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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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October 15, 2014
10:03 EDTBAABanro Corporation progressing towards financing agreements with Gold Holding
Banro Corporation announced that, pursuant to the memorandum of understanding announced by Banro on August 18, it is progressing towards finalizing the definitive agreements with Gold Holding Ltd for the two gold sale transactions to raise $121M in financing for Banro, the first such transaction for $41M relating to the Twangiza mine and the second transaction for $80M relating to the Namoya mine. