difference or question which may arise at any time hereafter
     between the parties relating to the true construction of this agreement or
     the rights and liabilities of the parties, which is not solved amicably
     between the parties within 30 (thirty) days of that dispute, difference or
     question arising shall, in the absence of agreement to the contrary between
     the parties, be referred to arbitration.

10.  GOVERNING LAW

     This agreement shall be governed and interpreted in every respect in
     accordance with the laws of South Africa and the parties undertake to
     submit to the jurisdiction of the South African Courts.

11.  DOMICILIUM

     The parties hereto choose as their domicilium citandi et executandi the
     following address:

     11.1   Resources         :         La Motte Chambers
                                        St. Helier
                                        Jersey JE1 1BJ
                                        Channel Islands
                                        Fax No. (44) 1534 602002

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     11.2   Randgold          :         5 Press Avenue
                                        Selby
                                        Johannesburg
                                        South Africa
                                        Fax No. 27-11-837-0813

     Either party shall be entitled to change its aforesaid address to another
     address on giving the other party 7 (seven) days written notice of
     such proposed change of address.

12.  CONFIDENTIAL INFORMATION

     12.1 Any information or data obtained by either party to this agreement
          arising from the implementation of this agreement shall be treated as
          strictly confidential by both the parties and their affiliates and
          shall not be divulged or permitted to be divulged to any person not
          being a party to this agreement, without the prior written consent of
          the other party to this agreement, it being the intent and purpose of
          the parties to this agreement to prevent unjust enrichment resulting
          from unauthorised disclosure or use of data obtained, provided,
          however, that any information and data which is required to be
          furnished by law or contract or by any Stock Exchange on which the
          shares of either party to this agreement are listed or quoted, may be
          so furnished. Either party to this agreement shall be entitled to make
          such information available to its shareholders as may be necessary to
          enable that party to appraise its shareholders of the value and
          prospects of their shareholdings. Every effort shall however be made
          to consult fully with the other party to this agreement on all
          proposed releases of information with a view to avoiding untimely or
          damaging disclosures.

     12.2 Nothing in this clause 12 shall preclude either party under this
          agreement from divulging any information to any person who is
          negotiating with such party to this agreement for the acquisition of
          any interest in such party to the agreement, provided that the person
          to whom any disclosure is made in the aforesaid circumstances shall
          first have undertaken in writing not to divulge such information to
          any other person.

Signed at Jersey on the 19th day of January 1998.

AS WITNESSES:                       FOR AND ON BEHALF OF
                                    RANDGOLD RESOURCES LIMITED

1.   /s/ DAVID J. HADDEN            /s/ [ILLEGIBLE]
     ____________________           ________________________
                                    Director

2.   /s/ [ILLEGIBLE]                /s/ [ILLEGIBLE]
     ____________________           ________________________
                                    Director

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Signed at Johannesburg on the 17th day of February 1998.

AS WITNESSES:                       FOR AND ON BEHALF OF
                                    RANDGOLD & EXPLORATION COMPANY
                                    LIMITED

1.   /s/ DAVID J. HADDEN            /s/ [ILLEGIBLE]
     ____________________           _________________
                                    Director

2.   /s/ [ILLEGIBLE]                /s/ [ILLEGIBLE]
     ____________________           _________________
                                    Director

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[LOGO] RANDGOLD                                        [LETTERHEAD OF RANDGOLD]

TO:         MR P RAMA

FROM:       D ASHWORTH

DATE:       24 FEBRUARY 1999

COPY TO:    MR R A WILLIAMS
            DR D M BRISTOW

________________________________________________________________________________

                        RANDGOLD RESOURCES COSTS INCURRED
                            BY RANDGOLD & EXPLORATION

I would like to confirm our recent discussion on cost allocations as follows;

1.   The present system, in which Randgold & Exploration incurs South
     African based costs on behalf of Randgold Resources and then charges
     these out plus a mark-up, will cease from 31 March 1999.

