Document:

<PAGE>

                                                                  EXECUTION COPY

                            Dated 17 September, 2001

                           RANDGOLD RESOURCES LIMITED
                                 as the Borrower

                 VARIOUS BANKS AND OTHER FINANCIAL INSTITUTIONS
                                 as the Lenders

                          N M ROTHSCHILD & SONS LIMITED
                                SOCIETE GENERALE
                                       and
                          STANDARD BANK LONDON LIMITED
                                as the Arrangers

                                       and

                          N M ROTHSCHILD & SONS LIMITED
                          as the Agent for the Lenders

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

                                 LOAN AGREEMENT

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

                               [GRAPHIC OMITTED]
                              MAYER BROWN & PLATT (Logo)

                               Bucklersbury House
                             3 Queen Victoria Street
                                London, EC4N 8EL
                            Telephone: 020 7246 6200
                               Fax: 020 7329 4465
                               Reference: 01863914

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                                                    PAGE
<S>                                                                                                      <C>
1.       DEFINITIONS AND INTERPRETATION......................................................................1

         1.1      DEFINED TERMS..............................................................................1

         1.2      ADDITIONAL DEFINITIONS....................................................................11

         1.3      Interpretation............................................................................12

         1.4      USE OF DEFINED TERMS......................................................................13

         1.5      CROSS-REFERENCES..........................................................................13

         1.6      ACCOUNTING AND FINANCIAL DETERMINATIONS...................................................13

         1.7      CHANGE IN ACCOUNTING PRINCIPLES...........................................................14

         1.8      GENERAL PROVISIONS AS TO CERTIFICATES AND OPINIONS, ETC...................................14

2.       COMMITMENTS; BORROWING AND INTEREST PERIOD SELECTION PROCEDURES, ETC...............................14

         2.1      COMMITMENTS...............................................................................14

         2.2      PROCEDURE FOR MAKING LOANS................................................................15

         2.3      CONTINUATION ELECTIONS....................................................................16

         2.4      CANCELLATION..............................................................................16

         2.5      RECORDS...................................................................................17

         2.6      FUNDING...................................................................................17

3.       PRINCIPAL PAYMENTS; INTEREST.......................................................................17

         3.1      PRINCIPAL PAYMENTS........................................................................17

         3.2      INTEREST PAYMENTS.........................................................................19

         3.3      FEES......................................................................................20

4.       INCREASED COSTS; TAXES; MARKET DISRUPTIONS; GENERAL PAYMENT PROVISIONS.............................20

         4.1      DOLLARS UNAVAILABLE.......................................................................20

         4.2      INCREASED COSTS, ETC......................................................................21

         4.3      FUNDING LOSSES............................................................................21
</TABLE>

                                      -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
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<S>                                                                                                      <C>
         4.4      ILLEGALITY................................................................................22

         4.5      TAXES.....................................................................................22

         4.6      MITIGATION................................................................................23

         4.7      PAYMENTS, COMPUTATIONS, ETC...............................................................24

         4.8      REDISTRIBUTION OF PAYMENTS................................................................24

         4.9      SETOFF....................................................................................26

         4.10     APPLICATION OF PROCEEDS...................................................................26

         4.11     CURRENCY OF PAYMENT.......................................................................27

5.       CONDITIONS PRECEDENT TO MAKING LOANS...............................................................27

         5.1      INITIAL LOANS.............................................................................27

         5.2      ALL LOANS.................................................................................30

6.       REPRESENTATIONS AND WARRANTIES.....................................................................31

         6.1      ORGANISATION, POWER, AUTHORITY, ETC.......................................................31

         6.2      DUE AUTHORISATION; NON-CONTRAVENTION......................................................31

         6.3      VALIDITY, ETC.............................................................................32

         6.4      LEGAL STATUS..............................................................................32

         6.5      FINANCIAL INFORMATION.....................................................................32

         6.6      ABSENCE OF DEFAULT........................................................................33

         6.7      LITIGATION, ETC...........................................................................33

         6.8      MATERIALLY ADVERSE EFFECT.................................................................33

         6.9      TAXES AND OTHER PAYMENTS..................................................................33

         6.10     ADEQUACY OF INFORMATION...................................................................33

         6.11     ENVIRONMENTAL WARRANTIES..................................................................34

         6.12     PARI PASSU................................................................................34

7.       COVENANTS..........................................................................................34
</TABLE>

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
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<S>                                                                                                      <C>
         7.1      CERTAIN AFFIRMATIVE COVENANTS.............................................................34

         7.2      CERTAIN NEGATIVE COVENANTS................................................................39

8.       EVENTS OF DEFAULT..................................................................................43

         8.1      EVENTS OF DEFAULT.........................................................................43

         8.2      ACTION IF BANKRUPTCY......................................................................46

         8.3      ACTION IF OTHER EVENT OF DEFAULT..........................................................46

9.       THE AGENT AND THE ARRANGERS........................................................................47

         9.1      APPOINTMENT...............................................................................47

         9.2      RELIANCE, ETC.............................................................................47

         9.3      ACTIONS...................................................................................48

         9.4      LIMITATION ON ACTIONS.....................................................................49

         9.5      INDEMNIFICATION BY LENDERS................................................................49

         9.6      EXCULPATION...............................................................................49

         9.7      WAIVER....................................................................................50

         9.8      BANKING ACTIVITIES........................................................................50

         9.9      RESIGNATION AND REPLACEMENT...............................................................50

         9.10     DISCHARGE.................................................................................51

         9.11     CREDIT DECISIONS..........................................................................51

         9.12     THE AGENT AND THE ARRANGERS...............................................................51

         9.13     INTERPRETATION............................................................................52

10.      MISCELLANEOUS......................................................................................52

         10.1     WAIVERS, AMENDMENTS, ETC..................................................................52

         10.2     NOTICES...................................................................................53

         10.3     COSTS AND EXPENSES........................................................................53
</TABLE>

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
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         10.4     INDEMNIFICATION...........................................................................54

         10.5     SURVIVAL..................................................................................55

         10.6     SEVERABILITY..............................................................................55

         10.7     HEADINGS..................................................................................55

         10.8     COUNTERPARTS, EFFECTIVENESS, ETC..........................................................55

         10.9     GOVERNING LAW.............................................................................55

         10.10    ASSIGNMENTS AND TRANSFERS BY THE BORROWER.................................................56

         10.11    ASSIGNMENTS AND TRANSFERS BY THE LENDERS..................................................56

         10.12    OTHER TRANSACTIONS........................................................................58

         10.13    FORUM SELECTION AND CONSENT TO JURISDICTION...............................................58

         10.14    ENTIRE AGREEMENT..........................................................................59
</TABLE>

EXHIBITS

EXHIBIT A-1                RRL SECURITY AGREEMENT
EXHIBIT A-2                MIJL SECURITY AGREEMENT
EXHIBIT A-3                DEED OF PRIORITIES
EXHIBIT B-1                OPINION OF OGIER & LE MASURIER
EXHIBIT B-2                OPINION OF MOURANT DU FEU & JEUNE
EXHIBIT B-3                OPINION OF MAYER, BROWN & PLATT
EXHIBIT C                  PROCESS AGENT ACCEPTANCE
EXHIBIT D                  BORROWING REQUEST
EXHIBIT E                  CONTINUATION NOTICE
EXHIBIT F                  COMPLIANCE CERTIFICATE
EXHIBIT g                  TRANSFER CERTIFICATE

<PAGE>

THIS LOAN AGREEMENT, dated 17 September, 2001 (as amended, modified or
supplemented in accordance with the terms hereof, this "AGREEMENT"), between:

(1)  RANDGOLD RESOURCES LIMITED, (the "BORROWER");

(2)  the banking and/or financial institutions referred to on the signature
     pages hereof as the lenders (collectively, the "LENDERS");

(3)  N M ROTHSCHILD & SONS LIMITED, SOCIETE GENERALE and STANDARD BANK LONDON
     LIMITED, in their capacity as arrangers of the financing contemplated by
     this Agreement (collectively, the "ARRANGERS"); and

(4)  N M ROTHSCHILD & SONS LIMITED, in its capacity as the agent for the Lenders
     (in such capacity, the "AGENT").

IT IS AGREED as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  DEFINED TERMS

     The following terms when used in this Agreement shall have the following
     meanings:

     "AGENT" is defined in the preamble and shall include the Agent acting in
     its capacity as security trustee pursuant to any of the Security
     Agreements.

     "AGREEMENT" is defined in the preamble.

     "APPLICABLE MARGIN" means:

     (a)  in the case of Tranche A Loans, three and three quarters percent
          (3.75%) per annum; and

     (b)  in the case of Tranche B Loans, four and one quarter percent (4.25%)
          per annum.

     "APPROVAL" means an approval, authorisation, license, permit, consent,
     filing or registration by or with any Governmental Agency or other person.

     "ARRANGERS" is defined in the preamble.

     "AUTHORISED REPRESENTATIVE" means, relative to any Obligor, those of its
     officers whose signatures and incumbency shall have been certified to the
     Agent pursuant to Clause 5.1.1.

     "BORROWER" is defined in the preamble.

     "BORROWING DATE" means a Business Day on which Loans are to be made
     pursuant to Clause 2.2.

<PAGE>

     "BORROWING REQUEST" means a loan request and certificate duly executed by
     an Authorised Representative of the Borrower, substantially in the form of
     Exhibit D attached hereto.

     "BUSINESS DAY" means:

     (a)  any day which is not a Saturday, Sunday, legal holiday or any other
          day on which banks are authorised or required to be closed in London,
          England or New York, New York; and

     (b)  relative to the calculation of the LIBO Rate, any day on which
          dealings in Dollars are carried on in the London interbank market.

     "BUSINESS PLAN" is defined in Clause 5.1.7.

     "CALCULATION DATE" means each 31 March, 30 June, 30 September and 31
     December in each calendar year.

     "CAPITAL EXPENDITURES" means, for any period and with respect to any
     person, the sum of:

     (a)  the aggregate amount of all expenditures of such person for fixed or
          capital assets (including expenditures incurred in connection with
          deferred development costs) made during such period which would be
          classified as capital expenditures;

     PLUS

     (b)  the aggregate amount of all leases which such person has entered into
          as a lessee and which would be classified as financial indebtedness.

     "CFA" means the lawful currency of Mali as in effect from time to time.

     "CHANGE IN CONTROL" means any of:

     (a)  the failure of Morila Holdings to own (and to have sole power to vote
          and dispose of), collectively with any directors qualifying shares
          held by directors of Morila S.A. as nominee for Morila Holdings, and
          directly and free and clear of all liens (other than the lien in
          favour of the lenders granted in connection with the Morila Project
          Financing), at least eighty percent (80%) of the share capital
          (however designated) of Morila S.A.;

     (b)  the failure of MIJL to own (and to have sole power to vote and dispose
          of), directly and free and clear of all liens (other than the liens in
          favour of the lenders granted in connection with the Morila Project
          Financing and the liens granted pursuant to the MIJL Security
          Agreement), fifty percent (50%) of the share capital (however
          designated) of Morila Holdings; or

     (c)  the failure of the Borrower to own (and to have sole power to vote and
          dispose of), directly and full and clear of all liens (other than the
          liens granted pursuant to the RRL Security Agreement) one hundred
          percent (100%) of the share capital (however designated) of MIJL.

                                      -2-
<PAGE>

     "COMMITMENT" means, relative to any Lender, such Lender's obligation to
     make and to maintain its Loans, in each case pursuant to the terms and
     subject to the conditions of this Agreement.

     "COMMITMENT AMOUNT" means, in relation to any Lender, and at any time, the
     aggregate of such Lender's Tranche A Commitment Amount and Tranche B
     Commitment Amount, in each case at such time.

     "COMMITMENT TERMINATION DATE" means (a) in the case of Tranche A Loans, 31
     October 2001, and (b) in the case of Tranche B Loans, the date which is one
     (1) month prior to the Final Maturity Date or if earlier, and in each such
     case, the date of the termination of each Commitment pursuant to Clause 8.2
     or 8.3.

     "COMMITTED HEDGING AGREEMENTS" means forward sale, spot deferred sales or
     other contracts (including put options when either the Borrower or Morila
     Holdings is the buyer of the option and call options where either the
     Borrower or Morila Holdings is the seller of the option) providing for a
     binding commitment on the part of either the Borrower or Morila Holdings to
     sell gold.

     "COMPLIANCE CERTIFICATE" means a certificate duly executed by an Authorised
     Representative of the Borrower, substantially in the form of Exhibit F
     attached hereto.

     "CONSOLIDATED DEBT SERVICE COVERAGE RATIO" means, for any period, the
     ratio, expressed as a percentage, of:

     (a)  the sum of:

          (i)  cash inflows - cash outflows of the Borrower for such period (in
               accordance with the format of the Business Plan)

          PLUS

          (ii) amounts on deposit in the Operating Account as at the beginning
               of such period;

     TO

     (b)  Consolidated Funded Debt Service for such period.

     "CONSOLIDATED FUNDED DEBT SERVICE" means, for any period, the amount in
     Dollars which will be necessary in order to pay in full, all principal of
     and interest and other amounts accruing in respect of, this Agreement and
     all other financial indebtedness of the Borrower and its subsidiaries which
     (in the case of all such principal, interest or other amounts) have become
     due and payable during that period.

     "CONSOLIDATED NET WORTH" means, at any time, the aggregate of the amounts
     paid up or credited as paid up on the issued share capital of the Borrower
     (other than any redeemable shares) and the aggregate amount of the reserves
     of its subsidiaries including:

                                      -3-
<PAGE>

     (a)  share capital and share premiums;

     (b)  capital reserves and non-distributable reserves; and

     (c)  retained earnings.

     "CONTINUATION NOTICE" means a notice of continuation and certificate duly
     executed by an Authorised Representative of the Borrower, substantially in
     the form of Exhibit E attached hereto.

     "DEED OF PRIORITIES" means the Deed of Priorities between the lenders in
     connection with the Morila Project Financing and the Lender Parties,
     substantially in the form of Exhibit A-3 attached hereto.

     "DEFAULT" means any Event of Default or any condition or event which, after
     notice, lapse of time, the making of any required determination or any
     combination of the foregoing, would constitute an Event of Default.

     "DOLLAR" and the sign "U.S.$" mean lawful money of the United States of
     America.

     "DOLLAR LENDING OFFICE" means:

     (a)  with respect to each Lender, the office of such Lender designated as
          such below its signature hereto or such other office of such Lender as
          may be designated from time to time by notice from such Lender to the
          Agent and the Borrower; and

     (b)  with respect to the Agent, the office of the Agent designated as such
          from time to time by notice to the Borrower and each Lender.

     "EFFECTIVE DATE" is defined in Clause 10.8.

     "ENVIRONMENTAL LAW" means any applicable law relating to or imposing
     liability or standards of conduct concerning the environment including laws
     relating to reclamation of land and waterways and laws relating to
     emissions, discharges, releases or threatened releases of pollutants,
     contaminants, chemicals, or industrial, toxic or hazardous substances or
     wastes into the environment (including ambient air, surface water, ground
     water, land surface or subsurface strata) or otherwise relating to the
     manufacture, processing, distribution, use, treatment, storage, disposal,
     transport or handling of pollutants, contaminants, chemicals, or
     industrial, toxic or hazardous substances or wastes.

     "EVENT OF DEFAULT" is defined in Clause 8.1.

     "FINAL MATURITY DATE" means the date that is four (4) years from the date
     of this Agreement.

     "FISCAL QUARTER" means any quarter of a Fiscal Year.

     "FISCAL YEAR" means any period of twelve consecutive calendar months ending
     on 31 December.

                                      -4-
<PAGE>

     "FUNDING PERCENTAGE" means, relative to any Lender and at any time, (a) in
     the case of Tranche A, the ratio (expressed as a percentage) of (i) such
     Lender's Tranche A Commitment Amount at such time to (ii) the Total Tranche
     A Commitment Amount at such time or (b) in the case of Tranche B, the ratio
     (expressed as a percentage) of (i) such Lender's Tranche B Commitment
     Amount at such time to (ii) the Total Tranche B Commitment Amount at such
     time.

     "GAAP" is defined in Clause 1.6.

     "GOVERNMENTAL AGENCY" means any supranational, national, federal, state,
     regional, tribal or local government or governmental department or other
     entity charged with the administration, interpretation or enforcement of
     any applicable law.

     "HAZARDOUS MATERIAL" means any pollutant or contaminant or hazardous,
     dangerous or toxic chemical, material, substance or waste within the
     meaning of any Environmental Law.

     "HEDGING AGREEMENT" means any instrument evidencing any Hedging Obligation
     of the Borrower.

     "HEDGING OBLIGATIONS" means, with respect to any person, all liabilities of
     such person under interest rate swap agreements, interest rate cap
     agreements and interest rate collar agreements, and all other agreements,
     options or arrangements designed to protect such person against
     fluctuations in interest rates, currency exchange rates or commodities
     (including precious metals) prices.

     "IMPERMISSIBLE QUALIFICATION" means, relative to the opinion or report of
     any auditor as to any financial statement of any Obligor, any qualification
     or exception to such opinion or report:

     (a)  which suggests that such Obligor is not or may not be a "GOING
          CONCERN" or which is of a similar nature to the same;

     (b)  which suggests that there has been any limitation in the scope of
          examination of material matters relevant to such financial statement;
          or

     (c)  which questions the treatment or classification of any item in such
          financial statement and which, as a condition to its removal, would
          require an adjustment to such item the effect of which would be to
          cause a breach of the terms of Clause 7.2.4.

     "INDEMNIFIED LIABILITIES" is defined in Clause 10.4.

     "INDEMNIFIED PARTIES" is defined in Clause 10.4.

     "INTEREST PERIOD" means, relative to any Loan:

     (a)  initially, the period from the date such Loan is made to the day which
          numerically corresponds to the date one (1), three (3) or six (6)
          months thereafter (or such other date as agreed between all the
          Lenders and the

                                      -5-
<PAGE>

          Borrower) as the Borrower may irrevocably select in the Borrowing
          Request delivered pursuant to Clause 2.2 with respect to such Loan;
          and

     (b)  thereafter, each period from the last day of the immediately preceding
          Interest Period applicable to such Loan to the day which numerically
          corresponds to such date one (1), three (3) or six (6) months
          thereafter (or such other date as may be agreed between all the
          Lenders and the Borrower) as the Borrower may irrevocably select in
          the relevant Continuation Notice delivered pursuant to Clause 2.3;

     PROVIDED, HOWEVER, that:

     (c)  absent the timely selection of an Interest Period for a then current
          Loan, the Borrower shall be deemed to have selected that the Loan be
          continued as a Loan of the same type for an Interest Period of one (1)
          month or such other duration as shall be required in order to comply
          with the other provisions of this Agreement;

     (d)  if such Interest Period for any Loan would otherwise end on a day
          which is not a Business Day, such Interest Period shall end on the
          next following Business Day, unless such Business Day occurs in the
          next following calendar month, in which case such Interest Period
          shall end on the immediately preceding Business Day;

     (e)  where all or any portion of the Principal Amount of such Loan is to be
          repaid on a Principal Payment Date, the Borrower shall select an
          Interest Period relating to a portion of such Loan in at least the
          amount scheduled to be repaid which ends on such Principal Payment
          Date;

     (f)  the final Interest Period for any Loan shall end not later than the
          Final Maturity Date; and

     (g)  the Agent shall be able to select Interest Periods satisfactory to it
          pursuant to Clause 3.2.2.

     "INTERNATIONAL ACCOUNTING STANDARDS" means the International Accounting
     Standards promulgated by the International Accounting Standards Committee.

     "LENDER PARTIES" means, collectively, the Agent, the Arrangers and the
     Lenders.

     "LENDERS" is defined in the preamble.

     "LIBO RATE" means, relative to any Interest Period for any Loan, the
     offered rate of interest per annum which appears on Telerate Page 3750 (or
     such other page or service in replacement thereof as may be utilised by
     banks generally from time to time for the purpose of displaying London
     interbank offered rates for deposits denominated in Dollars) as at 11:00
     a.m. (London time) for the number of months (or other period) comprising
     such Interest Period, calculated at the date which is two (2) Business Days
     prior to the first day of such Interest Period; PROVIDED, HOWEVER, that in
     the event that no such display rate is available for Dollars at such time,
     the Agent will request the principal London office of each Lender to
     provide

                                      -6-
<PAGE>

     the Agent with its quotation for offers of Dollar deposits to leading banks
     in the London interbank market for such period and in an amount comparable
     to the aggregate principal amount of such Lender's Loans, and the "LIBO
     RATE" shall equal the average (rounded upwards to the nearest four decimal
     places) of such quoted rates.

     "LOAN" is defined in Clause 2.1(a) and shall, as the context may require,
     be deemed to refer to a Tranche A Loan and/or a Tranche B Loan.

     "LOAN DOCUMENT" means any of this Agreement, the Security Agreements and
     each other instrument executed by any Obligor or evidencing any obligation
     (monetary or otherwise) to any Lender Party in connection with and pursuant
     to this Agreement and the transactions contemplated hereby and delivered to
     any Lender Party (including, at any time when any Commitment is outstanding
     or any principal amount of any Loan or any interest accrued thereon is then
     outstanding to any Lender Party, any Hedging Agreement in effect at such
     time and entered into between the Borrower and any Lender which remains a
     Lender at the relevant time).

     "MATERIALLY ADVERSE EFFECT" means the effect of any event or circumstance
     (including any reduction in the gold price) which, in the reasonable
     opinion of the Required Lenders (and for the purposes of Clause 8.1.11
     only, after consultation with the Borrower):

     (a)  is or is likely to be materially adverse to the ability of any Obligor
          to perform or comply with any of its obligations under the Loan
          Documents;

     (b)  is or is likely to be materially adverse to the ability of the
          Borrower and the RRL Group Companies to operate their respective
          businesses in a manner which is consistent with the financial
          projections and other information contained in the Business Plan; or

     (c)  is or is likely to be materially prejudicial to:

          (i)  the interests of the Lenders under the Loan Documents; or

          (ii) the business, operations, financial condition or prospects of any
               Obligor.

     "MIJL" means Mining Investments (Jersey) Limited, a company incorporated
     under the laws of Jersey.

     "MIJL SECURITY AGREEMENT" means the Security Agreement between MIJL and the
     Agent, substantially in the form of Exhibit A-2 attached hereto.

     "MORILA HOLDINGS" means Morila Limited, a company incorporated under the
     laws of Jersey.

     "MORILA PROJECT" means the construction and operation of a mine and related
     facilities by Morila S.A. to mine and develop the gold deposit located
     approximately 180 kilometres Southeast of Bamako in Mali in the
     Arondissement of Sanso, Cercle of Bougouni and region of Sikasso.

                                      -7-
<PAGE>

     "MORILA PROJECT FINANCING" means the financing for the development of the
     Morila Project made available pursuant to the Loan Agreement, dated 21
     December, 1999, among Morila S.A., the Completion Guarantors, Lenders,
     Arrangers and Co-Arrangers referred to (and defined) therein and N M
     Rothschild & Sons Limited, as the Agent.

     "MORILA S.A." means Societe des Mines de Morila S.A., a company organised
     and existing under the laws of the Republic of Mali.

     "OBLIGATIONS" means, with respect to each Obligor, all obligations of such
     Obligor with respect to the repayment or performance of all obligations
     (monetary or otherwise) of such Obligor arising under or in connection with
     this Agreement and each other Loan Document and where the term
     "OBLIGATIONS" is used without reference to a particular Obligor, such term
     means the Obligations of all Obligors.

     "OBLIGORS" means, collectively, the Borrower and MIJL.

     "OFFERING CIRCULAR" means the circular to shareholders of the Borrower,
     dated 28 June, 2001.

     "OPERATING ACCOUNT" means account number 411848019 maintained by the
     Borrower with the branch of Citibank N.A. located at 38 Esplanade, St.
     Helier, Jersey JE4 8QB.

     "ORGANIC DOCUMENT" means, with respect to each Obligor:

     (a)  its memorandum and articles of association; and

     (b)  all shareholder agreements, voting trusts and similar arrangements
          applicable to any of its authorised shares of capital stock or other
          equity interests.

     "PERCENTAGE" means, relative to any Lender and at any time:

     (a)  if any Loans are outstanding, the ratio (expressed as a percentage)
          of:

          (i)  the principal amount of such Lender's Loans at such time;

               to

          (ii) the principal amount of all the Lenders' Loans at such time or;

     (b)  if no Loans are outstanding, the ratio (expressed as a percentage) of:

          (i)  such Lender's Commitment Amount at such time;

               to

          (ii) the Total Commitment Amount;

     PROVIDED, HOWEVER, that at any time when the Lenders shall have no further
     Commitments hereunder and all Obligations of each Obligor in connection
     with

                                      -8-

<PAGE>

     each Loan Document (excluding any Hedging Agreement which is a Loan
     Document) shall have been paid and performed in full then, to the extent
     any Hedging Obligation of the Borrower under any such Hedging Agreement
     shall then be outstanding, the term "PERCENTAGE" means, relative to any
     Lender which is a party to any such Hedging Agreement and at any time, the
     ratio (expressed as a percentage) of;

     (c)  the contingent net liabilities of the Borrower at such time to such
          Lender under all such Hedging Agreements to which such Lender is a
          party, to;

     (d)  the contingent net liabilities of the Borrower at such time to all
          Lenders under all such Hedging Agreements to which any Lender is a
          party.

     "POLITICAL RISK INSURANCE" means a policy of political risk insurance in
     form and substance satisfactory to the Lenders (including with respect to
     the issuer of such policy) naming the Lenders as beneficiaries (which term
     shall include any such policy which names the Agent or the Arrangers as
     insured and the Lenders as co-insured) and insuring the Lenders for such
     coverages and against such risks with respect to the Borrower's Obligations
     to pay the principal amount of (and interest accruing on and other amounts
     due in respect of) the Lenders' Loans as the Lenders shall reasonably
     require.

     "PRINCIPAL PAYMENT DATE" means collectively, (a) each 30 April, 31 July, 31
     October and 31 January of each calendar year, commencing with 31 January
     2002 and ending with 31 July, 2005, and (b) the Final Maturity Date.

     "PROCESS AGENT" is defined in Clause 10.13(c).

     "PROCESS AGENT ACCEPTANCE" means a letter from the Process Agent to the
     Agent, substantially in the form of Exhibit C attached hereto.

     "RECL" means Randgold & Exploration Company Limited, a company organised
     and existing under the laws of the Republic of South Africa.

     "REQUIRED LENDERS" means at any time, Lenders having, in the aggregate, a
     Percentage of sixty six and two thirds (66%) or more at such time.

     "RRL GROUP COMPANIES" means, collectively, the Borrower, its subsidiaries
     and subsidiary undertakings and their subsidiaries and subsidiary
     undertakings, Morila Holdings and Morila S.A.

     "RRL SECURITY AGREEMENT" means the Security Agreement between the Borrower
     and the Agent, substantially in the form of Exhibit A-1 attached hereto.

     "SECURITY AGREEMENTS" means, collectively, the RRL Security Agreement, the
     MIJL Security Agreement and the Deed of Priorities.

