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November 21, 2012
09:35 EDTBAABanro Corporation outlines capital expenditure estimates, funding
Banro said capital expenditures at Twangiza for the remainder of 2012 and 2013 are estimated to include $9M for one-off plant expansion to achieve 1.7Mtpa, and a further $4M to achieve 2.0Mtpa for outputs in the order of 10,000 and 12,000 ounces respectively per month, $1M per month for the tailings management facility, with potential to reduce this expenditure, and $1M per month for 2013 capital equipment maintenance and fleet rebuild. At Namoya, approximately 48% of the estimated $178M capital has been spent with the remaining capital expenditures peaking in early Q1 2013, which represents an increase from the initial capital estimate of $150M. Banro has arranged non-dilutive balance sheet funding for up to $43M, which can be drawn over the next 6 months, and is expected to be settled in 2014 as the company moves into a stronger cash-flow position following the completion of the Namoya capital program and forecasted higher revenues being generated from that project and the expanded Twangiza production, the company said.
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April 10, 2014
08:17 EDTBAABanro Corporation provides Q1 production and operations update
Banro provided Q1 gold production and a brief operations update for its Twangiza and Namoya gold mines in the Democratic Republic of the Congo. Twangiza produced 20,137 ounces of gold in Q1, up 2.7% over 1Q13, which had significantly less rainfall than 2014. The company expects that, with the ending of the rainy season, Twangiza will be able to start to benefit from the process plant improvements facilitated during 2013. For the Namoya Project, the company recovered 3,362 ounces of gold from its semi-agglomerated heap leach operation in Namoya in Q1. As of the end of Q1 2014, project completion at Namoya stood at approximately 99%. Namoya is forecast to provide 50K-60K ounces of gold production in the commercial production phase during 2014, expected to begin in the second half of the year.

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