DEFERRED TERMS AGREEMENT



               RELATING TO THE PROVISION OF PLANT AND SPARE PARTS



                        TO A POWER GENERATION COMPLEX AT



                             SYAMA, REPUBLIC OF MALI















                                 BY AND BETWEEN



                         SOCIETE DES MINES DE SYAMA S.A.



                                       AND



                       ROLLS-ROYCE POWER VENTURES LIMITED















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                                TABLE OF CONTENTS





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SECTION 1

DEFINITIONS AND RULES OF INTERPRETATION..............................................................2

SECTION 2

INITIAL CONDITIONS..................................................................................16

SECTION 3

DESIGN..............................................................................................18

SECTION 4

PLANT...............................................................................................19

SECTION 5

BALANCE OF PLANT AND MINE MODIFICATIONS.............................................................21

SECTION 6

TITLE...............................................................................................23

SECTION 7

SITE CONDITION......................................................................................24

SECTION 8

COMMISSIONING OF UNITS..............................................................................26

SECTION 9

SPARE PARTS.........................................................................................27

SECTION 10

INCENTIVE REGIME....................................................................................28

SECTION 11

FUEL, WATER AND LUBE OIL............................................................................32

SECTION 12

ACCOUNTING..........................................................................................34

SECTION 13

INSURANCE...........................................................................................38

SECTION 14

INSURABLE/NON-INSURABLE EVENTS......................................................................40

SECTION 15

FINAL PAYMENT.......................................................................................46

SECTION 16

TERMINATION.........................................................................................47

SECTION 17

DISPUTE RESOLUTION..................................................................................58

SECTION 18

TRANSFER OF RIGHTS AND OBLIGATIONS..................................................................61

SECTION 19

ADJUSTMENT DUE TO CHANGE IN LAW.....................................................................62

SECTION 20

INTELLECTUAL PROPERTY...............................................................................63









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SECTION 21

MISCELLANEOUS.......................................................................................63



EXHIBIT 1



       Form of Randgold Guarantee...................................................................69



EXHIBIT 2



       Offshore Account Arrangements................................................................76



EXHIBIT 3



       Part 1 Plant.................................................................................83

       Part 2 Balance of Plant......................................................................84

       Part 3 Existing Facility.....................................................................87

       Part 4 Technical Requirements................................................................88



EXHIBIT 4



       Part 1 Shipment Schedule.....................................................................93

       Part 2 Spare Parts Schedule..................................................................94

       Part 3 Spare Parts Inventory.................................................................96

       Part 4 Order Form............................................................................97



EXHIBIT 5



       Insurances...................................................................................98



EXHIBIT 6



       Part 1 Reusable.............................................................................113

       Part 2 Salvage..............................................................................115



EXHIBIT 7



       Facility Design Programme...................................................................116



EXHIBIT 8



       Part 1 Guaranteed Contracted Capacity.......................................................117

       Part 2 Fuel Efficiency Rate.................................................................118

       Part 3 Lube Oil Consumption Rate............................................................122



EXHIBIT 9



       Part 1 Completion Tests.....................................................................125

       Part 2 Fuel Specification...................................................................127

       Part 3 Water Specification..................................................................128





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       Part 4 Lube Oil Specification...............................................................129



EXHIBIT 10



       Part 1 Plant Payment........................................................................130

       Part 2 BOP Payment..........................................................................132

       Part 3 Spare Parts Payment..................................................................134

       Part 4 Payment Adjustments..................................................................135

       Part 5 Existing Facility Payment............................................................140

       Part 6 Fixed Spare Parts Payment............................................................141

       Part 7 Payment Mechanism....................................................................143

       Part 8 Table of Termination Prices where SOMISY Default or where SOMISY accelerates payment

       in accordance with Section 15.3.............................................................147

       Part 9 Table of Termination Prices where Sypps Default......................................149

       Part 10 Table of Termination Prices where no Default........................................151

       Part 11 CTF Termination Price...............................................................153



EXHIBIT 11



       Notices.....................................................................................155



EXHIBIT 12



       Key Milestones and Key Milestone Dates......................................................156



EXHIBIT 13



       Fixed Default Amount........................................................................159



EXHIBIT 14



       Direct Agreement in relation to the Syama Mining Project....................................160



EXHIBIT 15



       Site........................................................................................168

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                            DEFERRED TERMS AGREEMENT



This Deferred Terms Agreement (this "Agreement") is dated as of [25 February]

2000 , between ROLLS-ROYCE POWER VENTURES LIMITED registered in and in

accordance with the laws of England under number 2916875 for and on behalf of a

majority owned subsidiary of it which is to be incorporated under the name SYAMA

POWER PLANT SALES LIMITED (or such other name as may be required by the relevant

authorities in the jurisdiction in which such subsidiary is to be incorporated

and registered) (and the term "Sypps" shall mean Rolls-Royce Power Ventures

Limited until notice is given under Section 2.4, wherefrom it shall mean Syama

Power Plant Sales Limited) and SOCIETE DES MINES DE SYAMA S.A. ("SOMISY"), a

majority owned subsidiary of Randgold Resources Limited registered in and in

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