     "SHARE REPURCHASE" has the same meaning as that ascribed to the term
     "Repurchase" in the Offering Circular.

                                      -9-
<PAGE>

     "SYAMA PROJECT" means the Syama gold project in Mali owned by Societe des
     Mines de Syama S.A., of which seventy-five percent (75%) of its share
     capital is owned by the Borrower.

     "TAX CREDIT" is defined in Clause 4.6(b).

     "TAX PAYMENT" is defined in Clause 4.6(b).

     "TAXES" is defined in Clause 4.5.

     "TOTAL COMMITMENT AMOUNT" means, at any time, the aggregate of the Total
     Tranche A Commitment Amount and the Total Tranche B Commitment Amount, in
     each case at such time.

     "TOTAL TRANCHE A COMMITMENT AMOUNT" means, at any time, subject to the
     terms and conditions of this Agreement the amount of (a) U.S.$25,000,000,
     less (b) any reduction of the Total Tranche A Commitment Amount effected
     pursuant to Clause 2.4.

     "TOTAL TRANCHE B COMMITMENT AMOUNT" means, at any time, subject to the
     terms and conditions of this Agreement the amount of (a) U.S.$10,000,000,
     less (b) any reduction of the Total Tranche B Commitment Amount effected
     pursuant to Clause 2.4.

     "TRANCHE A COMMITMENT" means, relative to any Lender, such Lender's
     obligation to make and to maintain its Tranche A Loans pursuant to the
     terms and subject to the conditions of this Agreement.

     "TRANCHE A COMMITMENT AMOUNT" means the amount set forth opposite each
     Lender's name on the signature pages hereto next to the heading "Tranche
     A", as the same may be reduced pursuant to this Agreement or adjusted as a
     result of any assignment or transfer pursuant to Clause 10.11.

     "TRANCHE A LENDER" means each Lender with a Tranche A Commitment Amount
     which is in excess of zero.

     "TRANCHE A LOAN" is defined in Clause 2.1(a).

     "TRANCHE B COMMITMENT" means, relative to any Lender, such Lender's
     obligation to make and to maintain its Tranche B Loans pursuant to the
     terms and subject to the conditions of this Agreement.

     "TRANCHE B COMMITMENT AMOUNT" means the amount set forth opposite each
     Lender's name on the signature pages hereto next to the heading "Tranche
     B", as the same may be reduced pursuant to this Agreement or adjusted as a
     result of any assignment or transfer pursuant to Clause 10.11.

     "TRANCHE B LENDER" means each Lender with a Tranche B Commitment Amount
     which is in excess of zero.

     "TRANCHE B LOAN" is defined in Clause 2.1(a)

                                      -10-
<PAGE>

     "TRANSFER CERTIFICATE" means a certificate, substantially in the form of
     Exhibit G attached hereto.

     "TRANSFEREE LENDER" is defined in Clause 10.11.2.

     "TRANSFEROR LENDER" is defined in Clause 10.11.2.

1.2  ADDITIONAL DEFINITIONS

     Any reference in this Agreement or any other Loan Document to:

     (a)  an "AFFILIATE" of any person is a reference to a subsidiary or a
          holding company, or a subsidiary of a holding company, of such person;

     (b)  "APPLICABLE LAW" means, with respect to any person or matter, any
          supranational, national, regional, tribal or local statute, law, rule,
          treaty, convention, regulation, order, decree, directive, consent
          decree, determination or other requirement (whether or not having the
          force of law but being one which a responsible organisation would
          regard as binding on it) relating to such person or matter and, where
          applicable, any interpretation thereof by any Governmental Agency
          having jurisdiction with respect thereto or charged with the
          administration or interpretation thereof and, in each such case, as
          the same may be amended, modified, codified or re-enacted, in whole or
          in part, and in effect from time to time.

     (c)  references to the "BORROWER", any "OBLIGOR", the "AGENT", any
          "ARRANGER" or any "LENDER" shall be construed so as to include their
          respective successors and permitted transferees and assigns in
          accordance with their respective interests;

     (d)  "FINANCIAL INDEBTEDNESS" shall be construed as a reference to any
          indebtedness for or in respect of moneys borrowed or raised by
          whatever means (including by means of acceptances under any acceptance
          credit facility, the issue of loan stock, any liability in respect of
          a finance or capital lease and any obligations evidenced by bonds,
          notes, debentures or similar instruments) or for the deferred purchase
          price of assets or services (excluding normal trade debt which does
          not include any interest payment or finance charge) or any other
          transaction having the commercial effect of a borrowing; PROVIDED,
          HOWEVER, that any interest, commission, fees or other like financing
          charges shall be excluded save to the extent that the same has been
          capitalised;

     (e)  a "HOLDING COMPANY" of a company or corporation shall be construed as
          a reference to any company or corporation of which the first-mentioned
          company or corporation is a subsidiary;

     (f)  "INDEBTEDNESS" shall be construed so as to include any obligation
          (whether incurred as principal or as surety) for the payment or
          repayment of money, whether present or future, actual or contingent;

                                      -11-
<PAGE>

     (g)  "INSTRUMENT" means any contract, agreement, indenture, mortgage,
          document or writing (whether by formal agreement, letter or otherwise)
          under which any obligation is evidenced, assumed or undertaken, or any
          lien (or right or interest therein) is granted or perfected or
          purported to be granted or perfected;

     (h)  a "LIEN" means any mortgage, charge, pledge, hypothecation, assignment
          by way of security, deposit arrangement, encumbrance, lien (statutory
          or otherwise), title retention, finance lease, factoring or
          discounting of debts or other security interest on or over present or
          future assets of the person concerned securing any obligation of any
          person or any other type of preferential or trust arrangement having a
          similar effect, including any such security interest which arises or
          is imposed by operation of law;

     (i)  a "PERSON" means any natural person, corporation, partnership, firm,
          association, trust, government, governmental agency or any other
          entity, whether acting in an individual, fiduciary or other capacity;

     (j)  a "SUBSIDIARY" and a "SUBSIDIARY UNDERTAKING" shall have the same
          meaning as in the Companies Act 1985 of the United Kingdom;

     (k)  "TYPE" means, in connection with any reference to a Loan, a Tranche A
          Loan and/or a Tranche B Loan, as the context may require; and

     (l)  the "WINDING-UP" or "DISSOLUTION" of a company or the appointment of
          an "ADMINISTRATIVE RECEIVER", a "RECEIVER", "MANAGER", "LIQUIDATOR" or
          an "ADMINISTRATOR" with respect to a company shall be construed so as
          to include any equivalent or analogous proceedings or, as the case may
          be, person under the law of the jurisdiction in which such company is
          incorporated or any jurisdiction in which such company carries on
          business.

1.3  INTERPRETATION

     Unless a clear contrary intention appears, this Agreement and each other
     Loan Document shall be construed and interpreted in accordance with the
     provisions set forth below:

     (a)  reference to any agreement (including the Schedules and Exhibits
          hereto and to any other Loan Document), document or instrument means
          such agreement, document or instrument as amended, supplemented,
          novated, refinanced, replaced, waived, restated or modified, and in
          effect from time to time in accordance with the terms thereof and, if
          applicable, the terms hereof;

     (b)  a reference to a time of day shall be construed as a reference to
          London time;

     (c)  "INCLUDING" (and with correlative meaning "INCLUDE") means including
          without limiting the generality of any description preceding such
          term;

     (d)  the singular number includes the plural number and vice versa;

                                      -12-
<PAGE>

     (e)  reference to any person includes such person's successors, substitutes
          and assigns but, if applicable, only if such successors, substitutes
          and assigns are permitted by this Agreement or such other Loan
          Document, and reference to a person in a particular capacity excludes
          such person in any other capacity or individually;

     (f)  reference to any gender includes any other gender;

     (g)  "HEREUNDER", "HEREOF", "HERETO", "HEREIN" and words of similar import
          shall be deemed references to this Agreement or such other Loan
          Document, as the case may be, as a whole and not to any particular
          Clause or other provision hereof or thereof;

     (h)  relative to the determination of any period of time, "FROM" means
          "FROM (AND INCLUDING)" and "TO" means "TO (BUT EXCLUDING)";

     (i)  a reference to a "CORPORATION" or "COMPANY" shall be construed as a
          reference to the analogous form of business entity used in any
          relevant jurisdiction;

     (j)  when an expression is defined, another part of speech or grammatical
          form of that expression has a corresponding meaning; and

     (k)  a reference to fees, costs, charges or expenses includes all value
          added tax or other applicable taxes imposed thereon.

1.4  USE OF DEFINED TERMS

     Unless otherwise defined or the context otherwise requires, terms for which
     meanings are provided in this Agreement shall have such meanings when used
     in each Borrowing Request, each Continuation Notice, each Compliance
     Certificate, each other Loan Document and each notice and other
     communication delivered from time to time in connection with this Agreement
     or any other Loan Document.

1.5  CROSS-REFERENCES

     Unless otherwise specified, references in this Agreement and in each other
     Loan Document to any Clause or sub-clause are references to such Clause or
     sub-clause of this Agreement or such other Loan Document, as the case may
     be.

1.6  ACCOUNTING AND FINANCIAL DETERMINATIONS

     All accounting terms used herein or (except to the extent set forth
     therein) in any other Loan Document shall be interpreted, all accounting
     determinations and computations hereunder or thereunder shall be made, and
     all financial statements required to be delivered hereunder or thereunder
     shall be prepared in accordance with International Accounting Standards
     ("GAAP"), in each case, applied (subject to the provisions of Clause 1.7)
     on a basis consistent with the preparation of the financial statements
     referred to in Clause 6.5(a).

                                      -13-
<PAGE>

1.7  CHANGE IN ACCOUNTING PRINCIPLES

     If, after the Effective Date, there shall (without prejudice to Clause 1.6
     and Clause 7.2.1(b)) be any change to the Borrower's Fiscal Year, or in the
     application of the accounting principles used in the preparation of the
     financial statements referred to in Clause 6.5(a) as a result of the
     promulgation of rules, regulations, pronouncements, or opinions by any
     Governmental Agency or any entity with responsibility for the
     administration of accounting standards (or agencies with similar functions)
     which changes, in any such case, result in a change in the method of
     calculation of financial covenants, standards, or terms applicable to the
     Borrower found in this Agreement or any other Loan Document, the parties
     hereto agree promptly to enter into negotiations in order to amend such
     financial covenants, standards or terms so as to reflect equitably such
     changes with the desired result that the evaluations of the Borrower's
     financial condition shall be the same after such changes as if such changes
     had not been made; PROVIDED, HOWEVER, that until the Required Lenders have
     given their consent to such amendments, the Borrower's financial condition
     shall continue to be evaluated on the same principles as those used in the
     preparation of the financial statements referred to in Clause 6.5(a).

1.8  GENERAL PROVISIONS AS TO CERTIFICATES AND OPINIONS, ETC

     Whenever the delivery of a certificate is a condition precedent to the
     taking of any action by any Lender Party hereunder, the truth and accuracy
     of the facts and the diligent and good faith determination of the opinions
     stated in such certificate shall in each case be conditions precedent to
     the right of any Obligor to have such action taken, and any certificate
     executed by any Obligor shall be deemed to represent and warrant that the
     facts stated in such certificate are true and accurate.

2.   COMMITMENTS; BORROWING AND INTEREST PERIOD SELECTION PROCEDURES, ETC

2.1  COMMITMENTS

     (a)  Subject to the terms and conditions of this Agreement (including
          Clause 5) each Lender severally and for itself alone agrees that it
          will, from time to time on any Business Day occurring during the
          period commencing on the Effective Date and ending on the relevant
          Commitment Termination Date, make loans (with respect to each Lender,
          each such loan individually a "LOAN") denominated in Dollars to the
          Borrower as set forth in this Clause. Each Loan made by each Lender
          will be made pursuant to either its Tranche A Commitment (a "TRANCHE A
          LOAN") or Tranche B Commitment (a "TRANCHE B LOAN"). No more than one
          (1) Tranche A Loan shall be made by each Lender.

     (b)  Each Loan made by each Lender pursuant to any Borrowing Request shall
          be made in a principal amount equal to such Lender's Funding
          Percentage of the aggregate principal amount of the type of Loans
          requested by the Borrower to be made on the Borrowing Date specified
          in such Borrowing Request.

                                      -14-
<PAGE>

     (c)  No Lender shall be required to make any Loan if, after giving effect
          thereto:

          (i)  the aggregate original principal amount of all Tranche A Loans:

               (x)  of all Lenders made since the Effective Date would exceed
                    the Total Tranche A Commitment Amount; or

               (y)  of such Lender made since the Effective Date would exceed
                    such Lender's Tranche A Commitment Amount; or

          (ii) the aggregate principal amount of all Tranche B Loans:

               (x)  outstanding to all Lenders would exceed the Total Tranche B
                    Commitment Amount; or

               (y)  outstanding to such Lender would exceed such Lender's
                    Tranche B Commitment Amount.

2.2  PROCEDURE FOR MAKING LOANS

     (a)  By delivering a Borrowing Request to the Agent on or before 10:00 a.m.
          on any Business Day the Borrower may request, on not less than three
          (3) nor more than five (5) Business Days' notice (counting the date on
          which such Borrowing Request is given), that Loans of either type be
          made by all Lenders on the Borrowing Date, and in the principal
          amount, in each case as specified in such Borrowing Request. Upon
          receipt of a Borrowing Request, the Agent shall promptly notify each
          Lender of the contents thereof, and such Borrowing Request shall not
          thereafter be revocable.

     (b)  The aggregate principal amount of Loans requested to be made in any
          Borrowing Request shall be in an integral multiple of U.S.$1,000,000.

     (c)  Subject to the terms and conditions of this Agreement (including
          Clause 5), the Loans requested to be made in a Borrowing Request shall
          be made on the requested Borrowing Date. On such Borrowing Date and
          subject to such terms and conditions, each Lender shall, on or before
          11:00 a.m., credit such Dollar account of the Agent at its Dollar
          Lending Office as the Agent may notify to the Lenders with an amount
          of Dollars equal to such Lender's Funding Percentage of the aggregate
          principal amount of the type of Loans to be made pursuant to such
          Borrowing Request. To the extent funds are received by the Agent from
          the Lenders in respect of the Loans requested by each Borrowing
          Request (but subject to clause (d)) the Agent shall make such funds
          available to the Borrower by crediting the principal amount of such
          Loans to the Operating Account. No Lender's obligation to make any
          Loan as aforesaid shall be affected by any other Lender's failure to
          make any other Loan.

     (d)  Unless the Agent shall have received written notice from a Lender
          prior to 5:00 p.m. on the day prior to a Borrowing Date that such
          Lender will not make available the principal amount which would
          constitute its Funding

                                      -15-
<PAGE>

          Percentage of the aggregate principal amount of the relevant type of
          Loans to be made on such Borrowing Date pursuant to the relevant
          Borrowing Request, the Agent may assume that such Lender has made such
          principal amount available to the Agent and may, in reliance on such
          assumption, make available to the Borrower a corresponding amount. In
          the event that the Agent makes such corresponding amount available to
          the Borrower and the relevant Lender has not in fact made such amount
          available to the Agent, then such Lender agrees to pay the Agent
          forthwith on demand such corresponding amount together with interest
          thereon, for each day from the date such corresponding amount was made
          available by the Agent to the Borrower to the date such amount is paid
          by the Lender to the Agent, at the interest rate applicable at the
          time to the Loans requested to be made pursuant to the relevant
          Borrowing Request. In the event that such corresponding amount and
          such interest is not paid to the Agent by such Lender within five (5)
          Business Days of the Agent having made written demand for such amount,
          then the Borrower agrees to repay such corresponding amount to the
          Agent together with interest thereon, for each day from the date such
          corresponding amount was made available by the Agent to the Borrower
          to the date such amount is paid by the Borrower to the Agent, at the
          interest rate applicable at the time to the Loans requested to be made
          pursuant to the relevant Borrowing Request.

2.3  CONTINUATION ELECTIONS

     By delivering a Continuation Notice to the Agent on or before 10:00 a.m. on
     a Business Day, the Borrower may from time to time irrevocably elect, on
     not less than three (3) nor more than five (5) Business Days' notice
     (counting the date on which such Continuation Notice is given) prior to the
     expiration of any Interest Period with respect to any then outstanding
     Loans, that such Loans be, upon the expiration of such Interest Period,
     continued as Loans for the Interest Period specified in such Continuation
     Notice; PROVIDED, HOWEVER, that, at any one time, only five (5) Interest
     Periods may be in effect; and PROVIDED, FURTHER, HOWEVER, that following
     any continuation of Loans, each tranche of Loans with identical Interest
     Periods made by all the Lenders shall be in an aggregate Principal Amount
     which is (a) in the case of Tranche A Loans, not less than U.S.$5,000,000
     and (b) in the case of either type of Loans, in an integral multiple of
     U.S.$1,000,000.

     In the absence of delivery of a Continuation Notice with respect to any
     Loans at least three (3) Business Days before the last day of the then
     current Interest Period with respect thereto, such Loans shall, on such
     last day, automatically be deemed to be continued as Loans having (subject
     to Clause 3.2.2) an Interest Period determined pursuant to the provisions
     of clause (c) of the definition of such term.

2.4  CANCELLATION

     (a)  The Borrower may cancel the unutilised portion of the Total Tranche A
          Commitment Amount and/or the Total Tranche B Commitment Amount in
          whole or in part on giving not less than three (3) Business Days prior
          written notice thereof to the Agent. Cancellation of any portion of
          either the Total Tranche A Commitment Amount or the Total Tranche B
          Commitment Amount shall be in an integral multiple of U.S.$1,000,000.

                                      -16-
<PAGE>

          Effective upon the cancellation of a portion of the Total Tranche A
          Commitment Amount or the Total Tranche B Commitment Amount each
          Lender's Tranche A Commitment Amount or, as the case may be, Tranche B
          Commitment Amount will immediately be reduced by an amount equivalent
          to its relevant Funding Percentage of the amount of such cancellation.

     (b)  Any notice given under clause (a) shall be irrevocable.

2.5  RECORDS

     Each Lender's Loans shall be evidenced by a loan account maintained by such
     Lender. The Borrower hereby irrevocably authorises each Lender to make (or
     cause to be made) appropriate account entries, which account entries, if
     made, shall evidence INTER ALIA the type of, the date of, the principal
     amount of, any repayments of, the interest rate on, and the Interest
     Periods applicable to, the Loans then outstanding to such Lender. Any such
     account entries indicating the outstanding principal amount of the Loans
     outstanding to such Lender shall be PRIMA FACIE evidence of the principal
     amount thereof owing and unpaid, but the failure to make any such entry
     shall not limit or otherwise affect the obligations of the Borrower
     hereunder to make payments of the principal amount of, or interest on, such
     Loans when due.

2.6  FUNDING

     Each Lender may, if it so elects, fulfil its obligation to make or maintain
     any portion of the principal amount of its Loans by causing a foreign
     branch, affiliate or international banking facility of such Lender to make
     such Loans; PROVIDED, HOWEVER, that in such event such Loans shall be
     deemed to have been made by a foreign branch, affiliate or international
     banking facility of such Lender, the obligation of the Borrower to repay
     the principal amount of such Loans, and pay interest thereon, shall
     nevertheless be to such Lender and shall be deemed to be held by it, to the
     extent of such Loans, for the account of such foreign branch, affiliate or
     international banking facility.

3.   PRINCIPAL PAYMENTS; INTEREST

3.1  PRINCIPAL PAYMENTS

     The Borrower shall make payment in full of the unpaid principal amount of
     all Loans at the Final Maturity Date. Prior thereto, the Borrower:

     (a)  may, from time to time on any Business Day, make a voluntary
          prepayment, in whole or in part, of the then outstanding principal
          amount of Loans; PROVIDED, HOWEVER, that:

          (i)  the Borrower shall give the Agent not less than three (3)
               Business Days' prior written notice (counting the date on which
               such notice is given) of any such voluntary prepayment, which
               notice, once given, shall be irrevocable; and

                                      -17-
<PAGE>

          (ii) all such partial voluntary prepayments shall be in an aggregate
               principal amount which is (x) in the case of any such prepayment
               of Tranche A Loans, in a minimum amount of U.S.$5,000,000 and (y)
               in the case of any such prepayment of either type of Loans, in an
               integral multiple of U.S.$1,000,000;

     (b)  shall, (i) on each of the first five (5) Principal Payment Dates, make
          a mandatory repayment of the Tranche A Loans in a principal amount of
          U.S.$750,000 and (ii) on each Principal Payment Date occurring
          thereafter and prior to the Final Maturity Date, make a mandatory
          repayment of the Tranche A Loans in a principal amount of
          U.S.$1,930,000;

     (c)  shall, on each Calculation Date (commencing with the first such date
          to occur on or after the first Principal Payment Date) make a
          mandatory repayment of the Tranche A Loans outstanding on such date in
          a principal amount equal to seventy five percent (75%) of the amount
          of (i) the dividends paid by Morila Holdings during the three (3)
          month period ending on such Calculation Date in respect of the shares
          of capital stock of Morila Holdings owned, directly or indirectly, by
          the Borrower, less (ii) U.S.$6,000,000;

     (d)  shall make a mandatory repayment of the Loans in the amounts, and at
          the times, required pursuant to the provisions of Clause 7.2.8(d); and

     (e)  shall, promptly upon the receipt of the proceeds of the issue of any
          share capital (however denominated) of the Borrower, make a mandatory
          repayment of the Loans in a principal amount equal to the lesser of:

          (i)  an amount which is equal to the greater of:

               (A)  twenty five percent (25%) of the Dollar equivalent
                    (calculated by reference to the Agent's spot rate of
                    exchange for the relevant currency) of such net proceeds;
                    and

               (B)  U.S.$7,000,000; and

          (ii) the proceeds of any such issue.

          Any amount in respect of any Loans repaid under clause (d) or (e)
          shall be applied in the first place against the Tranche A Loans and
          thereafter against the Tranche B Loans. Any amount in respect of any
          Tranche A Loans repaid under clause (c), (d) or (e) shall be applied
          against subsequent repayments of Tranche A Loans required to be made
          pursuant to clause (b) in the inverse order of maturity thereof. Each
          repayment or prepayment of the principal amount of any Loans made
          pursuant to this Clause shall be without premium or payment of any
          other additional amount, except as may be required pursuant to Clause
          4.3. Any repayment or prepayment of the principal amount of any Loans
          shall include accrued interest on the date of repayment or prepayment
          on the principal amount being prepaid. The principal amount of any
          Tranche A Loans repaid or prepaid may not be re-borrowed. The
          principal amount of any Tranche B Loans repaid or prepaid may, subject
          to the terms and conditions of this Agreement, be re-borrowed.

                                      -18-
<PAGE>

3.2      INTEREST PAYMENTS

         The Borrower shall make payments of interest in accordance with this
         Clause.

3.2.1    RATE

         The Borrower shall pay interest on the principal amount of the Loans
         outstanding from time to time prior to and at maturity at a rate per
         annum equal to the sum of:

         (a) the LIBO Rate for Loans as in effect from time to time; PLUS

         (b) the Applicable Margin with respect to the relevant type of Loans.

3.2.2    POST-MATURITY RATE

         After the maturity of all or any portion of the principal amount of the
         Loans or after any other Obligations shall have become due and not been
         paid, the Borrower shall pay interest (after as well as before
         judgment) on the principal amount of each Loan so matured or on any
         such other Obligations at a rate PER ANNUM equal to the sum of:

         (a)  the LIBO Rate for such Interest Periods as the Agent may from time
              to time select;

         (b)  the Applicable Margin with respect to the relevant type of Loans;
              PLUS

         (c)  two percent (2%).

3.2.3    PAYMENT DATES

         Interest accrued on each Loan shall be payable, without duplication,
         on:

         (a)  the last day of each Interest Period with respect to such Loan
              (and, in addition to such day, if such Interest Period shall
              exceed six (6) months, on each date which is the last day of each
              successive six (6)-monthly period occurring during such Interest
              Period commencing with the first six (6) month period commencing
              on the first day of such Interest Period);

         (b)  the maturity of such Loan; and

         (c)  with respect to any portion of any Loan repaid or prepaid pursuant
              to Clause 3.1 or 4.4, the date of such repayment or prepayment, as
              the case may be.

         Interest accrued on each Loan after the maturity thereof and interest
         on other overdue amounts, shall be payable upon demand. The amount of
         accruing interest on any Loans shall be calculated during each Interest
         Period applicable thereto by the Agent on the daily outstanding
         principal amount of such Loans.

                                      -19-
<PAGE>

3.2.4    RATE DETERMINATIONS

         All determinations by the Agent of the rate of interest applicable to
         any Loan shall be conclusive absent manifest error.

3.3      FEES

         (a)  The Borrower shall pay to the Agent, and the Agent shall pay to
              the Lender Parties, fees (other than the fees referred to in
              clause (b)) in the amounts and at the times agreed between the
              Borrower and the Agent or, as the case may be, the Agent and the
              Lender Parties, in connection with the execution of this
              Agreement.

         (b)  The Borrower shall pay to the Agent for the account of each Lender
              a commitment fee computed at the rate of one and one half percent
              (1.50%) PER ANNUM on the undrawn, uncancelled and unreduced amount
              of each Lender's Commitment Amount. Accrued commitment fees shall
              be payable in arrears on each Calculation Date.

         (c)  The Borrower hereby acknowledges that any portion of any fee once
              paid shall be non-refundable, such portion having already been
              earned by performance.

4.       INCREASED COSTS; TAXES; MARKET DISRUPTIONS; GENERAL PAYMENT PROVISIONS

4.1      DOLLARS UNAVAILABLE

         (a)  If, prior to the date on which the Agent shall make any
              determination of the LIBO Rate for any Interest Period with
              respect to any Loan, the Agent shall have determined that either:

              (i)  Dollar certificates of deposit or Dollar deposits, as the
                   case may be, in the relevant amount and for the relevant
                   Interest Period are not available to any Lender (or Lenders)
                   in the London interbank market; or

              (ii) by reason of circumstances affecting the Lenders in the
                   London interbank market, adequate means do not exist for
                   ascertaining the interest rate applicable hereunder

              then the Agent shall promptly give telephonic notice of such
              determination confirmed in writing to the Borrower.

         (b)  As soon as practicable following the giving of any notice
              described in clause (a), the Agent, the affected Lenders and the
              Borrower shall negotiate for a period not exceeding thirty (30)
              days with a view to agreeing an alternative basis (including an
              alternative to the LIBO Rate) for making or maintaining the Loans
              affected by the circumstances described in clause (a). During such
              period interest shall accrue on the principal amount of each
              affected Lender's affected Loans at the rate applicable to such
              Loans immediately prior to the giving of such notice. If no such
              alternative basis

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              is agreed within such period, each affected Lender's affected
              Loans shall bear interest at a rate PER ANNUM equal to the sum of:

              (i)  the cost to such Lender of funding such Loans (as determined
                   by such Lender which determination shall, in the absence of
                   manifest error, be conclusive and binding on the Borrower);
                   plus

              (ii) the Applicable Margin with respect to the relevant type of
                   Loans.

