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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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