2.   From 1 April 1999 the following will apply:

     (a)  All costs of running 5 Press Avenue will be for the account of
          Randgold Resources. These costs include all photocopy machines, faxes,
          telephones, cleaning, electricity and water and security charges.

     (b)  All costs of staff employed by Randgold & Exploration will be for the
          account of Randgold Resources other than;

          o    R A R Kebble's rand based salary
          o    P Rama
          o    M Labuschange
          o    R Lindsay
          o    C Breedt
          o    J Berry

          (By way of explanation J Berry's Randgold Resources costs will
          offset D Haddon's Randgold & Exploration costs).

     (c)  Randgold &  Exploration will continue to pay for its own corporate
          costs for its own account. These costs include all stock exchange
          costs, audit fees, Du Plessis Associates costs and any direct
          travelling or other costs associated with Randgold & Exploration's
          corporate business.

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     (d)  All South African and Namibian exploration and mineral rights costs
          will continue to be paid/received by Randgold & Exploration and for
          its account.

     (e)  Randgold Resources will receive a monthly invoice for payment to
          Randgold & Exploration in respect of rent for 5 Press Avenue. The
          amount will be calculated on an interest rate applied to the capital
          cost of R 3,4  million and a deduction will be made for rent
          receivable from Rand Leases Properties.

From 1 April 1999 all accounts received by Mrs Labuschagne for costs payable by
Randgold Resources should be handed to the Randgold Resources accounts personnel
for payment and processing.

/s/ DAVID ASHWORTH
__________________<PAGE>

                                   AGREEMENT

                     made and entered into by and between:

                        SOCIETE DES MINES DE MORILA S.A.

                             Registration No. 15430
                   (hereinafter referred to as "MORILA S.A.")
                      represented herein by DAVID ASHWORTH
           in his capacity as a Director of Morila S.A., he being duly
                               authorised thereto

                                      and

                           RANDGOLD RESOURCES LIMITED
                             Registration No. 62686
                       (hereinafter referred to as "RRL")
                      represented herein by DAVID ASHWORTH
     in his capacity as a Director of RRL, he being duly authorised thereto

                                      and

                      RANDGOLD RESOURCES (MORILA) LIMITED
                             Registration No. 74837
                      represented herein by DAVID ASHWORTH
     in his capacity as a Director of RANDGOLD RESOURCES (MORILA) LIMITED,
                        he being duly authorised thereto

WHEREAS:

A.     Morila S.A. wishes to borrow certain sums of money in order to fund its
       Morila project in Mali prior to the conclusion of the main project
       financing being arranged by N.M. Rothschild & Sons Limited and Standard
       Bank London Limited; and

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       RRL has indicated that it is willing to lend the relevant amounts to
       Morila S.A. subject to the terms and conditions contained below.

B.     RRL has spent certain amounts on the exploration, feasibility studies and
       pre-development of the Morila gold project prior to the incorporation of
       Morila S A. and wishes to have these expenditures recorded as a loan to
       Morila S.A. and the basis on which the loan will attract interest and be
       repaid.

NOW THEREFORE THE PARTIES AGREE AS FOLLOWS:

1.     INTERPRETATION

1.1    In this agreement, unless inconsistent with the context:

1.1.1       "Morila S.A." means Societe Des Mines De Morila S.A., a company
            incorporated under the laws of the Republic of Mali;

1.1.2       "the Loan" means the loan described in 2.2. below;

1.1.3       "the Morila project" means the mining project of this name which
            belongs to Morila S.A. in Mali, West Africa;

1.1.4       "LIBO rate" means the quoted 3 months London Interbank offered rate
            of interest for deposits denominated in US Dollars;

1.1.5       "RRL" means Randgold Resources Limited, a company incorporated under
            the laws of Jersey, Channel Islands;

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1.1.6       "Shareholder's Loan" means the amounts incurred by RRL as set out in
            7 below.