4.2      INCREASED COSTS, ETC

         The Borrower agrees to reimburse each Lender for any increase (other
         than as specifically covered in any other provision of Clause 4) in the
         cost to such Lender of making, continuing or maintaining (or of its
         obligation to make, continue or maintain) its Loans, and for any
         reduction (other than as specifically covered in any other provision of
         Clause 4) in the amount of any sum receivable or earned by such Lender
         hereunder in respect of making, continuing or maintaining any portion
         of any such Loan (including any reduction in such Lender's (or its
         controlling person's) rate of return on its capital), in either case
         from time to time by reason of any regulatory change. In the event of
         the incurrence of any such increased cost or reduced amount, such
         Lender shall promptly notify the Agent and the Borrower thereof stating
         in reasonable detail the reasons therefor, the additional amount
         required fully to compensate such Lender for such increased cost or
         reduced amount and the calculation of such additional amount. Such
         notice shall, in the absence of manifest error, be conclusive and
         binding on the Borrower.

4.3      FUNDING LOSSES

         In the event any Lender shall incur any loss or expense (including any
         loss or expense incurred by reason of the liquidation or reemployment
         of Dollar deposits or other funds acquired by such Lender to make,
         continue, or maintain any portion of the principal amount of its Loans)
         as a result of:

         (a)  any repayment or prepayment of the principal amount of a Loan on a
              date other than the scheduled last day of the Interest Period
              applicable thereto, whether pursuant to Clause 3.1 or otherwise;
              or

         (b)  any action of the Borrower resulting in any Loans not being made,
              continued or maintained in accordance with the Borrowing Request
              relating thereto or any Continuation Notice, as the case may be,
              given in connection therewith,

         then, upon the request of such Lender to the Borrower (with a copy to
         the Agent), the Borrower shall pay to the Agent for the account of such
         Lender such amount as will (in the reasonable determination of such
         Lender) reimburse such Lender for such loss or expense. A statement as
         to any such loss or expense (including calculations thereof in
         reasonable detail) shall be submitted by such Lender to the Agent and
         the Borrower and shall, in the absence of manifest error, be conclusive
         and binding on the Borrower.

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4.4      ILLEGALITY

         (a)  If it becomes unlawful for any Lender to make any of its Loans,
              the obligations of such Lender to make any portion of the
              principal amount of such Loans shall, upon such determination,
              forthwith be suspended until such Lender shall become aware that
              the circumstances causing such suspension no longer exist and
              shall have notified the Agent and the Borrower to such effect, at
              which time the obligation of such Lender to make its Loans shall
              be reinstated.

         (b)  If it becomes unlawful for any Lender to continue its Loans, then,
              upon notice by such Lender to the Agent and the Borrower, the
              Borrower shall prepay, within five days after the giving of such
              notice the principal amount of and interest on such Lender's then
              outstanding Loans (subject, however, to Clause 4.3).

4.5      TAXES

         (a)  All payments by the Borrower of principal of, and interest on, the
              Loans and all other amounts payable pursuant to this Agreement or
              any other Loan Document to any Lender Party shall be made free and
              clear of, and without deduction for any, present or future income,
              excise, stamp or other taxes, fees, duties, withholdings or other
              charges of any nature whatsoever imposed by any taxing authority
              of any jurisdiction, in each case other than franchise taxes and
              taxes imposed on or measured by the recipient's net income or
              receipts (such non-excluded items referred to as "TAXES"). In the
              event that any withholding or deduction from any payment to be
              made by the Borrower hereunder or under any other Loan Document is
              required in respect of any Taxes pursuant to any applicable law,
              then the Borrower will:

              (i)   to the extent that any such Taxes are payable by the
                    Borrower, pay directly to the relevant authority the full
                    amount to be so withheld or deducted;

              (ii)  promptly forward to the Agent an official receipt or other
                    documentation satisfactory to the Agent evidencing such
                    payment to such authority; and

              (iii) pay to the Agent for the account of the person or persons
                    entitled thereto such additional amount or amounts as is
                    necessary to ensure that the net amount actually received by
                    such person will be equal to the full amount such person
                    would have received had no such withholding or deduction
                    been required.

              Moreover, if any Taxes are directly asserted against any Lender
              Party with respect to any payment received by such Lender Party
              hereunder or under any other Loan Document, such Lender Party may
              pay such Taxes and the Borrower will promptly pay such additional
              amounts (including any penalties, interest or expenses except to
              the extent that the same are incurred as a result of the
              negligence or wilful misconduct of the relevant

                                      -22-
<PAGE>

              Lender Party) as is or are necessary in order that the net amount
              received by such Lender Party after the payment of such Taxes
              (including any Taxes on such additional amount) shall equal the
              amount such Lender Party would have received had such Taxes not
              been asserted.

         (b)  If the Borrower fails to pay any Taxes when due to the appropriate
              taxing authority or fails to remit to the Agent, for its own
              account and/or, as the case may be, the account of the relevant
              Lender Parties, the required receipts or other required
              documentary evidence, the Borrower shall indemnify the Agent or
              the relevant Lender Parties, as the case may be, for any
              incremental Taxes, interest or penalties that may become payable
              by any such Lender Party as a result of any such failure
              (excluding, however, any such incremental Taxes, interest or
              penalties incurred as a result of the gross negligence or wilful
              misconduct of the relevant Lender Party). For purposes of this
              Clause, a distribution hereunder or under any other Loan Document
              by the Agent or any Lender to or for the account of any Lender
              shall be deemed a payment by the Borrower.

4.6      MITIGATION

         (a)  In the event that the Borrower is obliged to make payment of any
              amount to any Lender Party pursuant to Clause 4.2 or 4.5 or the
              circumstances described in any of Clause 4.1(a) or 4.4 shall have
              occurred with respect to any Lender Party, such affected Lender
              Party agrees that it will take such reasonable steps as may
              reasonably be open to it to mitigate the effects of the
              circumstances described in the foregoing Clauses (including the
              transfer of such Lender Party's Dollar Lending Office to another
              jurisdiction and the application for a Tax Credit); PROVIDED,
              HOWEVER, that no Lender Party shall be obligated to:

              (i)   take any such steps if, in its opinion, such steps would
                    require it to achieve less than its expected return under
                    this Agreement or would have an adverse effect upon its
                    assets or financial condition;

              (ii)  achieve any particular result in the case of any such steps
                    resulting in less than complete mitigation of the relevant
                    circumstances; or

              (iii) take any such steps if, in its opinion, it would incur a
                    liability to the Borrower as a result thereof except
                    pursuant to clause (b).

         (b)  If, pursuant to clause (a), any Lender Party effectively obtains a
              refund of tax or credit (a "TAX CREDIT") against a payment made by
              the Borrower pursuant to Clause 4.5 (a "TAX PAYMENT"), and such
              Lender Party is able to identify such Tax Credit as being
              attributable to such Tax Payment, then such Lender Party,
              forthwith after actual receipt of such Tax Credit, shall reimburse
              the Borrower for such amount as shall be reasonably attributable
              to such Tax Payment; PROVIDED, HOWEVER, that no Lender Party shall
              be required to make any such reimbursement which would cause it to
              lose the benefit of such Tax Credit or would otherwise materially
              adversely affect any matter relating to such Lender Party in
              connection with the assessment or payment of any Taxes. Each
              Lender Party shall have absolute discretion

                                      -23-
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              as to whether to claim any Tax Credit, and if it does so claim,
              the extent, order and manner in which it does so. No Lender Party
              shall be obliged to disclose information regarding its tax affairs
              or computations to the Borrower.

4.7      PAYMENTS, COMPUTATIONS, ETC

         All payments by the Borrower pursuant to this Agreement or any other
         Loan Document, whether in respect of principal amount, interest or
         otherwise, shall (except with respect to any repayment or prepayment of
         any Obligation denominated in another currency) be paid in Dollars. All
         such payments made in Dollars shall be made by the Borrower to the
         Agent for the account of each Lender Party entitled thereto, by
         delivery of Dollars in immediately available funds to an account of the
         Agent at the Agent's Dollar Lending Office, which account shall be
         designated from time to time by notice to the Borrower from the Agent,
         for the account of each Lender Party entitled thereto (and, if such
         payment shall be of less than the due amount of the relevant payment
         Obligation then due and owing, for the PRO RATA benefit of each Lender
         Party entitled to share in such payment in accordance with its
         respective portion of the aggregate unpaid amount of similar payment
         Obligations). All such payments denominated in Dollars shall be made,
         without setoff, deduction, or counterclaim, not later than 11:00 a.m.,
         New York City time, on the date when due. All such payments denominated
         in any currency other than Dollars shall be payable to such account,
         and by such time, as the Agent shall specify from time to time. Any
         payments received hereunder after the time and date specified in this
         Clause shall be deemed to have been received by the Agent on the next
         following Business Day. The Agent shall promptly remit to each Lender
         Party its share (calculated as aforesaid), if any, of such payments, in
         kind. Such remittance shall be to an account designated by such Lender
         Party to the Agent by notice from time to time and maintained at, in
         the case of a Lender, such Lender's Dollar Lending Office, or, in the
         case of any other Lender Party, such location as such Lender Party
         shall designate to the Agent by notice from time to time. All interest
         and fees shall be computed on the basis of the actual number of days
         (including the first day but excluding the last day) occurring during
         the period for which such interest or fee is payable over a year
         comprised of 360 days. Subject to clauses (d) and (f) of the definition
         of "INTEREST PERIOD", whenever any payment to be made shall otherwise
         be due on a day which is not a Business Day, such payment shall be made
         on the next succeeding Business Day and such extension of time shall be
         included in computing interest or fees, if any, in connection with such
         payment.

4.8      REDISTRIBUTION OF PAYMENTS

         (a)  If, at any time, the proportion which any Lender Party (a
              "RECOVERING LENDER PARTY") has received or recovered (whether
              voluntary, involuntary, by application of set off or otherwise) in
              respect of its portion of any payment (a "RELEVANT PAYMENT") to be
              made under this Agreement or under any other Loan Document (other
              than any Hedging Agreement to which it is party) by any Obligor
              for the account of such Recovering Lender Party and one or more
              other Lender Parties is greater (the amount of such excess being
              herein called an "EXCESS AMOUNT") than the proportion thereof
              received or recovered by the Lender Party or Lender Parties
              entitled

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<PAGE>

              to participate in the payment Obligation to which such payment
              relates and which are receiving or recovering the smallest
              proportion thereof (which, for the purposes hereof shall include a
              nil receipt or recovery), (it being understood that all relevant
              payments are to be distributed among the Lenders in accordance
              with their respective relevant Funding Percentages), then:

              (i)   such Recovering Lender Party shall pay to the Agent an
                    amount equal to such excess amount;

              (ii)  there shall thereupon fall due from the Borrower to the
                    Recovering Lender Party an amount equal to the amount paid
                    out by such Recovering Lender Party pursuant to clause
                    (a)(i), the amount so due being treated, for the purposes
                    hereof, as if it were an unpaid part of such Recovering
                    Lender Party's portion of such relevant payment; and

              (iii) the Agent shall treat the amount received by it from such
                    Recovering Lender Party pursuant to clause (a)(i) as if such
                    amount had been received by it from the Borrower in respect
                    of such relevant payment and shall pay the same to the other
                    Lender Parties in accordance with their respective relevant
                    Funding Percentages.

              Within two (2) Business Days after any Lender Party receives or
              recovers any relevant payment otherwise than by payment through
              the Agent, that Lender Party shall notify the Agent of the amount
              and currency so received or recovered, how it was received or
              recovered and whether it represents principal, interest or other
              sums.

         (b)  If any sum (a "RELEVANT SUM") received or recovered by a
              Recovering Lender Party in respect of any amount owing to it by
              the Borrower becomes repayable and is repaid by such Recovering
              Lender Party, then:

              (i)   each Lender Party which has received a share of such
                    relevant sum by reason of the implementation of clause (a)
                    shall, upon request of the Agent, pay to the Agent for the
                    account of the Recovering Lender Party an amount equal to
                    its share of the relevant sum; and

              (ii)  there shall thereupon fall due from the Borrower to each
                    such Lender Party an amount equal to the amount paid out by
                    it pursuant to clause (b)(i), the amount so due being
                    treated, for the purposes hereof, as if it were the sum
                    payable to such Lender Party against which such Lender
                    Party's share of such relevant sum was applied.

         (c)  If any Lender shall commence any action or proceeding in any court
              to enforce its rights hereunder or under any other Loan Document
              after consultation with the other Lenders and, as a result thereof
              or in connection therewith, shall receive any excess amount (as
              referred to in clause (a)) then such Lender shall not be required
              to share any portion of such excess amount with any Lender which
              has the legal right to, but does not, join in such action or
              proceeding (having had notice of such action or proceeding)

                                      -25-

<PAGE>

              or commence and diligently prosecute a separate action or
              proceeding to enforce its rights.

4.9      SETOFF

         In addition to and not in limitation of any rights or remedies of any
         Lender Party under applicable law or otherwise, each Lender Party (or
         any branch thereof) shall, in the event that the Borrower defaults in
         the payment, repayment or prepayment when due of any payment
         Obligation, have the right to appropriate and apply to the payment of
         such Obligations owing to it (whether or not then due) any and all
         balances, credits, deposits, accounts or moneys of the Borrower then or
         thereafter maintained with such Lender Party in whatever currency or
         commodity; PROVIDED, HOWEVER, that any such appropriation and
         application shall be subject to the provisions of Clause 4.8.

4.10     APPLICATION OF PROCEEDS

         If at any time any amount received by the Agent is less than the amount
         then due and payable pursuant to this Agreement or any other Loan
         Document (including any proceeds received by the Agent in respect of
         any sale of, collection from, or other realisation upon, all or any
         part of any collateral security subject to any Security Agreement) such
         amount may, in the discretion of the Agent (after consultation with the
         Lenders), be held by the Agent as additional collateral security under
         the relevant Security Agreement for, or then or at any time thereafter
         be applied (after payment of any amounts payable to the Agent pursuant
         to Clauses 9.5, 10.3 and 10.4 and similar provisions contained in the
         other Loan Documents) in whole or in part by the Agent against, all or
         any part of the Obligations in the following order:

         (a)  FIRST, to amounts outstanding to the Lender Parties (or any of
              them) under any Loan Document (excluding, however, any Hedging
              Agreement) in respect of any amount other than interest on, or the
              principal amount of, any Loan;

         (b)  SECOND, to amounts outstanding to the Lender Parties (or any of
              them) under any Loan Document (excluding, however, any Hedging
              Agreement) in respect of interest on any Loan;

         (c)  THIRD, to amounts outstanding to the Lender Parties (or any of
              them) under any Loan Document in respect of the principal amount
              of any Loan; and

         (d)  FOURTH, to amounts outstanding to the Lender Parties (or any of
              them) in respect of net payment obligations of the Borrower to any
              Lender under any Hedging Agreement;

         PROVIDED, HOWEVER, that after the occurrence of any event that
         constitutes or with the lapse of time, would constitute an "INSURED
         EVENT" as defined in the Political Risk Insurance the amount applied
         against the Obligations pursuant to sub-paragraph (a) above shall be
         that remaining after the application of a portion of such funds in
         respect of the provider of Political Risk Insurance's pro-rata share of

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<PAGE>

         the Lender Parties' and such provider's out-of-pocket expenses or
         recovery paid to third parties in respect of this Loan Agreement and
         the Loan Documents.

         Any surplus of such cash or cash proceeds held by the Agent and
         remaining after payment in full of all the Obligations shall be paid
         over to whomsoever may be lawfully entitled to receive such surplus.

4.11     CURRENCY OF PAYMENT

         If:

         (a)  any amount payable by any Obligor under this Agreement or any
              other Loan Document is received by a Lender Party entitled thereto
              in a currency ("PAYMENT CURRENCY") other than the amount agreed to
              be payable in the currency in which the relevant Obligation is
              denominated (the "RELEVANT CURRENCY"), whether as a result of any
              judgement or order or the enforcement thereof, the liquidation of
              such Obligor or otherwise; and

         (b)  the amount produced by converting the Payment Currency so received
              into the Relevant Currency is less than the required amount of the
              Relevant Currency, then the Borrower shall, as an independent
              obligation separate and independent from its other obligations
              contained hereunder and in any other Loan Document, indemnify such
              Lender Party for the deficiency and any loss sustained as a
              result. Such conversion shall be made promptly following receipt
              at such prevailing rate of exchange in such market as is
              reasonably determined by such Lender Party as being most
              appropriate for the conversion. The Borrower shall in addition pay
              the reasonable costs of the conversion. The Borrower waives any
              right it may have in any jurisdiction to pay any amount under this
              Agreement or any other Loan Document in a currency other than the
              Relevant Currency.

5.       CONDITIONS PRECEDENT TO MAKING LOANS

5.1      INITIAL LOANS

         The obligations of each Lender to make its initial Loan shall be
         subject to the prior or concurrent satisfaction of each of the
         conditions precedent set forth in this Clause. Unless specifically
         stated to the contrary, each document, certificate and other instrument
         delivered pursuant to this Clause shall be dated on, or prior to, and
         shall be in full force and effect on, the Borrowing Date of the initial
         Loans.

5.1.1    RESOLUTIONS, ETC

         The Agent shall have received from each Obligor, a certificate of its
         Secretary or similar officer as to:

         (a)  resolutions of its Board of Directors or similar body then in full
              force and effect authorising the execution, delivery and
              performance of this Agreement and each other Loan Document or
              other document to be executed by it in connection with the
              transactions contemplated hereby and thereby;

                                      -27-
<PAGE>

         (b)  the incumbency and signatures of those of its officers authorised
              to act with respect to this Agreement and each other Loan Document
              or other document executed or to be executed by it; and

         (c)  its Organic Documents as then in effect.

5.1.2    SECURITY AGREEMENTS

         The Agent shall have received:

         (a)  counterparts of each Security Agreement duly executed by an
              Authorised Representative of each Obligor party thereto (and, in
              the case of the Deed of Priorities, each of the other parties
              thereto);

         (b)  evidence that all filings, stampings, registrations, recordings,
              notifications and other actions in all relevant jurisdictions
              necessary or, in the opinion of counsel to the Agent, advisable or
              desirable, in order to create in favour of the Lender Parties a
              valid and perfected first-priority lien over all of the collateral
              purported to be covered by each Security Agreement (subject, in
              the case of the MIJL Security Agreement, to the terms and
              conditions of the Deed of Priorities) have been made or, as the
              case may be, taken and are in full force and effect; and

         (c)  (i)   copies of share certificates (it being hereby acknowledged
                    by the parties hereto that the originals of such share
                    certificates are being held for the account of the lenders
                    under the Morila Project Financing as holders of a first
                    priority lien in connection therewith) representing all of
                    the share capital and voting rights of Morila Holdings owned
                    by MIJL (being, in the aggregate, not less than fifty
                    percent (50%) of such share capital and voting rights);

              (ii)  original share certificates representing all of the share
                    capital and voting rights of MIJL owned by the Borrower
                    (being, in the aggregate, not less than one hundred percent
                    (100%) of such share capital and voting rights); and

              (iii) with respect to the shares described in each of clauses
                    (c)(i) and (c)(ii), stock powers relating thereto executed
                    in blank and such other instruments of transfer in
                    connection therewith as the Agent shall reasonably require.

5.1.3    HEDGING AGREEMENTS

         The Agent shall have received such evidence as it shall require in
         connection with the implementation by the Borrower of Hedging
         Agreements which are required by Clause 7.1.7 to be in effect on the
         initial Borrowing Date.

5.1.4    OPERATING ACCOUNT

         The Agent shall have received evidence that the Operating Account has
         been established.

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5.1.5    PROCESS AGENT ACCEPTANCE

         The Agent shall have received a counterpart of the Process Agent
         Acceptance, duly executed by the Process Agent, together with evidence
         of the appointment of the Process Agent by each Obligor.

5.1.6    OPINIONS OF LEGAL ADVISERS

         The Agent shall have received opinions from:

         (a)  Ogier & Le Masurier, legal advisers in Jersey to the Obligors,
              substantially in the form of Exhibit B-1 attached hereto;

         (b)  Mourant du Feu & Jeune , legal advisers in Jersey to the Lender
              Parties, substantially in the form of Exhibit B-2 attached hereto;
              and

         (c)  Mayer, Brown & Platt, legal advisers in England to the Lender
              Parties, substantially in the form of Exhibit B-3 attached hereto.

5.1.7    BUSINESS PLAN

         The Lenders shall have received a copy of a business plan (as amended,
         modified or supplemented from time to time pursuant to Clause 7.1.13,
         the "BUSINESS PLAN") in form acceptable to the Lenders detailing the
         projected business and financial performance of the RRL Group Companies
         for the five (5) year period commencing on the date of this Agreement
         (including a detailed five (5) year cash flow projection) and
         initialled for purposes of identification by each of the Borrower and
         the Agent. Each Lender shall also have received such information as it
         shall reasonably require by way of reconciliation of the financial
         position (including cash balances) of the RRL Group Companies with the
         Business Plan.

5.1.8    INITIAL COMPLIANCE CERTIFICATE

         The Agent shall have received a Compliance Certificate calculated as of
         the initial Borrowing Date, together with such information concerning
         the calculations and assumptions used by the Borrower in preparing such
         Compliance Certificate as the Agent shall have requested.

5.1.9    CLOSING FEES, EXPENSES, ETC

         The Agent shall have received (including, to the extent necessary, from
         the proceeds of the initial Loans) for its own account, or for the
         account of the relevant Lender Parties, as the case may be, all fees
         due and payable on or prior to the initial Borrowing Date and all fees
         and expenses payable pursuant to Clause 10.3, to the extent then
         invoiced.

5.1.10   POLITICAL RISK INSURANCE

         Each Lender shall have been named as a beneficiary (which term shall
         include a policy naming the Agent or the Arrangers as insured and the
         Lenders as co-insured) in respect of a policy of Political Risk
         Insurance complying with the definition of such term, such Political
         Risk Insurance shall be in full force and

                                      -29-
<PAGE>

         effect, and the Borrower shall have paid to the Agent all premiums due
         pursuant to such Political Risk Insurance with respect to the first
         twelve (12) month period of coverage of such insurance.

5.1.11   SHARE REPURCHASE

         The Agent shall have received a copy of the Offering Circular together
         with such evidence as it shall reasonably require by way of
         confirmation that (a) the Share Repurchase is being implemented in
         accordance with the Offering Circular (including the use of the
         proceeds of the Tranche A Loans to fund the Share Repurchase), and (b)
         the proceeds of the Share Repurchase being paid by the Borrower to RECL
         will be applied to repay in full the U.S.$48,000,000 aggregate
         principal amount of secured guaranteed convertible bonds issued by
         Randgold Finance (BVI) Limited on or about 3 October, 1996.

5.1.12   COMPLETION OF MORILA PROJECT

         The "Release Date" under (and as defined in) the Loan Agreement
         referred to in the definition of the term "Morila Project Financing"
         shall have occurred.

5.1.13   REPAYMENT OF INTERCOMPANY DEBT

         The Agent shall have received evidence that all amounts outstanding in
         connection with the intercompany loan in the principal amount of
         U.S.$6,000,000 owed by RECL to the Borrower shall have been repaid, in
         full and in cash.

5.2      ALL LOANS

         The obligations of the Lenders to make any Loan (including the initial
         Loans) shall be subject to the prior or concurrent satisfaction of the
         additional conditions precedent set forth in this Clause.

5.2.1    COMPLIANCE WITH WARRANTIES, NO DEFAULT, ETC

         The representations and warranties of each Obligor set forth in each
         Loan Document to which such Obligor is a party shall be true and
         correct in all material respects as of the date initially made, and
         both immediately before and immediately after the making of the Loans:

         (a)  such representations and warranties shall be true and correct in
              all material respects with the same effect as if then made (unless
              stated to relate solely to an earlier date, in which case such
              representations and warranties shall be true and correct as of
              such earlier date); and

         (b)  no Default shall have then occurred and be continuing.

5.2.2    BORROWING REQUEST

         The Agent shall have received a duly completed Borrowing Request for
         such Loans. The delivery of a Borrowing Request and the acceptance by
         the Borrower of the proceeds of the Loans shall constitute a
         representation and warranty by the Borrower on the relevant Borrowing
         Date (both immediately before and

                                      -30-
<PAGE>

         immediately after giving effect to the making of the Loans and the
         application of the proceeds thereof) that the statements made in Clause
         5.2.1 are true and correct.

5.2.3    SATISFACTORY LEGAL FORM

         All documents executed or submitted pursuant hereto by or on behalf of
         any person shall be satisfactory in form and substance as to legal
         matters to the Lender Parties and their legal advisers and the Agent
         shall have received all information, and such counterpart originals or
         such certified or other copies of such instruments related to the
         conditions precedent described in this Clause, as the Agent or its
         legal advisers may reasonably request.

6.       REPRESENTATIONS AND WARRANTIES

         In order to induce the Lender Parties to enter into this Agreement and,
         in the case of the Lenders, to make and continue Loans hereunder the
         Borrower represents and warrants unto each Lender Party as set forth in
         this Clause. The representations and warranties set forth in this
         Clause shall be made upon the delivery of each Borrowing Request and
         each Continuation Notice, and shall be deemed to have been made on each
         Borrowing Date (both immediately before and immediately after the
         application of the proceeds of the relevant Loans).

6.1      ORGANISATION, POWER, AUTHORITY, ETC

         Each Obligor is a company duly incorporated and validly existing under
         the laws of Jersey and is duly qualified to do business and is in good
         standing (where such concept is applicable) as a foreign company in
         each jurisdiction where the nature of its business makes such
         qualification necessary. Each Obligor has full power and authority, and
         holds all requisite Approvals, to own and hold under lease its
         property, to sue and to be sued in its own name and to conduct its
         business substantially as currently conducted by it. Each Obligor has
         full power and authority to enter into and perform its obligations
         under each Loan Document executed or to be executed by it and, in the
         case of the Borrower, to obtain Loans hereunder.

6.2      DUE AUTHORISATION; NON-CONTRAVENTION

         The execution and delivery by each Obligor of each Loan Document
         executed or to be executed by it and the performance by each Obligor of
         its obligations thereunder, and the receipt of the Loans hereunder:

         (a)  have been duly authorised by all necessary corporate action on its
              part;

         (b)  do not require any Approval (other than those Approvals which have
              been obtained);

         (c)  do not and will not conflict with, result in any violation of, or
              constitute any default under, any provision of any of its Organic
              Documents or any applicable law, contractual obligation or
              Approval binding on it; and

         (d)  will not result in or require the creation or imposition of any
              lien on any of its properties pursuant to the provisions of any
              contractual obligation (other

                                      -31-
<PAGE>

              than pursuant to this Agreement and any Security Agreement to
              which such Obligor is a party).

6.3      VALIDITY, ETC

         (a)  Each Loan Document executed by each Obligor constitutes the legal,
              valid and binding obligation of such Obligor enforceable in
              accordance with its terms (subject to bankruptcy and insolvency
              laws and other similar laws of applicability to creditors
              generally and to general equitable principles).

         (b)  Upon taking of the various actions described in Clause 5.1.2 each
              Security Agreement will create in favour of the Agent (for the
              rateable benefit of the Lender Parties), a valid and perfected
              first-priority lien on all of the assets, properties, rights and
              revenues referred to in each such Security Agreement as security
              for the relevant obligations expressed to be covered thereby,
              subject to no liens, except:

              (i)   for mandatory provisions of applicable law; and

              (ii)  as specifically permitted by this Agreement or such Security
                    Agreement.

6.4      LEGAL STATUS

         Neither Obligor nor any of their respective properties or revenues
         enjoys any right of immunity from suit, set-off, attachment prior to
         judgment or in aid of execution, or execution on a judgment in respect
         of its obligations under any of the Loan Documents to which it is a
         party.

6.5      FINANCIAL INFORMATION

         All balance sheets and all statements of operations, shareholders'
         equity and cash flow and all other financial information relating to
         any RRL Group Company which have been furnished by or on behalf of the
         Borrower to the Agent for the purposes of or in connection with this
         Agreement or any transaction contemplated hereby, including:

         (a)  the consolidated and individual balance sheet of the Borrower at
              31 December, 2000, and the related consolidated statements of
              operations, shareholders' equity and cash flow of the Borrower, as
              audited by Pricewaterhouse Coopers; and

         (b)  the consolidated and individual balance sheet of the Borrower at
              30 June, 2001, and the related consolidated statements of
              operations, shareholders' equity and cash flow of the Borrower,
              certified by the chief financial Authorised Representative of the
              Borrower;

         have been prepared in accordance with GAAP consistently applied
         throughout the periods involved (except as disclosed therein) and
         present fairly the financial position of the Borrower and the other
         persons covered thereby as at the dates thereof and the results of its
         operations for the periods then ended. No RRL Group Company has on the
         date hereof any material contingent liability or liability for

                                      -32-
<PAGE>

         taxes, long-term leases or unusual forward or long-term commitments
         which are not reflected in its financial statements described in this
         Clause or in the notes thereto.

6.6      ABSENCE OF DEFAULT

         No RRL Group Company is in default in the payment of (or in the
         performance of any material obligation applicable to) any indebtedness
         in excess of U.S.$1,000,000, no Default is outstanding or would result
         from the making of any Loan and no RRL Group Company is in default
         under any material provision of any instrument to which it is party,
         any applicable law or contractual obligation or the terms or conditions
         upon which any Approval has been granted.

6.7      LITIGATION, ETC

         There is no pending or, to the knowledge of the Borrower, threatened
         litigation, arbitration, employment dispute or governmental
         investigation or proceeding against any RRL Group Company or to which
         any of any such entity's business, operations, properties, assets,
         revenues or prospects is subject which could reasonably be expected to
         have a Materially Adverse Effect.

6.8      MATERIALLY ADVERSE EFFECT

         Since 31 December, 2000 and since the date of the most recent financial
         statements relating to the Borrower delivered pursuant to Clause
         7.1.1(a), there have been no occurrences which, individually or in the
         aggregate, have or may reasonably be expected to have a Materially
         Adverse Effect.

6.9      TAXES AND OTHER PAYMENTS

         Each RRL Group Company has:

         (a)  filed all tax returns and reports required by applicable law to
              have been filed by it, and

         (b)  paid all taxes and governmental charges thereby shown to be owing
              and all claims for sums due for labour, material, supplies,
              personal property and services of every kind and character
              provided with respect to, or used in connection with its business
              and no claim for the same exists except as permitted hereunder,
              except any such taxes, charges or amounts which are being
              diligently contested in good faith by appropriate proceedings and
              for which adequate reserves in accordance with GAAP shall have
              been set aside on its books.

6.10     ADEQUACY OF INFORMATION

         The factual statements contained in the Business Plan, based upon the
         assumptions stated therein, are true and correct in all material
         respects and do not omit to state any information or fact the omission
         of which might render any conclusion or statement contained therein
         misleading in any material respect. The financial projections,
         estimates and other expressions of view as to future circumstances
         contained in the Business Plan are fair and reasonable and, to the best
         of the

                                      -33-
<PAGE>

         Borrower's knowledge, have been arrived at after reasonable enquiry and
         have been made in good faith by the persons responsible therefor.

6.11     ENVIRONMENTAL WARRANTIES

         (a)  Each RRL Group Company has complied with all applicable
              Environmental Laws, except where the failure to be in compliance
              therewith (i) would not reasonably be expected to have a
              Materially Adverse Effect or (ii) would not reasonably be expected
              to result in any action being taken by any Governmental Agency or
              any other person charged under law with a responsibility to
              enforce any Environmental Law;

         (b)  no RRL Group Company manages any Hazardous Materials at any of its
              facilities or assets in violation of any Environmental Laws,
              except where any such violation would not reasonably be expected
              to have a Materially Adverse Effect; and

         (c)  there are no events, conditions or circumstances occurring at or
              relating to any facilities or assets of any RRL Group Company
              involving any environmental pollution or contamination that have,
              or would reasonably be expected to have, a Materially Adverse
              Effect.

6.12     PARI PASSU

         The payment Obligations of each Obligor under each Loan Document to
         which it is a party rank at least PARI PASSU in right of payment with
         all of such Obligor's other unsecured indebtedness, other than any such
         indebtedness which is preferred by mandatory provisions of applicable
         law.

7.       COVENANTS

7.1      CERTAIN AFFIRMATIVE COVENANTS

         The Borrower agrees with each Lender Party that, until all Commitments
         have terminated and all Obligations have been paid and performed in
         full, it will perform its obligations set forth in this Clause.

7.1.1    FINANCIAL INFORMATION, ETC

         The Borrower will furnish, or will cause to be furnished, to the Agent
         copies (with sufficient copies for each other Lender Party) of the
         following financial statements, reports and information:

         (a)  promptly when available, and in any event within one hundred and
              eighty (180) days after the close of each Fiscal Year, the
              consolidated balance sheet of the Borrower and its subsidiaries at
              the close of such Fiscal Year and the related consolidated
              statements of operations, shareholders' equity and cash flow of
              the Borrower and its subsidiaries, in each case with comparable
              information at the close of and for the prior Fiscal Year, and
              reported on without Impermissible Qualification by Pricewaterhouse
              Coopers or other auditors of recognised international standing;

                                      -34-
<PAGE>

         (b)  promptly when available, and in any event within forty five (45)
              days after the close of each of the first three Fiscal Quarters of
              each Fiscal Year of the Borrower, its consolidated balance sheet
              at the close of such Fiscal Quarter, and its related consolidated
              statements of operations, shareholders' equity and cash flow, in
              each such case in respect of such related statements, for such
              Fiscal Quarter and for the period commencing at the close of the
              previous Fiscal Year and ending with the close of such Fiscal
              Quarter (with comparable information at the close of and for the
              corresponding Fiscal Quarter of the prior Fiscal Year and for the
              corresponding period during such prior Fiscal Year) and certified
              by an accounting or financial Authorised Representative of the
              Borrower;

         (c)  within thirty (30) Business Days after each Calculation Date, a
              Compliance Certificate calculated as of such Calculation Date;

         (d)  as soon as possible and in any event within three (3) Business
              Days after the occurrence of any Default, a statement of the chief
              financial Authorised Representative of the Borrower setting forth
              details of such Default and the action which has been taken, and
              which it is proposed be taken, with respect thereto;

         (e)  as soon as possible (and in any event within three (3) Business
              Days) after the Borrower knows or has reason to know of any event
              or circumstance which has a reasonable likelihood of having a
              Materially Adverse Effect, notice of such event or circumstance
              describing the same in reasonable detail;

         (f)  not more than ten (10) Business Days after the end of each
              calendar month, a statement showing in detail all credits to,
              debits from, and balances standing to the credit of the Operating
              Account for such calendar month;

         (g)  promptly upon the making, filing or receipt thereof, copies of
              each filing and report or document made to or filed with, or
              received from, any Governmental Agency, and of each communication
              from the Borrower to its shareholders or creditors generally,
              which, in any such case, relate to or describe any material matter
              in connection with the business, operations, assets, financial
              condition or prospects of any RRL Group Company;

         (h)  upon request by the Agent and not more than ten (10) Business Days
              after the close of each calendar month, the "Monthly Mine Report"
              as at the close of such calendar month required to be delivered by
              Morila S.A. pursuant to the loan agreement referred to in the
              definition of the term "Morila Project Financing"; and

         (i)  such other information with respect to its financial condition,
              business, property, assets, revenues and operations as the Agent
              or any Lender (acting through the Agent) may from time to time
              reasonably request.

                                      -35-
<PAGE>

7.1.2    COMPLIANCE WITH LAWS

         The Borrower will, and will cause each RRL Group Company to, comply in
         all material respects with all applicable laws.

7.1.3    APPROVALS

         The Borrower will, and will cause each Obligor to, obtain, maintain in
         full force and effect, and comply in all respects with, all Approvals
         as may be required or advisable from time to time for each Obligor to:

         (a)  execute, deliver, perform and preserve its rights under any of the
              Loan Documents executed or to be executed by it; and

         (b)  grant and perfect the liens granted or purported to be granted and
              perfected by it pursuant to any Security Agreement to which it is
              a party.

7.1.4    MAINTENANCE OF CORPORATE EXISTENCE, ETC

         The Borrower will, and will cause each RRL Group Company to, do and
         cause to be done at all times all things necessary to maintain and
         preserve its corporate existence and will do and cause to be done at
         all times all things necessary to be duly qualified to do business and
         be in good standing (where such concept is relevant) as a foreign
         corporation, in each jurisdiction where the nature of its business
         makes such qualification necessary.

7.1.5    PAYMENT OF TAXES, ETC

         The Borrower will, and will cause each RRL Group Company to, file all
         tax returns and reports required by applicable law to have been filed
         by it. The Borrower will, and will cause each RRL Group Company to, pay
         and discharge, as the same may become due and payable, all taxes,
         assessments, fees and other governmental charges or levies against it
         or on any of its property, as well as claims of any kind or character
         (including claims for sums due for labour, material, supplies, personal
         property and services); PROVIDED, HOWEVER, that the foregoing shall not
         require any RRL Group Company to pay or discharge any such tax,
         assessment, fee, charge, levy or claim so long as it shall be
         diligently contesting the validity or amount thereof in good faith by
         appropriate proceedings and shall have set aside on its books adequate
         reserves in accordance with GAAP with respect thereto.

7.1.6    BOOKS AND RECORDS

         The Borrower will, and will cause each RRL Group Company to, keep
         financial records and statements reflecting all of its business affairs
         and transactions in accordance with GAAP.

7.1.7    HEDGING

         (a)  At all times on and after the Effective Date (but subject at all
              times to Clause 7.2.2(b)), the Borrower shall provide evidence to
              the Arrangers to the effect that it or Morila Holdings is
              maintaining in full force and effect

                                      -36-
<PAGE>

              Committed Hedging Agreements or put options from the Borrower or
              Morila Holdings or other similar uncommitted transactions, in each
              case with any or all of the Arrangers as counterparts, and with
              respect to the sale of gold such that (when combined with any
              hedging undertaken by any other RRL Group Company or Morila S.A.)
              the proceeds thereof (both as to the amount and to the timing) are
              sufficient to ensure that, at all times up until and including the
              Final Maturity Date, (a) the financial projections contained in
              the Business Plan are capable of being complied with, and (b) the
              financial covenants contained in Clause 7.2.4 are capable of being
              complied with.

         (b)  The Borrower undertakes to grant, or to procure the grant of,
              security to the Lender Parties in respect of the rights and
              benefits of the Borrower or Morila Holdings arising under any
              documentation entered into in connection with any Hedging
              Obligations from time to time entered into by the Borrower or
              Morila Holdings PROVIDED, HOWEVER, that no such security interest
              will be granted to the Lender Parties in respect of Hedging
              Obligations incurred by the Borrower or Morila Holdings prior to
              the Effective Date.

7.1.8    USE OF PROCEEDS

         The Borrower shall apply the proceeds of (a) the Tranche A Loans to
         fund, in part, the cost of the Share Repurchase, and (b) the Tranche B
         Loans, for general working capital purposes.

7.1.9    ENVIRONMENTAL COVENANTS

         The Borrower will, and will cause each RRL Group Company to:

         (a)  except where failure to comply with the provisions of this clause
              would not be reasonably likely to result in a Materially Adverse
              Effect, use and operate all of its facilities and properties in
              compliance with Environmental Laws and remain in compliance
              therewith, and handle all Hazardous Materials in material
              compliance with all applicable Environmental Laws; and

         (b)  provide such information and certifications which the Agent may
              reasonably request from time to time to evidence compliance with
              this Clause.

7.1.10   PARI PASSU

         The Borrower will ensure that the payment Obligations of each Obligor
         under this Agreement and each other Loan Document to which such Obligor
         is a party rank at least PARI PASSU in right of payment with all of
         such Obligor's present and future other unsecured indebtedness, other
         than any such indebtedness which is preferred by mandatory provisions
         of applicable law.

                                      -37-
<PAGE>

7.1.11   ACCURACY OF INFORMATION

         The Borrower will ensure that all factual information hereafter
         furnished by or on behalf of any RRL Group Company in writing to any
         Lender Party for the purposes of or in connection with this Agreement
         or any transaction contemplated hereby will be true and accurate in all
         material respects on the date as of which such information is dated or
         certified and such information shall not be incomplete by omitting to
         state any material fact known to the relevant RRL Group Company
         necessary to make such information not misleading in any material
         respect.

7.1.12   POLITICAL RISK INSURANCE

         (a)  The Borrower will, on demand, reimburse each Lender in respect of
              premiums and any other amounts (including any costs and expenses
              of the provider of any Political Risk Insurance) payable in
              connection with any policy of Political Risk Insurance implemented
              in connection with this Agreement (including any such premium or
              other amounts payable on or after the date of repayment of the
              Loans or on or after the date of termination of this Agreement).

         (b)  The Borrower hereby acknowledges and agrees that each Lender may
              furnish copies of all instruments (including the Loan Documents),
              documents, notices and other information furnished to and received
              by such Lender pursuant to this Agreement or any other Loan
              Document to the provider of the Political Risk Insurance.

         (c)  The Borrower will, and will cause each RRL Group Company to,
              render all necessary assistance to each Lender Party in connection
              with the maintenance of any Political Risk Insurance (and full
              coverage thereunder) and the collection of any claim thereunder.

         (d)  The Borrower will, and will cause each RRL Group Company to, act
              in a manner so as to ensure that an exclusion from liability in
              respect of any claim of any Lender Party under any policy of
              Political Risk Insurance does not arise as a result of any action
              or any inaction of any RRL Group Company. Without limiting the
              generality of the foregoing, the Borrower will not, and will
              ensure that no RRL Group Company will:

              (i)   provoke or instigate any loss covered by such policy; or

              (ii)  without the prior written consent of the relevant Lender
                    Party, accept compensation from the Republic of Mali or any
                    Governmental Agency thereof in respect of any loss covered
                    by such policy.

7.1.13   CHANGES TO BUSINESS PLAN

         (a)  The Borrower shall give prompt notice to the Agent of any change
              in any fact, event or circumstance which renders the Business Plan
              as then currently in effect materially inaccurate and shall work
              in consultation with the Agent to produce a revised Business Plan
              which is responsive to such

                                      -38-
<PAGE>

              changes. A copy of such revised Business Plan shall be promptly
              sent to the Agent.

         (b)  On or prior to each annual anniversary of the Effective Date, the
              Borrower shall supply to the Lenders a revised Business Plan
              (including a revised cash flow projection) which incorporates any
              material changes to the projected business and financial
              performance of the RRL Group Companies from that reflected in the
              existing version of the Business Plan.

         (c)  In connection with any revisions to the Business Plan (i) all such
              revisions shall be reasonably acceptable to the Lenders, and (ii)
              the Lenders shall be entitled to appoint an independent technical
              adviser to assist in the evaluation of any such proposed
              revisions.

         (d)  The production of any revised Business Plan pursuant to this
              Clause shall not, and shall not be deemed to, imply any waiver of
              any Default which might be indicated by such revised Business
              Plan.

7.1.14   OPERATING ACCOUNT

         (a)  The Borrower will ensure that on all dates the sum of (i) the
              undrawn and immediately available portion of the Total Tranche B
              Commitment Amount, plus (ii) the balance standing to the credit of
              the Operating Account shall be not less than the sum of:

              (x)   the aggregate principal amount of Loans scheduled to be
                    repaid pursuant to Clause 3.1(b) during the three (3) month
                    period commencing on such date (without giving effect to any
                    other repayment or prepayment of the principal amount of
                    Loans which might be made during such period); plus

              (y)   the aggregate amount of interest scheduled to accrue on the
                    Loans during the three (3) month period commencing on such
                    date (calculated, with respect to any Loan in the case of
                    any portion of such period which shall occur after the
                    termination of any Interest Period then applicable to such
                    Loan, on the basis of an Interest Period of six (6) months'
                    duration); plus

              (z)   the aggregate amount of premium accruing in connection with
                    the Political Risk Insurance during the three (3) month
                    period commencing on such date.

         (b)  The Borrower will ensure that all dividends received by it,
              directly or indirectly, from Morila Limited are paid directly into
              the Operating Account.

7.2      CERTAIN NEGATIVE COVENANTS

         The Borrower agrees with each Lender Party that, until all Commitments
         have terminated and all Obligations have been paid and performed in
         full, the Borrower will perform its obligations set forth in this
         Clause.

                                      -39-
<PAGE>

7.2.1    BUSINESS ACTIVITIES; FISCAL YEAR

         The Borrower will not:

         (a)  engage in any business activity other than (i) as a holding
              company for the ownership, directly or indirectly, of all or a
              portion of the issued and outstanding share capital of
              subsidiaries engaged in exploration, development, mining and
              related activities in connection with the mining of gold
              incidental thereto and/or (ii) exploration activities in
              connection with the mining of gold or other metals; or

         (b)  change its Fiscal Year.

7.2.2    INDEBTEDNESS

         The Borrower will not, and will not permit any other RRL Group Company
         to, create, incur, assume or suffer to exist or otherwise become or be
         liable in respect of any indebtedness other than:

         (a)  indebtedness in respect of the Loans and other Obligations;

         (b)  indebtedness in respect of the Hedging Obligations implemented
              pursuant to Clause 7.1.7, or other Hedging Obligations incurred by
              the Borrower or Morila Holdings in the ordinary course of
              business; PROVIDED, HOWEVER, that any Committed Hedging Agreements
              shall only be entered into by the Borrower or Morila Holdings with
              the consent of the Lenders;

         (c)  indebtedness in respect of the Morila Project Financing and other
              indebtedness permitted to be incurred pursuant to the terms and
              conditions of the loan agreement referred to in the definition of
              such term;

         (d)  indebtedness in an aggregate principal amount not in excess of the
              CFA equivalent of U.S.$3,000,000 incurred by way of overdraft
              facilities extended to the Borrower by Banque de Developpement du
              Mali;

         (e)  indebtedness in respect of taxes, assessments or governmental
              charges, and indebtedness in respect of claims for employment,
              materials or supplies to the extent that payment thereof shall not
              at the time be required to be made in accordance with the
              provisions of Clause 7.1.5;

         (f)  indebtedness in respect of judgments or awards, the enforcement of
              which has not been stayed (by reason of a pending appeal or
              otherwise), for a period of more than ten (10) days, which do not,
              in the aggregate, exceed U.S.$1,000,000 (or the equivalent thereof
              in any other currency); and

         (g)  indebtedness in respect of minimum expenditure commitments made by
              the Borrower with respect to (i) maintaining prospecting permits
              issued by a Governmental Agency and (ii) the Borrower's joint
              venture obligations which in the aggregate do not exceed
              U.S.$3,000,000 with respect to any one joint venture agreement.

                                      -40-
<PAGE>

7.2.3    LIENS

         The Borrower will not, and will not permit any other RRL Group Company
         to, create, incur, assume or suffer to exist any lien upon any of its
         properties, revenues or assets, whether now owned or hereafter
         acquired, except:

         (a)  liens in favour of the Agent (for the rateable benefit of the
              Lender Parties) or in favour of the Lender Parties granted
              pursuant to any Loan Document;

         (b)  liens for taxes, assessments or other governmental charges or
              levies not at the time delinquent or thereafter payable without
              penalty or being contested in good faith by appropriate
              proceedings and for which adequate reserves in accordance with
              GAAP shall have been set aside on its books;

         (c)  liens of carriers, warehousemen, mechanics, materialmen, suppliers
              and landlords incurred in the ordinary course of business for sums
              not overdue or being contested in good faith by appropriate
              proceedings and for which adequate reserves in accordance with
              GAAP shall have been set aside on its books;

         (d)  liens incurred in the ordinary course of business in connection
              with unemployment insurance or other forms of governmental
              insurance or benefits, or to secure performance of tenders,
              statutory obligations, leases and contracts (other than for
              financial indebtedness) entered into in the ordinary course of
              business or to secure obligations on surety or appeal bonds;

         (e)  judgment liens in existence less than ten (10) days after the
              entry thereof or with respect to which execution has been stayed
              or the payment of which is covered in full (subject to a customary
              deductible) by insurance maintained with responsible insurance
              companies; and

         (f)  liens incurred to secure the Morila Project Financing and other
              liens permitted to be incurred pursuant to the terms and
              conditions of the loan agreement referred to in the definition of
              such term.

         For the purposes of this Clause the obligations secured by any lien
         created or incurred in the ordinary course of business (other than any
         liens of the nature referred to in clause (a) or (b)) may not exceed
         U.S.$500,000 in the aggregate at any one time outstanding.

7.2.4    FINANCIAL CONDITION

         The Borrower will not permit:

         (a)  Consolidated Net Worth to be, at any Calculation Date, less than
              U.S.$15,000,000; or

         (b)  the Consolidated Debt Service Coverage Ratio to be, for any three
              month period ending on a Calculation Date, less than 150%.

                                      -41-
<PAGE>

7.2.5    CAPITAL EXPENDITURES, ACQUISITIONS, ETC.

         The Borrower will not, and will not permit any other RRL Group Company
         to, make or commit to make any costs in respect of Capital
         Expenditures, acquisitions of assets in excess of an aggregate
         consideration (for all such assets and all RRL Group Companies) of
         U.S.$1,000,000 per annum or exploration expenditure other than such
         costs which are identified in the Business Plan; PROVIDED, HOWEVER,
         that Morila SA. may make or commit to make any such costs to the extent
         that the same are permitted to be incurred pursuant to Clause 8.2.5 of
         the Loan Agreement executed pursuant to the Morila Project Financing.

7.2.6    RESTRICTED PAYMENTS, ETC

         Subject to the implementation of the Share Repurchase in accordance
         with the Offering Circular, the Borrower will not:

         (a)  declare, pay or make any distribution (in cash, property or
              obligations) on any shares of any class of capital stock (now or
              hereafter outstanding) of the Borrower or on any ownership
              interest of the Borrower or on any warrants, options or other
              rights with respect to any shares of any class of capital stock
              of, or other ownership interest (now or hereafter outstanding) in,
              the Borrower or apply any of its funds, property or assets to the
              purchase, redemption or other retirement of any shares of any
              class of capital stock of, or other ownership interest (now or
              hereafter outstanding) in, the Borrower, or warrants, options or
              other rights with respect to any shares of any class of capital
              stock of, or other ownership interest (now or hereafter
              outstanding) in, the Borrower;

         (b)  repay, redeem, purchase or otherwise defease or discharge any
              indebtedness owing to, or make any other payment to, any
              affiliate; or

         (c)  make any deposit for any of the foregoing purposes or otherwise
              discharge any indebtedness incurred by any affiliate other than a
              subsidiary of the Borrower.

7.2.7    MERGERS, ETC

         The Borrower will not, and will not permit any other RRL Group Company
         to, enter into any amalgamation, demerger, merger or reconstruction.

7.2.8    ASSET DISPOSITIONS, ETC

         The Borrower will not, and will not permit any other RRL Group Company
         to, sell, transfer, lease or otherwise dispose of any of, or grant
         options, warrants or other rights with respect to, any of its assets
         (including accounts receivable) to any person, unless:

         (a)  such disposition is of output from the Morila Project made in the
              ordinary course of business;

         (b)  such disposition is of obsolete assets which are no longer used or
              required by the relevant RRL Group Company or of assets which are
              to be replaced;

                                      -42-
<PAGE>

         (c)  the net book value of all assets disposed of by all RRL Group
              Companies excluding, however, assets disposed of pursuant to
              clause (a) or (b)) in the same Fiscal Year does not exceed
              U.S.$5,000,000 (or the equivalent thereof in any other currency),
              respectively, in the aggregate and fair value in cash or other
              assets is received therefor; or

         (d)  such disposition is of an asset other than those referred to in
              clauses (a) to (c), fair value in cash is received therefor, and
              the Dollar equivalent (calculated by reference to the Agent's spot
              rate of exchange for the relevant currency) of the net proceeds of
              sale thereof are, immediately upon receipt, applied in repayment
              of the outstanding principal amount of the Loans; PROVIDED,
              HOWEVER, that any disposition by the Borrower of its interest in
              the Syama Project may be made in consideration of the receipt of
              shares and no such consideration shall be required to be applied
              in repayment of the outstanding principal amount of the Loans as
              aforesaid. For the avoidance of doubt, any disposition, in whole
              or in part, of the Borrower's interest in the Syama Project shall
              (unless such disposition shall fall within the scope of Clause
              7.2.8(c)) be subject to this clause; but PROVIDED, FURTHER,
              HOWEVER, that any such shares shall at all times be charged to the
              Lender Parties as additional security for the Obligations of the
              Borrower pursuant to documentation, and on terms and conditions
              satisfactory to the Lenders.

7.2.9    BANK ACCOUNTS

         The Borrower will not open any bank account or maintain any similar
         deposit arrangement or maintain any balance in any bank account or in
         respect of such arrangement other than the Operating Account except (a)
         with the prior written consent of the Agent (such consent not to be
         unreasonably withheld but to be deemed to have been reasonably withheld
         if any such account shall not be subject to a first priority perfected
         lien in favour of the Lender Parties), and (b) accounts with an
         aggregate cash balance not in excess of U.S.$500,000 at any one time.

7.2.10   MORILA PROJECT FINANCING

         The Borrower will not, and will not permit any RRL Group Company to,
         amend, modify or supplement any term or provision of:

         (a)  the documentation relating to the Morila Project Financing;

         (b)  the Joint Venture Agreement, dated 29 May, 2000, between AngloGold
              Limited (or its nominee) and the Borrower; or

         (c)  the "Proposed Dividend Policy" adopted on 20 July, 2001 by Morila
              S.A. and on 19 July, 2001 by Morila Limited,

         which, in any such case, might (x) prevent the payment of any dividend
         by Morila S.A. or Morila Limited, (y) adversely affect the cash flow
         received by the Borrower in connection with the Morila Project or (z)
         otherwise adversely affect the ability of any Obligor to perform or
         comply with any of its obligations under the Loan Documents.

                                      -43-
<PAGE>

8.       EVENTS OF DEFAULT

8.1      EVENTS OF DEFAULT

         The term "EVENT OF DEFAULT" shall mean any of the events set forth in
         this Clause.