1.2    The headings to the clauses contained in this agreement are for reference
       purposes only and shall not be used in connection with the interpretation
       thereof.

2.     THE LOAN

2.1         RRL hereby agrees to lend to Morila S.A., which hereby agrees to
            borrow, the Loan, subject to the terms and conditions contained in
            this agreement.

2.2         The Loan shall be payable to Morila S.A. in United States Dollars
            and shall be a total of up to US $50 million (fifty million United
            States Dollars).

2.3         RRL undertakes to pay the Loan in tranches to fund the requirements
            of Morila S.A. commencing from 23 August 1999 within 24 hours of
            receipt of written advice from Morila S.A. of the relevant
            requirements, up to a total of fifty million United States Dollars.

2.4         Morila S.A. undertakes and agrees to use the Loan only for the
            purpose of funding the Morila project.

2.5         The parties hereto agree and acknowledge that the Loan, all
            repayments of the Loan and all payments of interest on the Loan are
            subject to the terms and conditions of (a) the Loan Agreement dated
            on or about 21 December 1999, among Morila S.A., as the Borrower,
            RRL, Randgold & Exploration Company limited and Randgold Resources
            (Morila) Limited, as the Completion Guarantors, various

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            banks and financial institutions, as the Lenders, N M Rothschild &
            Sons Limited and Standard Bank London Limited, as the Arrangers,
            Bayerische Hypo-und Vereinsbank AG, Mees Pierson NV and Societe
            Generale, as the Co-Arrangers, and N M Rothschild & Sons Limited, as
            the Agent for the Lenders (the "Loan Agreement") and (b) the
            Subordination Agreement (as defined in the Loan Agreement).

3.     REPAYMENT

       Subject to the terms of the Loan Agreement and the Subordination
       Agreement (as defined in the Loan Agreement), Morila S.A. agrees to repay
       the Loan together with interest to RRL in United States Dollars in
       Jersey, Channel Islands.

4.     INTEREST

4.1         Subject to the terms of the Loan Agreement and the Subordination
            Agreement (as defined in the Loan Agreement), interest on the daily
            balance of the Loan, calculated from the date of advance at a rate
            equal to 2 (two) percentage points above the LIBO rate, shall be
            payable by Morila S.A. to RRL monthly in arrears on or before the
            first day of each calendar month, commencing with the first calendar
            month subsequent to the date of advance of the Loan or portion
            thereof. Interest so charged shall be debited on the last day of
            each calendar month.

4.2         If interest is not paid when it is due, such unpaid interest shall
            thereupon form part of the total amount owing by Morila S.A. to RRL
            in terms of this agreement and shall bear interest as specified in
            this agreement.

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                                      5

5.     CERTIFICATE OF INDEBTEDNESS

       A certificate signed by any Director of RRL (whose appointment need not
       be proved) as to the amount owing by Morila S.A. to RRL at any time, the
       fact that such amount is due and payable, the rate of interest payable
       and the date from which such interest is calculated, shall be binding on
       Morila S.A. and shall be prima facie proof of the facts stated therein.

6.     DEFAULT

       Subject to the terms of the Loan Agreement and the Subordination
       Agreement (as defined in the Loan Agreement), should Morila S.A. fail to
       repay the Loan, and all interest required in terms of this agreement or
       any part thereof, then the parties hereby agree that any indebtedness of
       Morila S.A. to RRL as at the aforesaid date shall remain as a Loan from
       RRL to Morila S.A. bearing interest as provided in terms of 4 hereof and
       shall be repaid by Morila S.A. to RRL from the future cash flows of
       Morila S.A. as and when available and as permitted by the terms of the
       Loan Agreement and the Subordination Agreement (as defined in the Loan
       Agreement).

7.     SHAREHOLDER'S LOAN

7.1         Up to 31 January 1999, the date to which the feasibility study for
            the Morila gold project was drawn up, RRL incurred a total amount of
            US $4 750 000 (four million seven hundred and fifty thousand United
            States Dollars) on direct exploration and feasibility study costs
            on the Morila gold project.