8.1.1    NON-PAYMENT OF OBLIGATIONS

         The Borrower:

         (a)  shall default in the payment, repayment or prepayment when due of
              any principal amount of or interest on any Loan (and, in the case
              of any default in respect of interest, such default shall continue
              unremedied for a period of three (3) Business Days); or

         (b)  shall default in the payment when due of any other Obligation (and
              such default shall continue unremedied for a period of five (5)
              Business Days).

8.1.2    NON-PERFORMANCE OF CERTAIN COVENANTS

         Any Obligor shall default in the due performance and observance of any
         of its obligations under Clause 7.1.4, 7.1.8, 7.1.10, 7.1.12(d) or 7.2.

8.1.3    NON-PERFORMANCE OF OTHER OBLIGATIONS

         Any Obligor shall default in the due performance or observance of any
         term, condition, covenant or agreement contained herein or in any other
         Loan Document executed by it (other than a default referred to in
         Clause 8.1.1 or 8.1.2), and, if capable of cure or remedy, such default
         shall continue unremedied for a period of thirty (30) days.

8.1.4    BREACH OF REPRESENTATION OR WARRANTY

         Any representation or warranty of any Obligor made hereunder or under
         any other Loan Document executed by it or in any other document
         delivered by or on behalf of such Obligor to any Lender Party for the
         purposes of or in connection with this Agreement or any such Loan
         Document is or shall be incorrect in any material respect when made.

8.1.5    DEFAULT ON OTHER INDEBTEDNESS

         (a)  A default shall occur in the payment when due (subject to any
              applicable grace period), whether by acceleration or otherwise, of
              any indebtedness (other than indebtedness described in Clause
              8.1.1) of the Borrower or any other RRL Group Company, having a
              principal amount, individually or in the aggregate, in excess of
              U.S.$1,000,000 (or the equivalent thereof in any other currency);
              or

         (b)  a default shall occur in the performance or observance of any
              obligation or condition with respect to any indebtedness (other
              than indebtedness described in Clause 8.1.1) of any RRL Group
              Company if:

                                      -44-
<PAGE>

              (i)   the effect of such default is to permit (after the passage
                    of time, the giving of notice, the making of any required
                    determination or any combination of the foregoing) the
                    acceleration of the maturity of any such indebtedness; or

              (ii)  such default shall continue unremedied for any applicable
                    period of time sufficient to permit the holder or holders of
                    such indebtedness, or any trustee or agent for such holders,
                    to cause such indebtedness to become due and payable prior
                    to its expressed maturity.

8.1.6    BANKRUPTCY, INSOLVENCY, ETC

         (a)  Any RRL Group Company is unable to pay its debts as they fall due,
              commences negotiations with any one or more of its creditors with
              a view to the general readjustment or rescheduling of its
              indebtedness or makes a general assignment for the benefit of or a
              composition with its creditors; or

         (b)  any RRL Group Company or any other person, takes any action, or
              other steps are taken or legal proceedings are started, for the
              winding-up, dissolution or reorganisation of such RRL Group
              Company, or for the appointment of an examiner, receiver,
              liquidator, administrator, administrative receiver, manager or
              similar officer for it or of any or all of its assets; PROVIDED,
              HOWEVER, that this clause shall not be applicable to an RRL Group
              Company (other than the Borrower, Morila Holdings or Morila S.A.)
              whose sole purpose and business activity is exploration in
              connection with the mining of gold or other metals and whose net
              worth (as reasonably determined by the Agent) is not in excess of
              U.S.$1,000,000 (and, for the avoidance of doubt, this proviso
              shall not apply to any RRL Group Company which is engaged in the
              exploitation of gold or other metals); or

         (c)  any action or proceeding similar to those described in clause (a)
              or (b) shall occur with respect to, or be initiated by or against,
              any RRL Group Company in any jurisdiction.

8.1.7    IMPAIRMENT OF LOAN DOCUMENTS

         Any Loan Document shall terminate (other than in accordance with its
         terms) or cease in whole or in any material part to be the legal,
         valid, binding and enforceable obligation of any Obligor party thereto;
         any Obligor or any other party shall, directly or indirectly, contest
         in any manner such effectiveness, validity, binding nature or
         enforceability; or any lien securing any Obligation shall, in whole or
         in part, cease to be a perfected lien which, except as referred to in
         Clause 6.3(b), ranks first in priority.

8.1.8    JUDGMENTS

         Any judgment or order for the payment of money in excess of
         U.S.$1,000,000 (or the equivalent thereof in any other currency), shall
         be rendered against any RRL Group Company and either:

                                      -45-
<PAGE>

         (a)  enforcement proceedings shall have been commenced by any creditor
              upon such judgment or order; or

         (b)  there shall be any period of ten (10) consecutive days during
              which a stay of enforcement of such judgment or order, by reason
              of a pending appeal or otherwise, shall not be in effect.

8.1.9    POLITICAL RISK, EXPROPRIATION, ETC.

         (a)  Either:

              (i)   any Political Risk Insurance previously obtained by any
                    Lender shall cease to be in full force and effect (other
                    than as a result of any act or omission of such Lender); or

              (ii)  as a result of any act or omission by any RRL Group Company
                    or any affiliate of any thereof, the provider of the
                    Political Risk Insurance shall not be liable to pay a claim
                    thereunder which it would otherwise have been liable to pay;

         (b)  any risk or event covered by any Political Risk Insurance then in
              effect shall occur; or

         (c)  any Governmental Agency or other person purporting to be, or
              acting as, any Governmental Agency condemns, nationalises, seizes
              or otherwise expropriates all or any substantial part of the
              property or other assets of Morila S.A. or of its share capital or
              other ownership interests, or assumes custody or control of such
              property or other assets or of the business or operations of
              Morila S.A. or implements any regulation or law with respect to
              the remission of funds offshore, taxation or any other matter if
              such action (together with, if applicable, any prior similar
              action) would prevent Morila S.A. from carrying on its obligations
              under the Morila Project Financing, and such condemnation,
              nationalisation, seizure, expropriation, assumption, action or
              implementation is not withdrawn, rescinded, reversed, or in the
              case of any such action with respect to property or assets, the
              same are not replaced with equivalent property or assets within
              thirty (30) days.

8.1.10   CHANGE IN CONTROL

         (a)  Any Change in Control shall occur; or

         (b)  the ordinary shares of the Borrower shall cease to be listed on
              the International Stock Exchange of London.

8.1.11   MATERIALLY ADVERSE EFFECT

         Any event shall occur or condition shall exist which constitutes a
         Materially Adverse Effect.

                                      -46-
<PAGE>

8.2      ACTION IF BANKRUPTCY

         If any Event of Default described in Clause 8.1.6 shall occur, the
         Commitments (if not theretofore terminated) shall automatically
         terminate and the outstanding principal amount of all outstanding Loans
         and all other Obligations (excluding, however, unless express
         instructions to the contrary are received from the relevant Lender,
         Obligations in respect of any Hedging Agreement to which any Lender is
         a party) shall automatically be and become immediately due and payable,
         without notice or demand.

8.3      ACTION IF OTHER EVENT OF DEFAULT

         If any Event of Default (other than any Event of Default described in
         Clause 8.1.6) shall occur for any reason, whether voluntary or
         involuntary, and be continuing, the Agent may, upon the direction of
         the Required Lenders (but not otherwise), shall, upon notice or demand
         to the Borrower, declare all or any portion of the outstanding
         principal amount of the Loans to be due and payable and any or all
         other Obligations (excluding, however, unless express instructions to
         the contrary are received from the relevant Lender, Obligations in
         respect of any Hedging Agreement to which any Lender is a party) to be
         due and payable and/or the Commitments (if not theretofore terminated)
         to be terminated, whereupon the relevant unpaid principal amount of the
         Loans and any and all other Obligations which shall be so declared due
         and payable shall be and become immediately due and payable, without
         further notice, demand, or presentment, and/or, as the case may be, the
         Commitments shall terminate.

9.       THE AGENT AND THE ARRANGERS

9.1      APPOINTMENT

         Each of the Lenders hereby:

         (a)  appoints the Agent as its agent in connection herewith and as
              security trustee to hold the benefit of the security granted
              pursuant to those Security Agreements where it is designated as
              security trustee;

         (b)  authorises the Agent to exercise such rights, powers and
              discretions as are specifically delegated to the Agent by the
              terms of the Loan Documents together with all such rights, powers
              and discretions as are reasonably incidental thereto;

         (c)  agrees that, as agent for itself and the other Lender Parties (or,
              as the case may be, as security trustee), the Agent shall hold the
              benefit of the security granted pursuant to the Security
              Agreements for itself and the Lender Parties subject to and in
              accordance with the provisions hereof and of the Security
              Agreements, which provisions are hereby agreed to and approved by
              each party to this Agreement; and

         (d)  irrevocably and unconditionally authorises and requests the Agent
              to enter into the Security Agreements as agent on its behalf (or,
              as the case may be,

                                      -47-
<PAGE>

              as security trustee to hold the benefit of the security granted
              pursuant to the relevant Security Agreements).

9.2      RELIANCE, ETC

         The Agent may:

         (a)  assume that:

              (i)   any representation made by any Obligor in connection with
                    any Loan Document is true;

              (ii)  no Default has occurred; and

              (iii) no Obligor is in breach of or in default of its obligations
                    under any Loan Document to which it is a party unless the
                    Agent has actual knowledge or actual notice to the contrary;

         (b)  engage and pay for the advice or services of any lawyers,
              accountants, surveyors or other experts whose advice or services
              may seem necessary, expedient or desirable to it and rely upon any
              advice so obtained;

         (c)  rely as to any matters of fact which might reasonably be expected
              to be within the knowledge of any Obligor upon a certificate
              signed by or on behalf of such Obligor;

         (d)  rely upon any communication or document believed by it to be
              genuine;

         (e)  refrain from exercising any right, power or discretion vested in
              it as an agent under any Loan Document unless and until instructed
              by the Required Lenders as to whether or not such right, power or
              discretion is to be exercised and, if it is to be exercised, as to
              the manner in which it should be exercised;

         (f)  refrain from acting in accordance with any instructions of
              Required Lenders to begin any legal action or proceeding arising
              out of or in connection with any Loan Document until it shall have
              received such security and/or further indemnities as it may
              require (whether by way of payment in advance or otherwise) for
              all costs, claims, expenses (including legal fees and expenses on
              a full indemnity basis) and liabilities which it will or may
              expend or incur in complying with such instructions; and

         (g)  hold or place any Loan Document and any document coming into its
              possession or control pursuant thereto in safe custody with any
              bank or other person whose business includes the safe custody of
              documents or with a lawyer or firm of lawyers in any part of the
              world, without responsibility to any Lender Party for any loss
              incurred by reason of any action or inaction on the part of any
              such person or for the supervision of any such person and may pay
              all sums required to be paid on account of or in respect of the
              foregoing.

                                      -48-
<PAGE>

9.3      ACTIONS

         The Agent shall:

         (a)  promptly inform each Lender of the contents of any notice or
              document received by it in its capacity as agent for the Lenders
              hereunder from any Obligor under any Loan Document;

         (b)  promptly notify each Lender of the occurrence of any Default of
              which the Agent has actual knowledge or actual notice;

         (c)  save as otherwise provided herein, act as agent under any Loan
              Document to which it is a party in accordance with any
              instructions given to it by the Required Lenders, which
              instructions shall be binding on all of the Lender Parties;

         (d)  if so instructed by the Required Lenders, refrain from exercising
              any right, power or discretion vested in it as agent under any
              Loan Document to which it is a party.

9.4      LIMITATION ON ACTIONS

         Notwithstanding anything to the contrary expressed or implied in any
         Loan Document, the Agent shall not:

         (a)  be bound to enquire as to:

              (i)   whether or not any representation made by any Obligor in
                    connection with any Loan Document is true;

              (ii)  the occurrence or otherwise of any Default;

              (iii) the performance by any Obligor of its obligations under any
                    Loan Document; or

              (iv)  any breach of, or default by any Obligor of, its obligations
                    under any Loan Document;

         (b)  be bound to account to any Lender Party for any sum or the profit
              element of any sum received by it for its own account;

         (c)  be bound to disclose to any other person any information relating
              to any Obligor or any affiliate of any thereof if such disclosure
              would or might in its opinion constitute a breach of any law or
              regulation or be otherwise actionable at the suit of any person;
              or

         (d)  be under any fiduciary duty towards any Lender Party or under any
              obligations other than those for which express provision is made
              in the Loan Documents.

                                      -49-
<PAGE>

9.5      INDEMNIFICATION BY LENDERS

         Each Lender shall, from time to time on demand by the Agent, indemnify
         the Agent in the proportion of such Lender's Percentage at the time of
         such demand, against any and all reasonable costs, claims, expenses
         (including legal fees) and liabilities which the Agent may incur,
         otherwise than by reason of its own gross negligence or wilful
         misconduct, in acting in its capacity as Agent under the Loan
         Documents.

9.6      EXCULPATION

         (a)  Neither the Agent nor the Arrangers accept any responsibility for
              the accuracy and/or completeness of any information supplied by or
              on behalf of any RRL Group Company in connection with any Loan
              Document or for the legality, validity, effectiveness, adequacy or
              enforceability of any Loan Document and neither the Agent nor the
              Arrangers shall be under any liability as a result of taking or
              omitting to take any action in relation to any Loan Document
              (including any such action taken or omitted to be taken prior to
              the Effective Date in connection with the arrangement and
              implementation of the financing facilities contemplated by the
              Loan Documents), save in the case of gross negligence or wilful
              misconduct.

         (b)  In the event that the named insured on the policy of Political
              Risk Insurance maintained in connection with this Agreement shall
              be the Agent or the Arrangers neither the Agent nor the Arrangers
              shall be under any liability whatsoever for any invalidation,
              cancellation or avoidance of any cover provided by such policy or
              any direct or indirect loss suffered by any Lender due to such
              invalidity, cancellation or avoidance, except in respect of the
              Agent's or, as the case may be, the relevant Arranger's, gross
              negligence or wilful misconduct.

9.7      WAIVER

         Each of the Lender Parties agrees that it will not assert or seek to
         assert against any director, officer, employee, agent or adviser of the
         Agent or any Arranger any claim it might have against the Agent or an
         Arranger in respect of the matters referred to in Clause 9.6.

9.8      BANKING ACTIVITIES

         Each of the Agent and the Arrangers may accept deposits from, lend
         money to and generally engage in any kind of banking or other business
         with, any RRL Group Company.

9.9      RESIGNATION AND REPLACEMENT

         (a)  The Agent may resign as such at any time upon at least thirty (30)
              days prior notice to the Borrower and all the Lenders; PROVIDED,
              HOWEVER, that no such resignation shall be effective unless a
              successor to it as the Agent is appointed in accordance with this
              Clause. Following delivery of any such notice of resignation, the
              Required Lenders may, with the prior written

                                      -50-
<PAGE>

              consent of the Borrower (such consent not to be unreasonably
              withheld or delayed), at any time upon fifteen (15) days notice to
              the Agent and the Borrower, appoint another Lender as the
              successor Agent which shall thereupon become the Agent hereunder.
              If no successor Agent shall have been so appointed by the Required
              Lenders, and shall have accepted such appointment, within thirty
              (30) days after the retiring Agent's giving notice of resignation,
              then the retiring Agent may, on behalf of the Lender Parties,
              appoint (with the prior written consent of the Borrower (such
              consent not to be unreasonably withheld or delayed)) a successor
              Agent, which shall be one of the Lenders or another reputable and
              experienced banking or financial institution.

         (b)  If the Agent shall default in, or commit any act of negligence or
              wilful misconduct in connection with, the performance of any of
              its material duties under any Loan Document then the Required
              Lenders may, with the prior written consent of the Borrower (such
              consent not to be unreasonably withheld or delayed), at any time
              upon fifteen (15) days notice to the Agent and the Borrower,
              appoint another Lender as a replacement Agent which shall
              thereupon become the Agent hereunder.

9.10     DISCHARGE

         If a successor to the Agent is appointed under the provisions of Clause
         9.9, then:

         (a)  the retiring Agent shall be discharged from any further
              obligations under the Loan Documents but shall remain entitled to
              the benefit of the provisions of this Clause 9 and of Clauses 10.3
              and 10.4; and

         (b)  its successor and each of the other parties hereto shall have the
              same rights and obligations amongst themselves as they would have
              had if such successor had been an original party hereto.

9.11     CREDIT DECISIONS

         It is understood and agreed by each Lender Party that it has itself
         been, and will continue to be, solely responsible for making its own
         independent appraisal of and investigations into the financial
         condition, creditworthiness, condition, affairs, status and nature of
         each RRL Group Company and, accordingly, each Lender Party warrants to
         each of the Agent and the Arrangers that it has not relied and will not
         hereafter rely on the Agent or the Arrangers:

         (a)  to check or enquire on its behalf into the adequacy, accuracy or
              completeness of either information provided by or on behalf of any
              RRL Group Company in connection with this Agreement or any other
              Loan Document or the transactions herein or therein contemplated
              (whether or not such information has been or is hereafter
              circulated to such Lender Party by the Agent or an Arranger); or

         (b)  to assess or keep under review on its behalf the financial
              condition, creditworthiness, condition, affairs, status or nature
              of any RRL Group Company.

                                      -51-
<PAGE>

9.12     THE AGENT AND THE ARRANGERS

         In acting as the Agent or as an Arranger, each relevant Lender Party
         shall be treated as a separate entity from any other division of such
         Lender Party (or similar units of such Lender Party in any subsequent
         reorganisation) or its affiliates and, without limiting the generality
         of the foregoing, in the event that any of such Lender Party's
         divisions (or similar units) or affiliates should act for any RRL Group
         Company in an advisory capacity in relation to any other matter, any
         information given by any RRL Group Company to such divisions (or
         similar units) or affiliates for the purposes of obtaining advice shall
         be treated as confidential and shall not be available to the other
         Lender Parties without the consent of the Borrower; and notwithstanding
         anything to the contrary expressed or implied herein and without
         limiting the generality of the foregoing, such Lender Party shall not
         as between itself and the other Lender Parties be bound to disclose to
         any other Lender Party or other person any information supplied by any
         RRL Group Company to such Lender Party in its capacity as the Agent or
         an Arranger hereunder which is identified by such RRL Group Company at
         the time of supply as being unpublished price sensitive information
         relating to a proposed transaction by a RRL Group Company to such
         Lender Party and supplied solely for the purpose of evaluating in
         consultation with such Lender Party in its capacity as advisor whether
         such transaction might require a waiver or amendment to any of the
         provisions contained in any Loan Document.

9.13     INTERPRETATION

         As used in this Clause, "ACTUAL KNOWLEDGE" and "ACTUAL NOTICE" of the
         Agent and the Arrangers means actual knowledge or notice of those
         officers of the Agent , or, as the case may be, an Arranger, from time
         to time responsible for the performance by the Agent, or, as the case
         may be, an Arranger, of its obligations under the Loan Documents.

10.      MISCELLANEOUS

10.1     WAIVERS, AMENDMENTS, ETC

         The provisions of this Agreement and of each other Loan Document
         (except to the extent otherwise set forth in such Loan Document) may
         from time to time be amended, modified or waived, if such amendment,
         modification or waiver is in writing and consented to by each Obligor
         party thereto, the Agent and the Required Lenders; PROVIDED, HOWEVER,
         that no such amendment, modification or waiver which would:

         (a)  modify any requirement hereunder that any particular action be
              taken or a determination be made by, or with the consent of or in
              consultation with, all the Lenders or by the Required Lenders
              shall be effective unless consented to by each Lender;

         (b)  modify this Clause, change the definition of the term "REQUIRED
              LENDERS", change the Total Commitment Amount or the Percentage or
              Funding Percentage of any Lender or otherwise subject any Lender
              to any additional obligation shall be made without the consent of
              each Lender;

                                      -52-
<PAGE>

         (c)  extend the due date for, or reduce the amount of, any payment or
              prepayment of principal of or interest on any Loan or any other
              amount payable hereunder or under any other Loan Document in
              respect thereof shall be made without the consent of each Lender;

         (d)  affect the interests, rights or obligations of the Agent or any
              Arranger in their respective capacities as such shall be made
              without the consent of the Agent or, as the case may be, such
              Arranger;

         (e)  other than as specifically permitted by this Agreement or the
              relevant Security Agreement, authorise or effect the release of
              any material portion of the collateral which is the subject of any
              lien granted or purported to be granted in favour of the Agent
              (for the rateable benefit of the Lender Parties) or in favour of
              the Lender Parties pursuant to any relevant Security Agreement
              shall be made without the consent of each Lender;

         (f)  modify any term of this Agreement or any other Loan Document
              expressly relating to the priority of payment of any obligations
              of the Borrower under any Hedging Agreement to which any Lender is
              a party shall be made without the consent of such Lender; or

         (g)  pursuant to the Political Risk Insurance require the consent of
              the provider thereof, shall be made without the consent of such
              provider.

         No failure or delay on the part of any Lender Party in exercising any
         power or right under any Loan Document shall operate as a waiver
         thereof, nor shall any single or partial exercise of any such power or
         right preclude any other or further exercise thereof or the exercise of
         any other power or right. No notice to or demand on the Borrower in any
         case shall entitle it to any notice or demand in similar or other
         circumstances. No waiver or approval by any Lender Party under any Loan
         Document shall, except as may be otherwise stated in such waiver or
         approval, be applicable to subsequent transactions. No waiver or
         approval hereunder shall require any similar or dissimilar waiver or
         approval thereafter to be granted hereunder.

10.2     NOTICES

         All notices and other communications provided to any party hereto under
         any Loan Document shall be in writing and shall be sent by hand
         delivery, courier delivery, telex (if the receiving party shall have
         telex facilities) or facsimile and addressed or delivered to it at its
         address set forth below its signature hereto and designated as its
         "ADDRESS FOR NOTICES" or at such other address as may be designated by
         such party in the relevant Loan Document or in a notice to the other
         parties. Any notice:

         (a)  if sent by hand delivery or courier delivery, shall be deemed
              received when delivered in legible form; and

         (b)  if transmitted by telex or facsimile, shall be deemed given when
              transmitted (answerback received at both the beginning and end of
              the relevant transmission in the case of telexes and transmission
              confirmed by the sending facsimile machine in the case of
              facsimiles).

                                      -53-
<PAGE>

10.3     COSTS AND EXPENSES

         (a)  The Borrower agrees to pay on demand:

              (i)   all reasonable fees and expenses (including legal fees) of
                    the Agent and the Arrangers incurred in connection with the
                    negotiation, preparation, execution and delivery of each
                    Loan Document, including schedules and exhibits, whether or
                    not the transactions contemplated hereby are consummated;

              (ii)  all reasonable fees and expenses (including legal fees) of
                    the Agent and the Arrangers incurred in connection with any
                    amendments, waivers, consents, supplements or other
                    modifications to any Loan Document as may from time to time
                    hereafter be required;

              (iii) all reasonable fees and related expenses of any independent
                    technical adviser employed by the Lenders, to review the
                    Business Plan (including the review of any changes made
                    thereto as referred to in Clause 7.1.13 (c) (ii)); and

              (iv)  any stamp or other taxes incurred in connection with the
                    preparation and review of the form of any instrument
                    relevant to any Loan Document, the consideration of legal
                    questions relevant hereto and thereto and the filing,
                    recording, refiling or re-recording of any Loan Document and
                    all amendments or supplements to any thereof and any and all
                    other documents or instruments of further assurance required
                    to be filed or recorded or refiled or re-recorded by the
                    terms of any Loan Document.

         (b)  The Borrower agrees to reimburse each Lender Party on demand for
              all reasonable fees and expenses (including legal fees) incurred
              by such Lender Party in connection with:

              (i)   the negotiation of any restructuring or "WORK-OUT", whether
                    or not consummated, of any Obligations; and

              (ii)  the enforcement of any Obligations.

         (c)  All fees and expenses of any legal adviser to any Lender Party
              payable by the Borrower hereunder shall be paid on a full
              indemnity basis.

10.4     INDEMNIFICATION

         In consideration of the execution and delivery of this Agreement by
         each Lender Party and the extension of the Commitments, the Borrower
         indemnifies, exonerates and holds each Lender Party and each of its
         officers, directors, shareholders, employees and agents (the
         "INDEMNIFIED PARTIES") free and harmless from and against any and all
         actions, causes of action, suits, losses, costs, liabilities and
         damages and expenses in connection therewith (including reasonable
         legal fees on a full indemnity basis and including any amount paid by
         any Lender to the Agent

                                      -54-

<PAGE>

         pursuant to Clause 9.5) (the "INDEMNIFIED LIABILITIES"), incurred by
         the Indemnified Parties or any of them as a result of, or arising out
         of, or relating to:

         (a)  any transaction financed or to be financed in whole or in part,
              directly or indirectly, with the proceeds of any Loan;

         (b)  entering into and performance of any Loan Document by any of the
              Indemnified Parties (including any action brought by or on behalf
              of the Borrower or any other person as the result of any
              determination by any Lender pursuant to Clause 5 not to fund any
              Loan);

         (c)  any investigation, litigation or proceeding related to any
              environmental cleanup, audit, compliance or other matter relating
              to the protection of the environment or the release by any RRL
              Group Company of any Hazardous Material; or

         (d)  the presence on or under, or the escape, seepage, leakage,
              spillage, discharge, emission, discharging or releases or
              threatened releases from, any real property owned or operated by
              any RRL Group Company of any Hazardous Material (including any
              losses, liabilities, damages, injuries, costs, expenses or claims
              asserted or arising under any Environmental Law, regardless of
              whether caused by, or within the control of, such RRL Group
              Company);

         except for any such Indemnified Liabilities arising for the account of
         a particular Indemnified Party by reason of the relevant Indemnified
         Party's negligence or wilful misconduct, and if and to the extent that
         the foregoing undertaking may be unenforceable for any reason, the
         Borrower hereby agrees to make the maximum contribution to the payment
         and satisfaction of each of the Indemnified Liabilities which is
         permissible under applicable law.

10.5     SURVIVAL

         The obligations of the Borrower under Clauses 3.3, 4.2, 4.3, 4.5, 10.3
         and 10.4 and the obligations of the Lenders under Clause 9.5, shall, in
         each case, survive any termination of this Agreement. The
         representations and warranties made by the Borrower in each Loan
         Document to which it is a party shall survive the execution and
         delivery of such Loan Document.

10.6     SEVERABILITY

         Any provision of any Loan Document which is prohibited or unenforceable
         in any jurisdiction shall, as to such jurisdiction, be ineffective to
         the extent of such prohibition or unenforceability without invalidating
         the remaining provisions of such Loan Document or affecting the
         validity or enforceability of such provision in any other jurisdiction.

                                      -55-
<PAGE>

10.7     HEADINGS

         The various headings of each Loan Document are inserted for convenience
         only and shall not affect the meaning or interpretation of such Loan
         Document or any provisions hereof or thereof.

10.8     COUNTERPARTS, EFFECTIVENESS, ETC

         This Agreement may be executed by the parties hereto in several
         counterparts, each of which shall, when executed, be deemed to be an
         original and all of which shall constitute together but one and the
         same agreement. This Agreement shall become effective on the date (the
         "EFFECTIVE DATE") when counterparts hereof executed on behalf of the
         Borrower, each Arranger, and each Lender (or notice thereof
         satisfactory to the Agent) shall have been received by the Agent.

10.9     GOVERNING LAW

         This Agreement and (except as set forth to the contrary therein) each
         other Loan Document and all matters and disputes relating hereto and
         thereto shall be governed by, and construed in accordance with, English
         law.

10.10    ASSIGNMENTS AND TRANSFERS BY THE BORROWER

         The Borrower shall not be entitled to assign or transfer all or any of
         its rights, benefits and obligations under any Loan Document except
         with the consent of the Lenders.

10.11    ASSIGNMENTS AND TRANSFERS BY THE LENDERS

         Any Lender may at any time assign all or any of its rights and benefits
         under the Loan Documents to another bank or financial institution in
         accordance with this Clause.

10.11.1  ASSIGNMENTS

         Any Lender may, with the prior consent of the Borrower (such consent
         not to be unreasonably withheld or delayed), at any time assign and
         transfer, all or, subject to Clause 10.11.3, a portion of its rights
         and benefits under the Loan Documents to another bank or financial
         institution or, in connection with any payment made to such Lender
         pursuant to any Political Risk Insurance, to the issuer of the relevant
         policy. If any Lender chooses to effect an assignment pursuant to this
         Clause, such assignment and transfer shall not be effective unless and
         until the assignee Lender has agreed with the Agent and the other
         Lenders that the assignee Lender shall be under the same obligations
         toward each of them as it would have been under if it had been a party
         hereto as a Lender and the Agent and the other Lenders shall not
         otherwise be obligated to recognise such assignee Lender as having the
         rights against each of them which it would have had if it had been such
         a party hereto. Any assignment or transfer pursuant to this Clause
         10.11.1 shall be effective only after delivery to and acceptance by,
         the Agent of an instrument, in form and substance satisfactory to it,
         executed by the assignor Lender and the assignee

                                      -56-
<PAGE>

         Lender stating the portion of the Commitment Amount assigned to the
         assignee Lender and the assignee Lender's administrative details.

10.11.2  TRANSFERS

         As an alternative to Clause 10.11.1, if any Lender (a "TRANSFEROR
         LENDER") wishes to transfer all or, subject to Clause 10.11.3, a
         portion of its rights, benefits and obligations under the Loan
         Documents to another bank or financial institution or, in connection
         with any payment made to such Lender pursuant to any Political Risk
         Insurance, to the issuer of the relevant policy (a "TRANSFEREE
         LENDER"), then such transfer may, with the prior consent of the
         Borrower (such consent not to be unreasonably withheld or delayed), be
         effected by the delivery to the Agent of a duly completed and executed
         Transfer Certificate, whereupon:

         (a)  to the extent that in such Transfer Certificate the Transferor
              Lender party thereto seeks to transfer its rights and obligations
              under each Loan Document, each Obligor, the Agent and such
              Transferor Lender shall be released from further obligations
              towards one another hereunder and their respective rights against
              one another shall be cancelled (such rights and obligations being
              referred to in this Clause as "DISCHARGED RIGHTS AND
              OBLIGATIONS");

         (b)  each Obligor, the Agent and the Transferee Lender party thereto
              shall assume obligations towards one another and acquire rights
              against one another which differ from such discharged rights and
              obligations only insofar as such Obligor, the Agent and such
              Transferee Lender have assumed and acquired the same in place of
              such Transferor Lender; and

         (c)  the Agent, such Transferee Lender and the other Lenders shall
              acquire the same rights and assume the same obligations between
              themselves as they would have acquired and assumed had such
              Transferee Lender been an original party to this Agreement as a
              Lender with the rights and obligations acquired or assumed by it
              as a result of such transfer.

10.11.3  MINIMUM AMOUNT

         Any assignment or transfer pursuant to Clause 10.11.1 or 10.11.2 of a
         portion of a Lender's rights and/or benefits shall be in an integral
         multiple of U.S.$1,000,000; PROVIDED, HOWEVER, that in the event of any
         such assignment or transfer to the issuer of any policy of Political
         Risk Insurance the amount so assigned or transferred, as the case may
         be, may be in such other amount as such Lender may have received
         pursuant to such policy.

10.11.4  SECURITY AGREEMENTS

         Within ten (10) Business Days after an assignment or transfer pursuant
         to this Clause 10.11 and upon the written request (given through the
         Agent), and at the cost and expense, of the relevant assignee Lender or
         Transferee Lender, as the case may be, the Borrower will, and will
         cause each other Obligor to, enter into such documentation as the
         assignee Lender or the Transferee Lender shall reasonably request so as
         to ensure that the liens created by the Security Agreements secures

                                      -57-
<PAGE>

         the Obligations of the Borrower to such assignee Lender or Transferee
         Lender, as the case may be.

10.11.5  CONSENT

         Any assignment or transfer pursuant to Clause 10.11 may be effected
         only with the prior written consent of the Agent.

10.11.6  RELIANCE ON INSTRUMENTS

         The Agent shall be fully entitled to rely on any written instrument
         delivered to it in accordance with Clause 10.11.1 or on any Transfer
         Certificate which is correct and regular on its face as regards its
         contents and purportedly executed on behalf of the relevant parties
         thereto and shall have no liability or responsibility to any party as a
         consequence of placing reliance upon and acting in accordance with any
         such written instrument or Transfer Certificate.

10.11.7  SUB-PARTICIPATIONS

         Nothing in this Clause 10.11 shall, or shall be deemed to, prevent any
         Lender from selling any participation or similar interest in its
         Commitment or Loans and the Borrower hereby acknowledges and agrees
         that in connection with any such sale, the seller of any such
         participation shall be entitled to claim under the provisions of Clause
         4.2, 4.3, 4.4, 4.5, 4.8, 4.11 10.3 and 10.4 hereof on behalf of the
         purchaser of any such participation as if such purchaser was named as a
         Lender in such provisions (but in no event shall such seller be
         entitled to claim any amount on behalf of any such purchaser under any
         such provision which is in excess of the amount which such seller would
         then be entitled to claim under such provision in respect of the
         portion of its Commitments or Loans so participated); PROVIDED,
         HOWEVER, that:

         (a)  for the avoidance of doubt, the sale by any Lender of any such
              participation or similar interest shall not relieve such Lender of
              any of its obligations hereunder; and

         (b)  the Obligors shall be required to deal only with the Lenders and
              not with any purchaser of a participation from any Lender.

10.11.8  FEE

         On the date upon which an assignment or transfer takes effect pursuant
         to Clause 10.11, the assignee Lender or Transferee Lender, as the case
         may be, in respect of such assignment or transfer shall pay to the
         Agent for its own account a fee of U.S.$3,000 (or, if such assignee
         Lender or Transferee Lender, as the case may be, is already a Lender
         under this Agreement, U.S.$1,000).

10.11.9  PROVISION OF INFORMATION

         In connection with any assignment, transfer or sale of a participation
         or similar interest by any Lender as contemplated by this Clause such
         Lender may supply to the relevant assignee Lender, Transferee Lender or
         purchaser such information

                                      -58-
<PAGE>

         in its possession with respect to such Lender's Loans and Commitment
         and the Loan Documents as such Lender shall deem appropriate.

10.12    OTHER TRANSACTIONS

         Without prejudice to the provisions of Clause 9.8, nothing contained
         herein shall preclude any Lender Party from engaging in any
         transaction, in addition to those contemplated by any Loan Document,
         with any RRL Group Company or any of their respective affiliates in
         which any RRL Group Company or such affiliate is not restricted hereby
         from engaging with any other person.

10.13    FORUM SELECTION AND CONSENT TO JURISDICTION

         (a)  The parties hereto hereby irrevocably agree that, for the benefit
              of the Lender Parties only, the courts of England shall have
              exclusive jurisdiction to hear and determine any suit, action or
              proceeding, and to settle any disputes, which may arise out of or
              in connection with the Loan Documents and, for such purposes, the
              Borrower irrevocably submits to the exclusive jurisdiction of such
              courts.

         (b)  The Borrower irrevocably waives any objection which it might now
              or hereafter have to the courts referred to in clause (a) being
              nominated as the forum to hear and determine any suit, action or
              proceeding, and to settle any disputes, which may arise out of or
              in connection with any Loan Document and agrees not to claim that
              any such court is not a convenient or appropriate forum.

         (c)  The Borrower agrees that the process by which any suit, action or
              proceeding is begun may be served on it by being delivered in
              connection with any suit, action or proceeding in England, to it
              at c/o Fleetside Legal Representative Services Limited, 9
              Cheapside, London EC2V 6AD (the "PROCESS AGENT").

         (d)  The submission to the jurisdiction of the courts referred to in
              clause (a) shall not (and shall not be construed so as to) limit
              the right of the Lender Parties or any of them to take proceedings
              against the Borrower in any other court of competent jurisdiction
              nor shall the taking of proceedings in any one or more
              jurisdictions preclude the taking of proceedings in any other
              jurisdiction, whether concurrently or not.

10.14    ENTIRE AGREEMENT

             The Loan Documents constitute the entire agreement and
             understanding of the parties with respect to the subject matter
             thereof and supersede any previous agreement, written or oral,
             between the parties relating to the subject matter thereof.

                                      -59-
<PAGE>

THE BORROWER

RANDGOLD RESOURCES LIMITED by:      )        /s/ DAVID ASHWORTH
                                    )        -----------------------------
                                             Signature

                                             DAVID ASHWORTH
                                             -----------------------------
                                             Name Printed

                                             DIRECTOR
                                             -----------------------------
                                             Title

Address for Notices:   c/o  5 Press Avenue
                       Selby
                       Johannesburg
                       P.O. Box 82291
                       Southdale 2135
                       South Africa

                       Facsimile No.:  +27-11-8372232

                       with a copy to

                       La Motte Chambers
                       St. Helier
                       Jersey JE1 1BJ
                       Channel Islands

                       Facsimile No.:  +44-1534-73544

Attention:             The Financial Director

                                      -60-
<PAGE>

THE LENDERS AND THE ARRANGERS:

                                               Commitment Amount:
                                               Tranche A    U.S.$8,333,333.33
                                               Tranche B    U.S.$3,333,333.33

per pro N M ROTHSCHILD & SONS LIMITED by:   )    /s/ D.W. STREET
                                            )    -----------------------------
                                                 Signature

                                                 D.W. STREET
                                                 -----------------------------
                                                 Name Printed

                                                 ASSISTANT DIRECTOR
                                                 -----------------------------
                                                 Title

                                                 /s/ C. COLEMAN
                                                 -----------------------------
                                                 Signature

                                                 C. COLEMAN
                                                 -----------------------------
                                                 Name Printed

                                                 DIRECTOR
                                                 -----------------------------
                                                 Title

Address for Notices:         New Court
                             St. Swithin's Lane
                             London
                             EC4P 4DU

Facsimile No.:               +44 20 7280 5139

Attention:                   David Street/George Pyper

Dollar Lending Office:       The Chase Manhattan Bank
                             1 Chase Manhattan Plaza
                             New York, New York
                             U.S.A.

For the account of:          N M Rothschild & Sons Limited

Account No.:                 01-1-948262

Facsimile No.:               +44 20 7280 5679

Telex No.:                   888031

Attention:                   Muriel Bond

                                      -61-
<PAGE>

                                                 Commitment Amount:
                                                 Tranche A   U.S.$8,333,333.33
                                                 Tranche B   U.S.$3,333,333.33

Signed by PETER DONKIN for and on            )   /s/ PETER DONKIN
behalf of SOCIETE GENERALE  under            )   -----------------------------
a power of attorney dated 14TH SEPTEMBER 2001    Signature

                                                 PETER DONKIN
                                                 -----------------------------
                                                 Name Printed

                                                 -----------------------------
                                                 Title: Attorney

Address for Notices:
                          SG House
                          41 Tower Hill
                          London EC3N 4SG

Facsimile No.:            +44 20 7667 2489

Attention:                Peter Donkin/Michael Jones

Dollar Lending Office:    S G House
                          41 Tower Hill
                          London EC3N 4SG

Facsimile No.:            +44 20 7667 2489

Attention:                Peter Donkin/Michael Jones

                                      -62-
<PAGE>

                                         Commitment Amount:
                                         Tranche A     U.S.$8,333,333.33
                                         Tranche B     U.S.$3,333,333.33

STANDARD BANK LONDON LIMITED by:   )     /s/ D.M. NEWPORT
                                   )     -----------------------------
                                         Signature

                                         D.M. NEWPORT
                                         -----------------------------
                                         Name Printed

                                         HEAD OF MINING FINANCE
                                         -----------------------------
                                         Title

                                         /s/ TREVOR REID
                                         -----------------------------
                                         Signature

                                         TREVOR REID
                                         -----------------------------
                                         Name Printed

                                         HEAD OF RESOURCE BANKING
                                         -----------------------------
                                         Title

Address for Notices:     25 Dowgate Hill
                         Cannon Bridge House
                         London EC4R 2SB

Facsimile No.:           +44 20 7815 4284

Attention:               David Rhodes

Dollar Lending Office:   Barclays Bank Plc
                         222 Broadway
                         New York, New York
                         U.S.A.

ABA No.:                 026002574

                                      -63-
<PAGE>

THE AGENT

per pro N M ROTHSCHILD & SONS LIMITED by:     )   /s/ D.W. STREET
                                              )   -----------------------------
                                                  Signature

                                                  D.W. STREET
                                                  -----------------------------
                                                  Name Printed

                                                  ASSISTANT DIRECTOR
                                                  -----------------------------
                                                  Title

                                                  /s/ C. COLEMAN
                                                  -----------------------------
                                                  Signature

                                                  C. COLEMAN
                                                  -----------------------------
                                                  Name Printed

                                                  DIRECTOR
                                                  -----------------------------
                                                  Title

Address for Notices:    New Court
                        St. Swithin's Lane
                        London
                        EC4P 4DU

Facsimile No.:          +44 20 7280 5139

Attention:              David Street/George Pyper

                                      -64-<PAGE>

                                                                  EXECUTION COPY

                            Dated 25 September, 2001

                                    between

                           RANDGOLD RESOURCES LIMITED
                                 as the Chargor

                                     -and-

                         N M ROTHSCHILD & SONS LIMITED
                            as the Security Trustee

                    ______________________________________

                                   DEBENTURE

                    ______________________________________

                                     MAYER
                                     BROWN
                                    & PLATT

                               Bucklersbury House
                            3 Queen Victoria Street
                                London EC4N 8EL
                            Telephone: 020 7246 6200
                            Facsimile: 020 7329 4465
                                 Ref: 01863914

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                 PAGE

<S>                                                                                <C>
1.    INTERPRETATION ............................................................. 1
      1.1   In this Deed, unless the context otherwise requires, the following
            expressions have the following meanings:.............................. 1
      1.2   In this Deed: ........................................................ 3

2.    COVENANT TO PAY ............................................................ 3

3.    FIXED AND FLOATING CHARGES, ASSIGNMENTS .................................... 3
      3.1   Fixed Charges ........................................................ 3
      3.2   Assignment by way of Security ........................................ 3
      3.3   Floating Charge ...................................................... 4
      3.4   Ranking of Charges ................................................... 4

4.    CONTINUING SECURITY, NO LIABILITY .......................................... 5
      4.1   Continuing Nature .................................................... 5
      4.2   Additional Security .................................................. 5
      4.3   No Liability ......................................................... 5

5.    FURTHER ASSURANCE .......................................................... 5
      5.1   General .............................................................. 5

6.    CRYSTALLISATION OF FLOATING CHARGE ......................................... 6
      6.1   Crystallisation by Notice ............................................ 6
      6.2   Automatic Crystallisation ............................................ 6

7.    NEGATIVE PLEDGE AND DISPOSAL RESTRICTIONS .................................. 6

8.    REPRESENTATIONS AND WARRANTIES ............................................. 7
      8.1   Matters Represented .................................................. 7
      8.2   General .............................................................. 7

9.    UNDERTAKINGS ............................................................... 8
      9.1   Duration of Undertakings ............................................. 8
      9.2   General Undertakings ................................................. 8
      9.3   Assigned Agreements and the Operating Account ........................ 8
      9.4   Deposit of Documents ................................................. 8
      9.5   Retention of Documents ............................................... 8
      9.6   Power to Remedy ...................................................... 8
      9.7   Indemnity ............................................................ 9

10.   CHARGED SHARES ............................................................. 9
      10.1  Charged Shares ....................................................... 9
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<S>                                                                               <C>
11.   ATTORNEY ...................................................................11

12.   ENFORCEMENT AND POWERS OF THE SECURITY TRUSTEE .............................12
      12.1  Consolidation ........................................................12
      12.2  Exclusion of Certain Provisions ......................................12
      12.3  Statutory Powers .....................................................12
      12.4  Power of Sale ........................................................12
      12.5  Appointment of Receiver ..............................................12
      12.6  Leasing and Surrenders ...............................................12
      12.7  Power of Mortgagees ..................................................12
      12.8  Jersey Security Interest .............................................13

13.   STATUS, POWERS, REMOVAL AND REMUNERATION OF RECEIVER .......................13
      13.1  Receiver as Agent of Chargor .........................................13
      13.2  Powers of Receiver ...................................................13
      13.3  Removal ..............................................................15
      13.4  Remuneration .........................................................15
      13.5  Multiple Receivers ...................................................15

14.   APPLICATION OF MONEYS ......................................................15
      14.1  Order of Application .................................................15
      14.2  Exclusion of Certain Provisions ......................................16
      14.3  Suspense Account .....................................................16

15.   PROTECTION OF THIRD PARTIES ................................................16
      15.1  No Duty to Enquire ...................................................16
      15.2  Receipt on Absolute Discharge ........................................16
      15.3  Purchaser ............................................................16

16.   PROTECTION OF LENDER PARTIES AND RECEIVER ..................................16
      16.1  No Liability for Exercise of Powers ..................................16
      16.2  Possession of Charged Property .......................................17

17.   COSTS AND EXPENSES .........................................................17
      17.1  Indemnity ............................................................17
      17.2  Default Interest .....................................................17

18.   OTHER SECURITY, CUMULATIVE POWERS AND AVOIDANCE OF PAYMENTS ................17
      18.1  Security Non-Exclusive ...............................................17
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<S>                                                                               <C>
      18.2  Powers Cumulative, etc ...............................................18
      18.3  Amounts Deemed not Paid ..............................................18
      18.4  Settlement and Discharge .............................................18

19.   NOTICE OF SUBSEQUENT CHARGE ................................................18

20.   DELEGATION .................................................................18

21.   REDEMPTION OF PRIOR CHARGES ................................................19

22.   NOTICE .....................................................................19

23.   NO IMPLIED WAIVERS .........................................................19
      23.1  Failure or Delay in Acting ...........................................19
      23.2  Rights and Remedies Cumulative .......................................19
      23.3  Limited Effect .......................................................19

24.   INVALIDITY OF ANY PROVISION ................................................19

25.   ASSIGNMENT .................................................................20

26.   COUNTERPARTS ...............................................................20

27.   PERPETUITY PERIOD ..........................................................20

28.   CERTIFICATES CONCLUSIVE ....................................................20

29.   BENEFIT OF UNDERTAKINGS ....................................................20

30.   GOVERNING LAW AND SUBMISSION TO JURISDICTION ...............................20
</TABLE>

SCHEDULES

SCHEDULE 1     CHARGED SHARES

SCHEDULE 2     FORM OF NOTICE OF ASSIGNMENT AND FORM OF ACKNOWLEDGEMENT

SCHEDULE 3     FORM OF NOTICE OF ASSIGNMENT AND FORM OF ACKNOWLEDGEMENT IN
               RESPECT OF THE OPERATING ACCOUNT

                                     -iii-

<PAGE>

THIS DEBENTURE is made on 25 September, 2001, between:

(1)     RANDGOLD RESOURCES LIMITED, a company organised and existing under the
        laws of Jersey (the "CHARGOR"); and

(2)     N M ROTHSCHILD & SONS LIMITED whose registered office is situated at New
        Court, St. Swithin's Lane, London EC4P 4DU in its capacity as the Agent
        and the Security Trustee for the Lenders (in such capacity, the
        "SECURITY TRUSTEE", which expression shall include any person for the
        time being appointed as trustee or as an additional trustee for the
        purpose of, and in accordance with, this Deed).

NOW THIS DEED WITNESSES as follows:-

1.      INTERPRETATION

1.1     In this Deed, unless the context otherwise requires, the following
        expressions have the following meanings:

        "ASSIGNED AGREEMENT(S)" means such contracts to which the Chargor is a
        party as may be agreed to from time to time between the Security Trustee
        and the Chargor.

        "CHARGED PROPERTY" means all the assets, property, goodwill and
        undertaking of the CHARGOR from time to time charged or assigned to the
        Security Trustee pursuant to Clause 3.1, 3.2 and 3.3.

        "CHARGED SHARE ISSUERS" means MIJL and Somilo.

        "CHARGED SHARES" means:

        (a)      the shares of each Charged Share Issuer identified in Schedule
                 1; and

        (b)      all shares of each Charged Share Issuer which are held by, or
                 to the order or on behalf of, the Chargor at any time and which
                 are delivered by the Chargor to the Security Trustee as Charged
                 Property under this Deed.

        "CHARGOR" has the meaning given to it in the preamble.

        "COUNTERPARTY NOTICE" means each notice in the form set out in Schedule
        2 and 3 or in such other form as is required by, or acceptable to, the
        Security Trustee.

        "DEED" means this debenture as amended, supplemented or substituted from
        time to time.

        "DEFAULT RATE" means the rate of interest, provided for under Clause
        3.2.2 of the Loan Agreement for payment on overdue and unpaid sums
        thereunder.

        "DISPOSAL" shall be construed as any sale, lease, transfer, conveyance,
        assignment, licence, sublicence or other disposal (including any other
        transaction or arrangement pursuant to which the economic or other
        commercial benefit of the existing and/or remaining assets of the
        relevant person is lost or materially diluted) and "Dispose" shall be
        construed accordingly.

<PAGE>

        "DISTRIBUTION" means all stock dividends, liquidating dividends, shares
        of stock resulting from (or in connection with the exercise of) stock
        splits, reclassifications, warrants, options, non-cash dividends,
        mergers, consolidations and all other distributions (whether similar or
        dissimilar to the foregoing) on or with respect to any Charged Shares or
        other shares constituting Charged Property, but shall not include
        Dividends.

        "DIVIDEND" means cash dividends and cash distributions with respect to
        any Charged Shares made in the ordinary course of business and not a
        liquidating dividend.

        "LIABILITIES" means all Obligations of the Chargor now or hereafter due,
        owing or incurred to the Lender Parties (or any of them) in whatsoever
        manner in any currency or currencies whether present, future, actual or
        contingent, whether incurred solely or jointly with any other person and
        whether as principal or surety in each case under the Loan Documents (or
        any of them) together with all interest accruing thereon and all costs,
        charges and expenses incurred in connection therewith.

        "LOAN AGREEMENT" means the loan agreement, dated 17 September, 2001, as
        amended, modified or supplemented from time to time, among the Chargor,
        as Borrower, various banks and financial institutions referred to (and
        defined) therein as the Lenders and the Arrangers and N M Rothschild &
        Sons Limited, as the Agent for the Lenders.

        "MIJL" means Mining Investments (Jersey) Limited, a company organised
        and existing under the laws of Jersey.

        "OPERATING ACCOUNT BANK" means Citibank N.A. located at 38 Esplanade,
        St. Helier, Jersey JE4 8QB.

        "PERMITTED LIEN" means any lien that the Chargor is entitled to incur
        under Clause 8.2.3 of the Loan Agreement entered into in connection with
        the Morila Project Financing.

        "PROCEEDS" means any proceeds from any Disposal of the Charged Property.

        "RECEIVER" means any one or more administrative receivers, receivers and
        managers, administrator, liquidators or other insolvency officers
        appointed in any jurisdiction or (if the Security Trustee so specifies
        in the relevant appointment) any such officers appointed by the Security
        Trustee pursuant to this Deed in respect of the Chargor or over all or
        any of the Charged Property.

        "SECURITY TRUSTEE" has the meaning given to it in the preamble.

        "S.I. LAW" means the Security Interests (Jersey) Law, 1983

        "SOMILO" means Randgold Resources (Somilo) Limited, a company organised
        and existing under the laws of Jersey.

1.2     In this Deed:

        (a)      the terms of the documents under which the Liabilities arise
                 and of any side letters between the Chargor and the Agent (or
                 any of them) relating thereto are

                                      -2-

<PAGE>

                 incorporated herein to the extent required for any purported
                 disposition of the Charged Property contained in this Deed to
                 be a valid disposition in accordance with Section 2(1) of the
                 Law of Property (Miscellaneous Provisions) Act 1989;

        (b)      the parties intend that this document shall take effect as a
                 deed;

        (c)      capitalised terms used but not defined in this Deed (including
                 the preamble and recitals hereto) have the same meanings as in
                 the Loan Agreement;

        (d)      this Deed is a Loan Document and shall be interpreted and
                 construed in accordance with the terms and provisions of the
                 Loan Agreement (including Clauses 1.2 to 1.5 thereof which are
                 hereby incorporated into this Deed with all necessary
                 consequential changes); and

        (e)      any reference to any statute or statutory provision shall,
                 unless the context otherwise requires, be construed as a
                 reference to such statute or statutory provision as the same
                 may have been or may be amended, modified, extended,
                 consolidated, re-enacted or replaced from time to time.

2.      COVENANT TO PAY

        The Chargor covenants with the Security Trustee that it will pay to each
        Lender Party the Liabilities as and when the same fall due for payment
        to such Lender Party.

3.      FIXED AND FLOATING CHARGES, ASSIGNMENTS

3.1     FIXED CHARGES

        As a continuing security for the discharge of the Liabilities, the
        Chargor hereby agrees that the Security Trustee or such nominee as the
        Security Trustee may from time to time specify shall have possession of
        the certificates of title to the Charged Shares.

        In addition, as a continuing security for the payment of the
        Liabilities, the Chargor hereby charges with full title guarantee in
        favour of the Security Trustee on trust for the Lender Parties (to the
        extent not effectively assigned by way of security pursuant to Clause
        3.2) all rights and interests of the Chargor in and claims and benefits
        under the Assigned Agreements and all proceeds thereof, both present and
        future, and in which the Chargor is from time to time interested by way
        of first fixed charge.