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                                      6

7.2         In addition to the direct expenditure set out in 7.1 above RRL
            incurred a total amount of US $5 735 000 (five million seven hundred
            and thirty five thousand United States Dollars) in indirect
            exploration and feasibility study costs and in pre-development work
            at the Morila gold project site up to 30 June 1999.

7.3         The total amount of expenditure as set out in 7.1 and 7.2 above
            prior to the commencement of the construction of the mine and
            associated facilities at the Morila gold project was US $ 10 485 000
            (ten million four hundred and eighty five thousand United States
            Dollars).

7.4         Morila S.A. undertakes to capitalise the amount set out in 7.3 above
            in its accounting records as a Shareholder's Loan from RRL.

7.5         The Shareholder's Loan in 7.4 above will bear interest at the rate
            set out in 4 above, commencing from 1 July 1999.

7.6         Repayment of the Shareholder's Loan will be made by Morila S.A. to
            RRL from available cash flows from Morila S.A.'s operations after
            taking account of any portion of the Shareholder's Loan to be
            utilised for any increase in the share capital of Morila S.A. to be
            contributed by RRL or Randgold Resources (Morila) Limited.

7.7         The parties acknowledge and agree, that the Shareholder's Loan and
            repayments of the Shareholder's Loan and interest on the
            Shareholder's Loan are subject to the Loan Agreement and the
            Subordination Agreement (as defined in the Loan Agreement).

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                                      7

8.     NOTICES

       The parties choose the following addresses as their respective domicilia
       citandi et executandi for all purposes in terms of this agreement:

8.1    Morila S.A.  :    Hippodrome
                         Avenue AL Qoods,
                         Bamako
                         MALI

8.2    RRL and      :    La Motte Chambers
       RANDGOLD          La Motte Street
       RESOURCES         St. Helier
       (MORILA)          Jersey
       LIMITED           CHANNEL ISLANDS

9.     JURISDICTION

       This agreement shall be governed by Jersey law.

10.    DISPUTE RESOLUTION

       Any dispute arising out of this agreement may be referred by either party
       for determination to the external auditors of RRL, in which event the
       said auditors shall act as experts and not as arbitrators and their
       decision shall be final and binding on the parties.

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                                      8

11.    GENERAL

       This document contains the entire agreement between the parties and no
       variation, amendment or alteration to this agreement shall be of any
       force or effect unless reduced to writing and signed by the parties.

SIGNED AT Johannesburg on the 21 day of DECEMBER 1999 in the presence of
the undersigned witnesses.

AS WITNESSES:                                For and on behalf of:
                                             SOCIETE DES MINES DE MORILA S.A.

1. /s/ [ILLEGIBLE]
   __________________________

2. /s/ [ILLEGIBLE]                           /s/ [ILLEGIBLE]
   __________________________                _____________________________
                                             AUTHORITY WARRANTED

SIGNED AT Johannesburg on the 21 day of DECEMBER 1999 in the presence of
the undersigned witnesses.

AS WITNESSES:                                For and on behalf of:
                                             RANDGOLD RESOURCES LIMITED

1. /s/ [ILLEGIBLE]
   __________________________

2. /s/ [ILLEGIBLE]                           /s/ [ILLEGIBLE]
   __________________________                _____________________________
                                             AUTHORITY WARRANTED

SIGNED AT Johannesburg on the 21 day of DECEMBER 1999 in the presence of
the undersigned witnesses.

AS WITNESSES:                                FOR AND ON BEHALF OF:

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                                      9

                                             RANDGOLD     RESOURCES     (MORILA)
                                             LIMITED

1. /s/ [ILLEGIBLE]
   __________________________

2. /s/ [ILLEGIBLE]                          /s/ [ILLEGIBLE]
   __________________________               ___________________________
                                             AUTHORITY WARRANTED

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