3.2     ASSIGNMENT BY WAY OF SECURITY

        As further continuing security for the payment of the Liabilities, the
        Chargor assigns by way of security with full title guarantee (to the
        fullest extent capable of assignment) in favour of the Security Trustee
        on trust for the Lender Parties, all its rights, title and interest in
        and benefits under all monies from time to time standing to the credit
        of the Operating Account and the Assigned Agreements. The foregoing
        assignment of rights, title and interest in and benefits under the
        Assigned Agreements shall include:

        (a)      all claims for damages or other remedies in respect of any
                 breach of any Assigned Agreement;

                                      -3-

<PAGE>

        (b)      all moneys whatsoever which are now or may at any time
                 hereafter be or become due or owing to the Chargor under or
                 arising out of the Assigned Agreements or in connection with
                 the rights of the Chargor evidenced thereby; and

        (c)      all rights and remedies for enforcing the Assigned Agreements
                 in the name of the Chargor or otherwise and all present and
                 future right, title, benefit and interest in all guarantees,
                 insurances, indemnities, mortgages, charges and other security
                 of whatsoever nature (including all rights and remedies of
                 enforcement) now or hereafter held by the Chargor in respect of
                 all or any of the foregoing and all moneys from time to time
                 becoming due or owing thereunder or in connection therewith.

        (d)      Notwithstanding the foregoing, as long as no Event of Default
                 has occurred and is continuing, the Chargor may, subject to the
                 terms and conditions of the Loan Agreement and the other Loan
                 Documents, receive and retain the proceeds of any such claims
                 or any such moneys and may exercise all such rights and
                 remedies and receive and retain the proceeds of their exercise.

3.3     FLOATING CHARGE

        The Chargor with full title guarantee and as a continuing security for
        the payment and discharge of the Liabilities charges in favour of the
        Security Trustee on trust for the Lender Parties by way of floating
        charge the whole of the undertaking and all the assets, rights and
        income of the Chargor both present and future, subject always to any
        mortgage, charge or assignment under this Deed and subject always to any
        Permitted Liens.

3.4     RANKING OF CHARGES

        The charge created by Clause 3.3 shall be a first floating charge unless
        and until it is converted into a fixed charge pursuant to Clause 6 or by
        operation of law.

        For the purposes of the S.I. Law, this Debenture is additionally to
        constitute a security agreement in respect of the Charged Shares and the
        Operating Account held by or assigned to the Security Trustee. The
        Chargor, to give security to the Security Trustee for the payment and
        discharge of the Liabilities (and to the intent that the Security
        Trustee shall have a security interest extending to all the Chargor's
        rights, title and interest in and to the Charged Shares and the
        Operating Account), agrees that the Security Trustee shall (i) have
        possession of the certificates of title to the Charged Shares pursuant
        to Clause 3.1 of this Debenture and (ii) be assigned the Operating
        Account pursuant to Clause 3.2 of this Debenture.

4.      CONTINUING SECURITY, NO LIABILITY

4.1     CONTINUING NATURE

        The security constituted by this Deed is to be a continuing security to
        the Security Trustee on trust for the Lender Parties notwithstanding any
        intermediate payment or settlement of account or other matter or thing
        whatsoever and in particular the

                                      -4-

<PAGE>

        intermediate satisfaction by the Chargor or any other person of the
        whole or any part of the Liabilities.

4.2     ADDITIONAL SECURITY

        The security constituted by this Deed is to be in addition and without
        prejudice to any other security which the Security Trustee or any other
        Lender Party may now or hereafter hold for the Liabilities or any part
        thereof and this security may be enforced against the Chargor without
        first having recourse to any other rights of the Security Trustee or any
        other Lender Party.

4.3     NO LIABILITY

        Notwithstanding anything herein to the contrary:

        (a)      the Chargor shall remain liable under the Assigned Agreements
                 to the extent set forth therein to perform all of its duties
                 and obligations thereunder to the same extent as if this Deed
                 had not been executed;

        (b)      the exercise by the Security Trustee of any of its rights
                 hereunder shall not release the Chargor from any of its duties
                 or obligations under the Assigned Agreements; and

        (c)      the Security Trustee shall have no obligation or liability
                 under any of the Assigned Agreements by reason of this Deed nor
                 shall the Security Trustee be obligated to perform any of the
                 obligations or duties of the Chargor thereunder or to take any
                 action to collect or enforce any claim for payment assigned
                 hereunder.

5.      FURTHER ASSURANCE

5.1     GENERAL

        (a)      The Chargor will at its own expense promptly execute such
                 deeds, assurances, agreements, instruments and otherwise do
                 such acts and things as the Security Trustee may require for
                 perfecting and protecting the security created (or intended to
                 be created) by this Deed or facilitating the realisation
                 thereof or otherwise for enforcing the same or exercising any
                 of the Security Trustee's rights hereunder. In particular, but
                 without limitation, the Chargor will:

                 (i)      execute a legal assignment in such form as the
                          Security Trustee may reasonably require over all or
                          any of the debts, rights, claims and contracts hereby
                          charged; and

                 (ii)     otherwise execute all charges, mortgages, transfers,
                          conveyances, assignments and assurances whatsoever
                          with respect to the Charged Property and give all
                          notices, orders, instructions and directions
                          whatsoever which the Security Trustee may reasonably
                          consider necessary to more fully give effect to the
                          security and other rights created and granted in
                          favour of the Security Trustee pursuant to this Deed.

                                      -5-

<PAGE>

        (b)      Any security document required to be executed by the Chargor
                 pursuant to this Clause will be prepared at the cost of the
                 Chargor and will contain provisions substantially corresponding
                 to the provisions set out in this Deed.

6.      CRYSTALLISATION OF FLOATING CHARGE

6.1     CRYSTALLISATION BY NOTICE

        The Security Trustee may at any time by notice in writing to the Chargor
        convert the floating charge referred to in Clause 3.3 into a fixed
        charge with immediate effect as regards any Charged Property specified
        in the notice which the Security Trustee shall consider to be in danger
        of seizure, distress, diligence or other legal process or otherwise for
        any reason whatsoever in jeopardy.

6.2     AUTOMATIC CRYSTALLISATION

        Notwithstanding Clause 6.1 and without prejudice to any rule of law
        having a similar effect, the floating charge shall automatically be
        converted into a fixed charge with immediate effect as regards all
        assets subject to the floating charge created by Clause 3.3 on:

        (a)      any Charged Property becoming subject to a lien, other than
                 pursuant to this Debenture, or being disposed of contrary to
                 the provisions of Clause 7 or otherwise being in jeopardy; or

        (b)      any person levying or notifying the Chargor that it intends to
                 levy any distress, execution, sequestration or other process
                 against any Charged Property; or

        (c)      the Chargor ceasing to carry on business or to be a going
                 concern; or

        (d)      the occurrence of an Event of Default.

7.      NEGATIVE PLEDGE AND DISPOSAL RESTRICTIONS

        Except to the extent permitted by the terms of the Loan Agreement,
        during the continuance of the security constituted by this Deed the
        Chargor will not without the prior consent in writing of the Security
        Trustee (acting on the instructions of such of the Lender Parties as may
        be required pursuant to Clauses 9.3 and 10.1 of the Loan Agreement):

        (a)      create, incur, assume or suffer to exist any lien upon the
                 whole or any part of the Charged Property; or

        (b)      sell, transfer, lease or otherwise dispose of any of, or grant
                 options, warrants or other rights with respect to, any part of
                 the Charged Property, or agree or attempt to do so.

                                      -6-

<PAGE>

8.      REPRESENTATIONS AND WARRANTIES

8.1     MATTERS REPRESENTED

        In order to induce the Security Trustee to enter into this Deed and, in
        the case of the Lenders, to make and continue to make Loans under the
        Loan Agreement, the Chargor represents and warrants unto each Lender
        Party as set forth in this Clause. The representations and warranties
        set forth in this Clause shall be made upon the delivery of each
        Borrowing Request and each Continuation Notice, and shall be deemed to
        have been made on each Borrowing Date (both immediately before and
        immediately after the application of the proceeds of the relevant
        Loans).

8.2     GENERAL

        (a)      POWER AND AUTHORITY: Its memorandum and articles of association
                 or other constitutional documents incorporate provisions which
                 respectively ensure, and all necessary corporate, shareholder
                 and other action has been taken to ensure, that:

                 (i)      it is authorised to sign or execute under seal or as a
                          deed (as appropriate) and deliver this Deed and
                          perform the transactions contemplated hereby and to
                          create the security in the terms contained in this
                          Deed; and

                 (ii)     this Deed is admissible in evidence in England and
                          Jersey.

        (b)      NO CONTRAVENTION: Neither the execution and delivery of this
                 Deed nor the performance of any of its obligations hereunder do
                 or will:

                 (i)      conflict with its memorandum or articles of
                          association or other Organic Documents; or

                 (ii)     cause any borrowing, negative pledge or other
                          limitation on the Chargor or the powers of the
                          directors or other officers of the Chargor to be
                          exceeded.

        (c)      DEBTS: It is not unable to pay its debts within the meaning of
                 Section 123 of the Insolvency Act 1986 or within the meaning of
                 any equivalent legislation in Jersey.

        (d)      NO LIENS: The Chargor has good and marketable title to all its
                 assets and none of the assets of the Chargor is affected by any
                 lien other than a Permitted Lien and the Chargor is not a party
                 to, nor is it or any of its assets bound or affected by, any
                 order, licence, permit, consent, agreement or instrument under
                 which the Chargor is, or in certain events may be, required to
                 create, assume or permit to arise any lien other than a
                 Permitted Lien or a lien expressly permitted by this Deed.

        (e)      CHARGED SHARES: All of the Charged Shares are duly authorised
                 and validly issued, fully paid and non-assessable and
                 constitute the entire issued and outstanding shares of each
                 Charged Share Issuer.

                                      -7-

<PAGE>

9.      UNDERTAKINGS

9.1     DURATION OF UNDERTAKINGS

        The Chargor undertakes to the Security Trustee in the terms of the
        following provisions of this Clause 9, such undertakings to commence on
        the date of this Deed and to continue for so long as the security
        constituted by this Deed (or any part thereof) remains in force.

9.2     GENERAL UNDERTAKINGS

        (a)      NOT JEOPARDISE SECURITY: It will not do or cause or permit to
                 be done anything which may in any way materially depreciate,
                 jeopardise or otherwise prejudice the value to the Security
                 Trustee of the security constituted by this Deed.

        (b)      OBSERVE COVENANTS: It will observe and perform all covenants
                 and stipulations from time to time affecting the Charged
                 Property (including any lease) and all terms and conditions of
                 the Loan Agreement and the other Loan Documents as the same
                 relate to any of the Charged Property.

9.3     ASSIGNED AGREEMENTS AND THE OPERATING ACCOUNT

        In addition to its undertakings contained in the other Loan Documents,
        the Chargor will immediately, upon execution of this Deed, give notice
        to the other parties to the Assigned Agreements and the Operating
        Account Bank that it has assigned its rights in respect of the Assigned
        Agreements and the Operating Account, respectively, to the Security
        Trustee by way of assignment pursuant to this Deed, such notice to be
        substantially in the form of the Counterparty Notice for such other
        party.

9.4     DEPOSIT OF DOCUMENTS

        The Chargor will promptly on request deposit with the Security Trustee
        (or as it shall direct) all such documents relating to the Charged
        Property as the Security Trustee may from time to time reasonably
        require.

9.5     RETENTION OF DOCUMENTS

        The Security Trustee may retain any document delivered to it pursuant to
        Clause 9.4 or otherwise until the security created by this Deed is
        released and if, for any reason it delivers any such document before
        such time to the Chargor it may by notice to the Chargor require that
        the relevant document be redelivered to it and the Chargor shall
        immediately comply (or procure compliance) with such notice.

9.6     POWER TO REMEDY

        If the Chargor fails to comply with any of the covenants set out in
        Clauses 9.2 to 9.5, the Chargor will allow (and hereby irrevocably
        authorises) the Security Trustee and/or such persons as it shall
        nominate to take such action on behalf of the Chargor as shall be
        necessary to ensure that such convenants are complied with.

                                      -8-

<PAGE>

9.7     INDEMNITY

        The Chargor will indemnify the Security Trustee and will keep the
        Security Trustee indemnified against all losses, costs, charges and
        expenses incurred by the Security Trustee as a result of a breach by the
        Chargor of its obligations under this Clause and in connection with the
        exercise by the Security Trustee of its rights contained in Clause 9.6.
        All sums the subject of this indemnity will be payable by the Chargor to
        the Security Trustee on demand and if not so paid will bear interest at
        the Default Rate. Any unpaid interest will be compounded at such
        intervals as the Security Trustee may select from time to time.

10.     CHARGED SHARES

10.1    CHARGED SHARES

        (a)      The Chargor shall:

                 (i)      CALLS: duly and promptly pay all calls, instalments or
                          other monies which may from time to time become due in
                          respect of any of the Charged Shares, it being
                          acknowledged by the Chargor that none of the Lender
                          Parties shall in any circumstances incur any liability
                          whatsoever in respect of any such calls, instalments
                          or other monies;

                 (ii)     SHARE CERTIFICATES: deliver to the Security Trustee
                          all certificates or instruments representing or
                          evidencing any Charged Shares in suitable form for
                          transfer by delivery and accompanied by all necessary
                          instruments of transfer, duly executed in blank;

                 (iii)    ADDITIONAL CERTIFICATES: if the Chargor shall become
                          entitled to receive or shall receive any stock or
                          other certificate (including any certificate
                          representing a Dividend or a Distribution in
                          connection with any reclassification, increase or
                          reduction of capital or any certificate issued in
                          connection with any reorganisation), option or rights,
                          whether in addition to, in substitution of, as a
                          conversion of, or in exchange for any portion of the
                          Charged Shares (or otherwise in respect thereof),
                          accept the same as the agent of the Security Trustee,
                          hold the same in trust (but without being obliged to
                          create any registerable lien) for the Security
                          Trustee, in the exact form received, duly endorsed (in
                          blank) by the Chargor to the Security Trustee, and if
                          required by the Security Trustee, together with a duly
                          executed undated blank stock transfer form or other
                          equivalent instrument of transfer acceptable to the
                          Security Trustee, to be held by the Security Trustee,
                          subject to the terms of this Deed, as additional
                          security for the Liabilities;

                 (iv)     ADDITIONAL SHARES IN THE CHARGED SHARE ISSUER: except
                          as permitted to the contrary by any Loan Document, at
                          all times, keep charged to the Security Trustee
                          pursuant hereto all Charged Shares, all Dividends and
                          Distributions with respect thereto, all interest,
                          principal and other proceeds received by the Security
                          Trustee and all other Charged Shares, instruments,
                          proceeds, and rights from time to time received by or
                          distributable to the Chargor in respect of any Charged
                          Shares and

                                      -9-

<PAGE>

                          will not permit any Charged Share Issuer to issue any
                          shares which shall not have been immediately duly
                          charged hereunder on a first priority perfected basis;

                 (v)      PAYMENT OF DIVIDENDS, ETC TO THE SECURITY TRUSTEE:
                          after any Event of Default shall have occurred and be
                          subsisting, promptly upon receipt of notice thereof by
                          the Chargor and without any request therefore by the
                          Security Trustee, to deliver (properly endorsed where
                          required hereby or requested by the Security Trustee)
                          to the Security Trustee all Dividends, Distributions,
                          all interest, all principal, all other cash payments,
                          and all proceed of any Charged Shares which form part
                          of the Charged Property, all of which shall be held by
                          the Security Trustee for the benefit of the Secured
                          Parties as additional Charged Property for use in
                          accordance with Clause 14; and

                 (vi)     CHARGED PROPERTY HELD ON TRUST: hold separate and
                          apart from its other property in trust for the
                          Security Trustee all Dividends, Distributions,
                          interest, principal, cash payments, and proceeds which
                          may at any time and from time to time be held by the
                          Chargor, but which the Chargor is obliged to deliver
                          to the Security Trustee, pursuant to the terms of this
                          Deed, until delivery to the Security Trustee.

        (b)      DIVIDENDS: In the event that any Dividend or other payment is
                 to be paid on any Charged Share at a time when no Event of
                 Default has occurred and is subsisting or would result
                 therefrom, such Dividend or payment shall be paid directly to
                 the Chargor and the Security Trustee hereby releases any such
                 Dividend or payment from the security created by this
                 Debenture. If any such Event of Default has occurred and is
                 subsisting, then any such Dividend or payment shall be paid
                 directly to the Security Trustee and any such Dividend or
                 payment shall form part of the Charged Property.

        (c)      STOCK TRANSFERS: The Chargor agrees that all Charged Shares
                 delivered by the Chargor pursuant to this Deed will be
                 accompanied by duly executed undated blank stock transfer
                 forms, or other equivalent instruments of transfer acceptable
                 to the Security Trustee. The Chargor will, from time to time
                 upon the request of the Security Trustee, promptly deliver to
                 the Security Trustee such stock transfer forms, instruments,
                 and similar documents, satisfactory in form and substance to
                 the Security Trustee, with respect to the Charged Property as
                 the Security Trustee may reasonably request and will, from time
                 to time upon the request of the Security Trustee after the
                 occurrence of any Event of Default, promptly transfer any
                 Charged Shares or other shares constituting Charged Property
                 into the name of any nominee designated by the Security
                 Trustee.

        (d)      VOTING: The Security Trustee agrees that unless an Event of
                 Default shall have occurred and be subsisting, the Chargor
                 shall have the exclusive voting power with respect to the
                 Charged Shares; provided, however, that no vote shall be cast,
                 or consent, waiver, or ratification given, or action taken by
                 the Chargor that would impair any Charged Property or be
                 inconsistent with or

                                      -10-

<PAGE>

                 violate any provision of the Loan Agreement or any other Loan
                 Document (including this Deed).

        (e)      VOTING AFTER DEFAULT: After any Event of Default shall have
                 occurred and be subsisting and the Security Trustee has
                 notified the Chargor of the Security Trustee's intention to
                 exercise its voting power under this Clause 10.1(e):

                 (i)      the Security Trustee may exercise (to the exclusion of
                          the Chargor) the voting power and all other incidental
                          rights of ownership with respect to any Charged Shares
                          and the Chargor hereby grants the Security Trustee an
                          irrevocable proxy, exercisable under such
                          circumstances, to vote the Charged Shares; and

                 (ii)     promptly to deliver to the Security Trustee such
                          additional proxies and other documents as may be
                          necessary to allow the Security Trustee to exercise
                          such voting power.

        (f)      LIQUIDATION OF CHARGED SHARE ISSUER: In addition, any sums paid
                 upon or in respect of the Charged Shares upon the liquidation
                 or dissolution of any Charged Share Issuer shall be held by the
                 Security Trustee as additional security for the Secured
                 Liabilities. If any sums of money or property so paid or
                 distributed in respect of any Charged Shares shall be received
                 by the Chargor, then the Chargor shall, until such money or
                 property is paid or delivered to the Security Trustee, hold
                 such money or property in trust for the Security Trustee,
                 segregated from other funds of the Chargor, as additional
                 collateral securing the Liabilities.

11.     ATTORNEY

        The Chargor hereby irrevocably and by way of security appoints the
        Security Trustee and every Receiver of the Charged Property or any part
        thereof appointed hereunder and any person nominated for the purpose by
        the Security Trustee or any Receiver (in writing under hand signed by an
        officer of the Security Trustee or any Receiver) severally as its
        attorney (with full power of substitution and delegation) in its name
        and on its behalf and as its act and deed to execute, seal and deliver
        (using the company seal where appropriate) and otherwise perfect and do
        any deed, assurance, agreement, instrument, act or thing which it ought
        to execute and do under the terms of this Deed or any other Loan
        Document or which may be reasonably required in the exercise of any
        rights or powers conferred on the Security Trustee or any Receiver
        hereunder or otherwise for any of the purposes of this Deed and the
        Chargor hereby convenants with the Security Trustee to ratify and
        confirm all acts or things made, done or executed by such attorney as
        aforesaid. The power of attorney hereby granted is as regards the
        Security Trustee and its delegates (and as the Chargor hereby
        acknowledges) granted irrevocably and for value as part of the security
        constituted by this Deed to secure proprietary interests in and the
        performance of obligations owed to the respective donees within the
        meaning of the Power of Attorney Act 1971.

                                      -11-

<PAGE>

12.     ENFORCEMENT AND POWERS OF THE SECURITY TRUSTEE

12.1    CONSOLIDATION

        The restriction on the consolidation of mortgages imposed by Section 93
        of the Law of Property Act 1925 shall not apply to this Deed or to any
        security given to the Security Trustee pursuant to this Deed.

12.2    EXCLUSION OF CERTAIN PROVISIONS

        Section 103 of the Law of Property Act 1925 shall not apply to the
        charges created by this Deed which shall immediately become enforceable
        and the power of sale and other powers conferred by Section 101 of such
        Act (as varied or extended by this security) shall be immediately
        exercisable at any time after an Event of Default has occurred.

12.3    STATUTORY POWERS

        The powers conferred on mortgagees or receivers or administrative
        receivers by the Law of Property Act 1925 and the Insolvency Act 1986
        (as the case may be) shall apply to the security constituted by this
        Deed except insofar as they are expressly or impliedly excluded and
        where there is ambiguity or conflict between the powers contained in
        such Acts and those contained in this Deed, then this Deed shall
        prevail.

12.4    POWER OF SALE

        The statutory power of sale exercisable by the Security Trustee under
        this Deed is hereby extended so as to authorise the Security Trustee to
        sever any fixtures from the property to which they are attached and sell
        them separately from such property.

12.5    APPOINTMENT OF RECEIVER

        At any time after an Event of Default has occurred and is continuing and
        has not been waived or if so requested by the Chargor, the Security
        Trustee may by writing under hand signed by any officer or manager of
        the Security Trustee appoint any person (or persons) to be a Receiver of
        all or any part of the Charged Property.

12.6    LEASING AND SURRENDERS

        The statutory powers of leasing and accepting surrenders conferred upon
        the Security Trustee by the Law of Property Act 1925 shall be extended
        so as to authorise the Security Trustee to lease, make agreements for
        leases at a premium or otherwise, accept surrenders of leases and grant
        options or vary or reduce any sum payable under any leases or tenancy
        agreements as the Security Trustee thinks fit without the need to comply
        with any of the provisions of Sections 99 and 100 of such Act.

12.7    POWER OF MORTGAGEES

        All or any of the powers conferred upon mortgagees by the Law of
        Property Act 1925 as hereby varied or extended and all or any of the
        rights and powers conferred by this Deed on a Receiver (whether
        expressly or impliedly) may be exercised by the Security Trustee without
        further notice to the Chargor at any time after this security

                                      -12-

<PAGE>

        shall have become enforceable and the Security Trustee may exercise such
        rights and powers irrespective of whether the Security Trustee has taken
        possession or has appointed a Receiver of the Charged Property.

12.8    JERSEY SECURITY INTEREST

        For the purposes of the security created pursuant to Clauses 3.1 and 3.2
        over the Charged Shares and Operating Account, upon the occurrence of
        any Event of Default, which shall also be an "event of default" under
        the S.I. Law, the Security Trustee may, having given notice thereof to
        the Chargor, exercise the powers of sale and appropriation conferred
        upon it by the S.I. Law and the parties hereby waive the requirement of
        an order of the Courts of Jersey to exercise such powers.

13.     STATUS, POWERS, REMOVAL AND REMUNERATION OF RECEIVER

13.1    RECEIVER AS AGENT OF CHARGOR

        Any Receiver appointed hereunder shall be the agent of the Chargor and
        the Chargor shall be solely responsible for his acts or defaults and for
        his remuneration and liable on any contracts or engagements made or
        entered into by him and in no circumstances whatsoever shall the
        Security Trustee or any Lender Party be in any way responsible for any
        misconduct, negligence or default of the Receiver.

13.2    POWERS OF RECEIVER

        Any Receiver appointed hereunder shall have power in addition to the
        powers conferred by the Law of Property Act 1925 and Schedule 1 of the
        Insolvency Act 1986 (which are hereby incorporated into this Deed) and
        notwithstanding the liquidation of the Chargor:

        (a)      to take possession of, collect and get in all or any part of
                 the Charged Property and for that purpose to take any
                 proceedings in the name of the Chargor or otherwise as he
                 thinks fit;

        (b)      generally to manage the Charged Property and to manage or
                 carry on, reconstruct, amalgamate, diversify or concur in
                 carrying on the business or any part thereof of the Chargor as
                 he may think fit;

        (c)      to make any arrangement or compromise or enter into or cancel
                 any contracts which he shall think expedient in the interests
                 of the Security Trustee and the Lender Parties;

        (d)      for the purpose of exercising any of the powers, authorities
                 and discretions conferred on him by this Deed and/or defraying
                 any costs or expenses which may be incurred by him in the
                 exercise thereof or for any other purpose to raise or borrow
                 money or incur any other liability on such terms whether
                 secured or unsecured as he may think fit and whether to rank
                 for payment in priority to this security or not;

        (e)      without restriction to sell, let or lease, or concur in
                 selling, letting or leasing, and to vary the terms of,
                 determine, surrender or accept surrenders of, leases or
                 tenancies of, or grant options and licences over or otherwise
                 dispose of or

                                      -13-

<PAGE>

                 deal with, all or any part of the Charged Property without
                 being responsible for loss or damage, and so that any such
                 sale, lease or disposition may be made for cash payable by
                 instalments, loan stock or other debt obligations or for shares
                 or securities of another company or other valuable
                 consideration, and the Receiver may form and promote, or concur
                 in forming and promoting, a company or companies to purchase,
                 lease, licence or otherwise acquire interests in all or any of
                 the Charged Property or otherwise, arrange for such companies
                 to trade or cease to trade and to purchase, lease, license or
                 otherwise acquire all or any of the Charged Property on such
                 terms and conditions whether or not including payment by
                 instalments secured or unsecured as he may think fit;

        (f)      to make and effect all repairs, renewals and improvements to
                 the Charged Property or any part of it as he may think fit and
                 maintain, renew, take out or increase insurances;

        (g)      to exercise all voting and other rights attaching to the
                 Charged Shares and stocks, shares and other securities owned by
                 the Chargor and comprised in the Charged Property in such
                 manner as he may think fit;

        (h)      to redeem any prior encumbrance and settle and pass the
                 accounts of the person entitled to the prior encumbrance so
                 that any accounts so settled and passed shall (subject to any
                 manifest error) be conclusive and binding on the Chargor and
                 the money so paid shall be deemed to be an expense properly
                 incurred by the Receiver;

        (i)      to appoint and discharge employees, officers, managers, agents,
                 professionals and others for any of the purposes hereof or to
                 guard or protect the Charged Property upon such terms as to
                 remuneration or otherwise as he may think fit and to dismiss
                 the same or discharge any persons appointed by the Chargor;

        (j)      to settle, refer to arbitration, compromise and arrange any
                 claims, accounts, disputes, questions and demands with or by
                 any person or body who is or claims to be a creditor of the
                 Chargor or relating in any way to the Charged Property or any
                 part thereof;

        (k)      to bring, prosecute, enforce, defend and discontinue all such
                 actions and proceedings or submit to arbitration in the name of
                 the Chargor in relation to the Charged Property or any part
                 thereof as he shall think fit;

        (l)      to sever and sell plant, machinery or other fixtures sold
                 separately from the property to which they may be annexed;

        (m)      to implement or continue the development of (and obtain all
                 consents required in connection therewith) and/or complete any
                 buildings or structures on, any real property comprised in the
                 Charged Property and do all acts and things incidental thereto;

        (n)      to purchase or acquire any land and purchase, acquire or grant
                 any interest in or right over land;

                                      -14-

<PAGE>

        (o)      to make calls conditionally or unconditionally on the members
                 of the Chargor in respect of uncalled capital; and

        (p)      to do all such other acts and things (including signing and
                 executing all documents and deeds) as may be considered by the
                 Receiver to be incidental or conducive to any of the matters or
                 powers aforesaid or otherwise incidental or conducive to the
                 preservation, improvement or realisation of the Charged
                 Property and to use the name of the Chargor for all the
                 purposes aforesaid.

13.3    REMOVAL

        The Security Trustee may by written notice remove from time to time any
        Receiver appointed by it (subject to the provisions of Section 45 of the
        Insolvency Act 1986 in the case of an administrative receivership) and,
        whenever it may deem appropriate, appoint a new Receiver in the place of
        any Receiver whose appointment has terminated, for whatever reason.

13.4    REMUNERATION

        The Security Trustee may from time to time fix the remuneration of any
        Receiver appointed by it.

13.5    MULTIPLE RECEIVERS

        If at any time there is more than one Receiver of all or any part of the
        Charged Property, each Receiver may exercise individually all of the
        powers conferred on a Receiver under this Deed and to the exclusion of
        the other Receiver or Receivers (unless the document appointing such
        Receiver states otherwise).

14.     APPLICATION OF MONEYS

14.1    ORDER OF APPLICATION

        Subject to the S.I. Law, all moneys received by the Security Trustee or
        any Receiver appointed hereunder shall be applied by it or him in the
        following order:

        (a)      in payment of the costs, charges and expenses incurred, and
                 payments made, by the Security Trustee and/or any Receiver
                 (including the payment of preferential debts);

        (b)      in payment of remuneration to the Receiver at such rates as may
                 be agreed between him and the Security Trustee at or any time
                 after his appointment;

        (c)      in or towards satisfaction of the Liabilities (in such order as
                 the Security Trustee shall require on behalf of the Lender
                 Parties or as may be set forth in the Loan Agreement); and

        (d)      the surplus (if any) shall be paid to the Chargor or other
                 persons lawfully entitled to it.

                                      -15-

<PAGE>

14.2    EXCLUSION OF CERTAIN PROVISIONS

        Sections 109(6) and (8) of the Law of Property Act 1925 shall not apply
        to a Receiver appointed under this Deed.

14.3    SUSPENSE ACCOUNT

        The Security Trustee and any Receiver may place and keep (for such time
        as it or he shall think prudent) any money received, recovered or
        realised pursuant to this Deed in or at a separate suspense account for
        so long and in such manner as the Security Trustee may from time to time
        determine (to the credit of either the Chargor or the Lender Parties as
        the Security Trustee shall think fit) and the Receiver may retain the
        same for such period as he and the Security Trustee consider expedient
        without having any obligation to apply the same or any part thereof in
        or towards discharge of the Liabilities.

15.     PROTECTION OF THIRD PARTIES

15.1    NO DUTY TO ENQUIRE

        No purchaser from, or other person dealing with, the Security Trustee
        and/or any Receiver shall be obliged or concerned to enquire whether the
        right of the Security Trustee or any Receiver to exercise any of the
        powers conferred by this Deed has arisen or become exercisable, or
        whether any of the Liabilities remains outstanding or be concerned with
        notice to the contrary, or whether any event has happened to authorise
        the Receiver to act or as to the propriety or validity of the exercise
        or purported exercise of any such power and the title of such a
        purchaser and the position of such a person shall not be impeachable by
        reference to any of those matters.

15.2    RECEIPT ON ABSOLUTE DISCHARGE

        The receipt of the Security Trustee or any Receiver shall be an absolute
        and a conclusive discharge to a purchaser and shall relieve him of any
        obligation to see to the application of any moneys paid to or by the
        direction of the Security Trustee or any Receiver.

15.3    PURCHASER

        In Clauses 15.1 and 15.2 the term "purchaser" includes any person
        acquiring, for money or money's worth, any lease of, or lien over, or
        any other interest or right whatsoever in relation to, the Charged
        Property.

16.     PROTECTION OF LENDER PARTIES AND RECEIVER

16.1    NO LIABILITY FOR EXERCISE OF POWERS

        By way of supplement to the Trustee Act 1925, neither the Security
        Trustee, any Lender Party nor any Receiver shall be liable in respect of
        all or any part of the Charged Property or for any loss or damage which
        arises out of the exercise or the attempted or purported exercise of, or
        the failure to exercise any of, their respective

                                      -16-

<PAGE>

        powers, unless such loss or damage is caused by its or his negligence or
        wilful default.

16.2    POSSESSION OF CHARGED PROPERTY

        Without prejudice to the generality of Clause 16.1, entry into
        possession of the Charged Property shall not render the Security
        Trustee, the Lender Parties or the Receiver liable to account as
        mortgagee in possession and if and whenever the Security Trustee enters
        into possession of the Charged Property, it shall be entitled at any
        time at its discretion to go out of such possession.

17.     COSTS AND EXPENSES

17.1    INDEMNITY

        The Chargor will fully indemnify each of the Security Trustee, each
        Lender Party and any Receiver appointed hereunder on demand from and
        against any expense (including legal fees on a full indemnity basis),
        loss, damage or liability which any of them may incur in connection with
        the negotiation, preparation, execution, modification, amendment,
        release and/or enforcement or attempted enforcement of, or preservation
        of the rights under, this Deed or in relation to any of the Charged
        Property, including any present or future stamp or other taxes or duties
        and any penalties or interest with respect thereto which may be imposed
        by any competent jurisdiction in connection with the execution or
        enforcement of this Deed or in consequence of any payment being made
        pursuant to this Deed (whether made by the Chargor or a third person)
        being impeached or declared void for any reason whatsoever.

17.2    DEFAULT INTEREST

        The amounts payable under Clause 17.1 shall carry default interest at
        the Default Rate as well after as before judgment, from the dates on
        which they were paid, incurred or charged by the Security Trustee, the
        relevant Lender Party or the Receiver (as the case may be) and shall
        form part of the Liabilities and accordingly be secured on the Charged
        Property under the charges contained in this Deed. All such default
        interest shall be compounded at such intervals as the Security Trustee
        may select from time to time.

18.     OTHER SECURITY, CUMULATIVE POWERS AND AVOIDANCE OF PAYMENTS

18.1    SECURITY NON-EXCLUSIVE

        This security is in addition to, and shall neither be merged in, nor in
        any way exclude or prejudice or be affected by any other lien, right of
        recourse or other right whatsoever, present or future, (or the
        invalidity thereof) which the Security Trustee or any Lender Party may
        now or at any time hereafter hold or have (or would apart from this
        security hold or have) from the Chargor or any other person in respect
        of the Liabilities.

                                      -17-

<PAGE>

18.2    POWERS CUMULATIVE, ETC.

        The powers which this Deed confers on the Security Trustee and any
        Receiver appointed hereunder are cumulative, without prejudice to their
        respective powers under the general law, and may be exercised as often
        as the Security Trustee or the Receiver thinks appropriate. The Security
        Trustee or the Receiver may, in connection with the exercise of their
        powers, join or concur with any person in any transaction, scheme or
        arrangement whatsoever. The Chargor acknowledges that the respective
        powers of the Security Trustee and the Receiver will in no circumstances
        whatsoever be suspended, waived or otherwise prejudiced by anything
        other than an express waiver or variation in writing.

18.3    AMOUNTS DEEMED NOT PAID

        If the Security Trustee reasonably considers that any amount paid by the
        Chargor in respect of the Liabilities is capable of being avoided or set
        aside on the liquidation or administration of the Chargor or otherwise,
        then for the purposes of this Deed (other than any provision requiring
        the payment of interest at the Default Rate) such amount shall not be
        considered to have been paid.

18.4    SETTLEMENT AND DISCHARGE

        Any settlement or discharge between the Chargor and the Security Trustee
        shall be conditional upon no security or payment to the Security Trustee
        by the Chargor or any other person being avoided or set-aside or ordered
        to be refunded or reduced by virtue of any provision or enactment
        relating to bankruptcy, insolvency or liquidation for the time being in
        force and if such condition is not satisfied (but without limiting the
        other rights of the Security Trustee hereunder or under applicable law),
        such settlement or discharge shall be of no effect and the security
        created by this Deed shall remain and/or shall be reinstated in full
        force and effect as if such settlement or discharge had not occurred and
        the Security Trustee shall, on behalf of the Lender Parties, be entitled
        to recover from the Chargor on demand the value (to the extent of the
        value of the outstanding Liabilities at the time of such demand) of the
        security or payment so avoided, set-aside, refunded or reduced.

19.     NOTICE OF SUBSEQUENT CHARGE

        If the Security Trustee or any Lender Party receives notice of any
        subsequent lien or other interest affecting all or any of the Charged
        Property then it may open a new account or accounts for the Chargor in
        its books and if it does not do so then (unless it gives express written
        notice to the contrary to the Chargor) as from the time of receipt of
        such notice by the Security Trustee or the relevant Lender Party, all
        payments made by the Chargor to the Security Trustee or the relevant
        Lender Party (in the absence of any express appropriation to the
        contrary) shall be treated as having been credited to a new account of
        the Chargor and not as having been applied in reduction of the
        Liabilities.

20.     DELEGATION

        By way of supplement to the Trustee Act 1925, the Security Trustee or
        any Receiver may delegate by power of attorney or in any other manner
        all or any of the powers,

                                      -18-

<PAGE>

        authorities and discretions which are for the time being exercisable by
        it or him under this Deed to any person or persons as it or he shall
        think fit. Any such delegation may be made upon such terms and
        conditions (including the power to subdelegate) as the Security Trustee
        or such Receiver may think fit. Neither the Security Trustee nor the
        Receiver will, in the absence of their own negligence or wilful default,
        be liable or responsible to the Chargor or any other person for any
        losses, liabilities or expenses arising from any act, default, omission
        or misconduct on the part of any such delegate.

21.     REDEMPTION OF PRIOR CHARGES

        The Security Trustee may at any time following the security constituted
        by this Deed becoming enforceable redeem any and all prior liens on or
        relating to the Charged Property or any part thereof or procure the
        transfer of such liens to itself and may settle and pass the accounts of
        the person or persons entitled to the prior liens. The Security Trustee
        shall use its best efforts to give prior notice to the Chargor of any
        such action but failure to give such notice shall not invalidate or
        otherwise prejudice such action. Any account so settled and passed shall
        be conclusive and binding on the Chargor. The Chargor will on demand pay
        to the Security Trustee all principal monies, interest, costs, charges,
        losses, liabilities and expenses of and incidental to any such
        redemption or transfer.

22.     NOTICE

        All notices and other communication provided to any party hereto in
        connection with this Deed shall be in writing and the provisions of
        Clause 10.2 of the Loan Agreement are hereby incorporated into this Deed
        with all necessary consequential changes.

23.     NO IMPLIED WAIVERS

23.1    FAILURE OR DELAY IN ACTING

        No failure or delay by any Lender Party in exercising any right, power
        or privilege under this Deed shall operate as a waiver thereof nor shall
        any single or partial exercise of any right, power or privilege preclude
        any other or further exercise thereof or the exercise of any other
        right, power or privilege.

23.2    RIGHTS AND REMEDIES CUMULATIVE

        The rights and remedies of the Lender Parties provided in this Deed are
        cumulative and not exclusive of any rights or remedies provided by law.

23.3    LIMITED EFFECT

        A waiver given or consent granted by the Security Trustee under this
        Deed will be effective only if given in writing and then only in the
        instance and for the purpose for which it is given.

24.     INVALIDITY OF ANY PROVISION

        If any provision of this Deed is or becomes invalid, illegal or
        unenforceable in any jurisdiction in any respect under any law, the
        validity, legality and enforceability of the remaining provisions will
        not be affected or impaired in any way.

                                      -19-

<PAGE>

25.     ASSIGNMENT

        (a)      The Lender Parties may at any time assign or otherwise transfer
                 all or any part of their rights under this Deed in accordance
                 with and subject to the terms of the Loan Agreement. The
                 Chargor may not at any time assign or otherwise transfer any of
                 its rights or obligations under this Deed.

26.     COUNTERPARTS

        This Deed may be executed in any number of counterparts and all of such
        counterparts taken together shall be deemed to constitute one and the
        same instrument.

27.     PERPETUITY PERIOD

        For purposes of the Perpetuities and Accumulations Act 1964 any trust
        created under this Deed shall be deemed to have been created for a
        period of eighty (80) years commencing on the date of this Deed.

28.     CERTIFICATES CONCLUSIVE

        A certificate, determination, notification or opinion of the Security
        Trustee as to any amount payable under any Loan Document will be
        conclusive and binding on the Chargor except in the case of manifest
        error.

29.     BENEFIT OF UNDERTAKINGS

        The Security Trustee shall hold the benefit of the covenants, charges
        and other undertakings given by the Chargor pursuant to this Deed upon
        trust for the Lender Parties, provided that the Security Trustee's sole
        obligations to the Lenders shall be those set out in Clause 9 of the
        Loan Agreement.

30.     GOVERNING LAW AND SUBMISSION TO JURISDICTION

        (a)      GOVERNING LAW: This Deed and all matters and disputes relating
                 hereto shall be governed and construed in accordance with
                 English law, save for the creation of security pursuant to
                 Clauses 3.1 and 3.2 over the Charged Shares and Operating
                 Account and the enforcement thereof which shall be governed by
                 and construed in accordance with Jersey law.

        (b)      JURISDICTION: Each of the parties hereto irrevocably agrees for
                 the benefit of each of the Lender Parties that the courts of
                 England shall have non-exclusive jurisdiction to hear and
                 determine any suit, action or proceeding, and to settle any
                 disputes, which may arise out of or in connection with this
                 Deed and, for such purposes, irrevocably submits to the
                 non-exclusive jurisdiction of such courts.

        (c)      FORUM: The Chargor irrevocably waives any objection which it
                 might now or hereafter have to the courts referred to in clause
                 (b) being nominated as the forum to hear and determine any
                 suit, action or proceeding, and to settle any disputes, which
                 may arise out of or in connection with this Deed and agrees not
                 to claim that any such court is not a convenient or appropriate
                 forum.

                                      -20-

<PAGE>

        (d)      PROCESS AGENT: The Chargor agrees that the process by which any
                 suit, action or proceeding is begun may be served on it by
                 being delivered in connection with any suit, action or
                 proceeding in England, to it at:

                 Fleetside Legal Representative Services Limited
                 9 Cheapside
                 London EC2V 5AD
                 England

        (e)      NON-EXCLUSIVE: The submission to the jurisdiction of the courts
                 referred to in clause (b) shall not (and shall not be construed
                 so as to) limit the right of the Lender Parties or any of them
                 to take proceedings against the Chargor in any other court of
                 competent jurisdiction nor shall the taking of proceedings in
                 any one or more jurisdictions preclude the taking of
                 proceedings in any other jurisdiction, whether concurrently or
                 not.

        (f)      WAIVER OF IMMUNITY: To the extent that the Chargor may be
                 entitled in any jurisdiction to claim for itself or its assets,
                 immunity from suit, execution, attachment or other legal
                 process whatsoever, it hereby irrevocably agrees not to claim
                 and hereby irrevocably waives such immunity to the fullest
                 extent permitted by the laws of such jurisdiction.

                                      -21-

<PAGE>

                                   SCHEDULE 1

                                 CHARGED SHARES

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
                                                                     SHARE
                                            DESCRIPTION           CERTIFICATE       PERCENTAGE OF
                             ISSUED        AND NUMBER OF         NUMBER (S) OF      ISSUED SHARE
CHARGED SHARE                SHARE            SHARES                SHARES             CAPITAL
   ISSUER                   CAPITAL          CHARGED               CHARGED             CHARGED
-----------------------------------------------------------------------------------------------------
<S>                        <C>             <C>                   <C>                    <C>
Mining Investments         2 shares       2 ordinary             No. 1 and No. 2        100%
(Jersey) Limited                          shares of U.S.$1
                                          each

-----------------------------------------------------------------------------------------------------
Randgold Resources        200 shares      200 ordinary           No. 4 and No. 5        100%
(Somilo) Limited                          shares of
                                          U.S.$0.01 each

-----------------------------------------------------------------------------------------------------
</TABLE>

                                      -22-

<PAGE>

                                   SCHEDULE 2
            FORM OF NOTICE OF ASSIGNMENT AND FORM OF ACKNOWLEDGEMENT

                                     PART I
                          FORM OF NOTICE OF ASSIGNMENT

To:     [___]

From:   Randgold Resources Limited (the "CHARGOR")

        and

        N M Rothschild & Sons Limited As Security Trustee

                                                                        [Date]

                                                                     [__], [__]

Dear Sirs,

                              NOTICE OF ASSIGNMENT

We refer to the [___] Agreement (the "AGREEMENT") between the CHARGOR and [___],
dated [___], [___].

We hereby notify you that Randgold Resources Limited (the "CHARGOR") has
assigned to N M Rothschild & Sons Limited, as Security Trustee (the "SECURITY
TRUSTEE") pursuant to a Debenture, dated [___], [___] (the "DEBENTURE"), between
the CHARGOR and the Security Trustee (in connection with the Loan Agreement,
dated [___], 2001, among, inter alia, the Chargor, the Lenders and Arrangers
referred to therein, and N M Rothschild & Sons Limited, as the Agent (the "LOAN
AGREEMENT")), all its present and future right, title and interest under, to
and in the Agreement as security for certain obligations owed by the Chargor to
the Lender Parties (as defined therein) and the Security Trustee.

Words and expressions defined in the Debenture shall, unless otherwise defined
herein, have the same meaning when used in this letter (the "NOTICE OF
ASSIGNMENT").

[A copy of the Debenture is enclosed for your attention and we request that you
take note of its provisions.]

Please note the following:

1.      The Chargor shall at all times remain solely liable to you for the
        performance of all of the obligations assumed by it under or in respect
        of the Agreement.

2.      The Chargor irrevocably and unconditionally instructs you to pay the
        full amount of any sum which you are (or would, but for the Debenture,
        be) at any time obliged to pay to it under or in respect of the
        Agreement:

        (a)      unless and until the Security Trustee gives you notice of an
                 Event of Default, to the following bank account:

                                      -23-

<PAGE>

                 [Specify full details of the Operating Account as required by
                 the Loan Agreement (the "Operating Account")]; and

        (b)      at all times after the Security Trustee has given you notice of
                 an Event of Default as referred to in paragraph (i) above, to
                 such bank account as the Security Trustee may from time to time
                 specify to you.

1.      The Security Trustee has agreed that the Chargor may exercise all of the
        rights, powers, discretions and remedies which would (but for the
        Debenture) be vested in the Chargor under and in respect of the
        Agreement unless and except to the extent that the Security Trustee
        gives you notice of an Event of Default. Upon and after the giving of
        any such notice of an Event of Default, the Security Trustee shall be
        entitled to exercise and give directions regarding the exercise of all
        or any of those rights, powers, discretions and remedies (to the
        exclusion of the Chargor and to the exclusion of any directions given at
        any time by or on behalf of the Chargor) to the extent specified in the
        notice of an Event of Default.

2.      The Chargor has irrevocably and unconditionally appointed the Security
        Trustee to be its attorney to do (among other things) all things which
        the Chargor itself could do in relation to the Agreement.

3.      The Chargor confirms that:

        (a)      in the event of any conflict between communications received
                 from the Chargor and from the Security Trustee, the
                 communication from the Security Trustee shall prevail; and

        (b)      none of the instructions, authorisations and confirmations in
                 this notice can be revoked or varied in any way except with the
                 Security Trustee's specific prior written consent.

Please acknowledge receipt of this notice, and confirm your agreement to it, by
executing and returning to the Security Trustee an original copy of the Form of
Acknowledgement attached to this notice of assignment.

                                      -24-

<PAGE>

This notice is governed by English law.

Yours truly,

________________________________________________

Randgold Resources Limited

________________________________________________

per pro N M Rothschild & Sons Limited,
  as Security Trustee

                                      -25-

<PAGE>

                                   SCHEDULE 2

                                    PART II
                            FORM OF ACKNOWLEDGEMENT

To:     N M Rothschild & Sons Limited
        New Court
        St. Swithin's Lane
        London EC4P 4DU

        Facsimile No.: 020-7280-5139

        (as Security Trustee)

Attn:   David Street/George Pyper

Dear Sirs,

RE:     [DESCRIBE ASSIGNED AGREEMENT] (THE "AGREEMENT")

We acknowledge receipt of the Notice of Assignment, dated [___], [___], (a copy
of which is attached to this letter) [and the copy of the Debenture enclosed
with that notice]. Words and expressions defined in the Debenture and the
attached Notice of Assignment shall, unless otherwise defined herein, have the
same meanings in this letter.

In consideration of the Lender Parties agreeing to provide finance and financial
support pursuant to the Loan Documents, we confirm that:

1.      we consent to the assignment of the Agreement and have noted, and will
        act in accordance with, the terms of the Notice of Assignment;

2.      we have not previously received notice of any other assignment of the
        Agreement and we are not aware of any interest of any third party in any
        of the Chargor's rights, benefits, interests or claims under or in
        respect of the Agreement;

3.      we irrevocably and unconditionally agree to pay the full amount of any
        sum which we are (or would but for the Debenture, be) at any time
        obliged to pay under or in respect of the Agreement:

        (a)      unless and until the Security Trustee gives us notice of an
                 Event of Default, to the Operating Account;

        (b)      at all times, after the Security Trustee has given us notice of
                 an Event of Default, to such bank account as the Security
                 Trustee may from time to time specify;

4.      we acknowledge that the Chargor shall at all times remain solely liable
        to us for the performance of all of the obligations assumed by it under
        the Agreement, and that neither the Security Trustee nor any other
        Lender Party is or will be under any

                                      -26-

<PAGE>

        liability or obligation whatever in the event of any failure by the
        Chargor to perform its obligations under the Agreement.

This letter is governed by English law.

Yours truly,

[___]

by____________________________________________

[___]

                                      -27-

<PAGE>

                                   SCHEDULE 3
   FORM OF NOTICE OF ASSIGNMENT AND FORM OF ACKNOWLEDGEMENT IN RESPECT OF THE
                               OPERATING ACCOUNT

                                     PART I
                    FORM OF NOTICE TO OPERATING ACCOUNT BANK

To:     Citibank N.A.
        Jersey Branch
        38 Esplanade
        St. Helier
        Jersey
        JE4 8QB
        Channel Islands

From:   Randgold Resources Limited (the "CHARGOR")

        and N M Rothschild & Sons Limited (as "SECURITY TRUSTEE")

                                                                          [DATE]

Dear Sirs,

                      NOTICE OF ASSIGNMENT OF BANK ACCOUNT

We, the CHARGOR, hereby give you notice (the "NOTICE OF CHARGE") that pursuant
to a Debenture, dated [__], 2001, made between ourselves and the Security
Trustee (such Debenture, as it may from time to time be amended, assigned,
novated or supplemented, being called the "DEBENTURE"), we have assigned and
agreed to assign to the Security Trustee all our rights, title, benefits and
interests, present and future, under and in respect of the account detailed
below (the "OPERATING ACCOUNT"), including all moneys from time to time
standing to the credit of, all debts from time to time represented by, the
above account and all other rights from time to time accruing to or arising in
connection with any of the above assets:

Citibank N.A., Jersey branch
38 Esplanade
St. Helier
Jersey JE4 8QB
Channel Islands
Branch Code: 201
Account number: 411848019
Swift Code: CITI JESX
Account Name: Randgold Resources USD Account

Words and expressions defined in the Debenture shall, unless otherwise defined
herein, have the same meaning in this Notice of Assignment.

                                      -28-

<PAGE>

[A copy of the Debenture is enclosed for your attention and we request that you
take note of its provisions.]

Please acknowledge receipt of this Notice of Assignment and confirm your
agreement to it, by executing and returning to the Security Trustee an original
copy of the Form of Acknowledgement attached to this Notice of Assignment.

This notice shall be governed by English law.

Yours truly,

______________________________________

Randgold Resources Limited

______________________________________

per pro N M Rothschild & Sons Limited,
  as Security Trustee

                                      -29-

<PAGE>

                                   SCHEDULE 3

                                    PART II
             FORM OF ACKNOWLEDGEMENT OF ASSIGNMENT OF BANK ACCOUNT

To:     N M Rothschild & Sons Limited
        New Court
        St. Swithin's Lane
        London EC4P 4DU

        Facsimile No.: 020-7280-5139

        (as Security Trustee)

Attn:   David Street/George Pyper

Dear Sirs,

We acknowledge receipt of the Notice of Assignment, dated [__], 2001, (the
"NOTICE OF ASSIGNMENT") (a copy of which is attached to this letter). Words and
expressions defined in the Notice of Assignment and the Debenture shall, unless
otherwise defined herein, have the same meanings in this letter.

In consideration of the Lender Parties agreeing to provide finance and financial
support pursuant to the Loan Documents, we confirm that:

1.      we consent to the assignment of the Operating Account and have noted,
        and will act in accordance with, the terms of the Notice of Assignment;

2.      there does not exist in our favour, and we undertake not to create,
        assert, claim or exercise, any mortgage, fixed or floating charge,
        encumbrance, assignment or other lien of any kind, or any agreement or
        arrangement having substantially the same economic or financial effect
        as any of the foregoing (including any rights of counter-claim, rights
        of set-off or combination of accounts or any "hold back" or "flawed
        asset" arrangement) over or with respect to the Operating Account (or
        any part thereof) including any moneys standing to the credit of, or
        received by us to be credited to, the Operating Account (or any part
        thereof);

3.      we have not, as at the date hereof, received any notice that any third
        party has or will have any right or interest whatsoever in, or has made
        or will be making any claim or demand or be taking any action whatsoever
        against the CHARGOR'S rights, benefits, interests or claims under or in
        respect of the Operating Account or any part thereof, and if, after the
        date hereof, we receive any such notices we shall immediately give
        written notice thereof to the Security Trustee.

This letter is governed by English law.

                                      -30-

<PAGE>

Yours truly,

    --

CITIBANK N.A.

By___________________________________________

[___]

                                      -31-

<PAGE>

IN WITNESS whereof this Deed has been duly executed and delivered as of the day
and year first before written.

THE CHARGOR

EXECUTED and DELIVERED as a deed         )
by RANDGOLD RESOURCES                    )  /s/ Dennis Mark Bristow
LIMITED acting by:                       )  ____________________________________
                                            Director   DENNIS MARK BRISTOW

                                            /s/ David Ashworth
                                            ____________________________________
                                            Director   DAVID ASHWORTH

                                      S-1

<PAGE>

THE SECURITY TRUSTEE

EXECUTED and DELIVERED as a deed         )
per pro N M ROTHSCHILD & SONS            )
LIMITED                                  )
                                            /s/ C. Coleman
                                            ____________________________________
                                            Signature
                                                       C. COLEMAN
                                            ____________________________________
                                            Name Printed

                                            Title: Director

                                            /s/ Alan P. Graham
                                            ____________________________________
                                            Signature
                                                      Alan P. Graham
                                            ____________________________________
                                            Name Printed

                                            Title: Secretary

                                       S-2

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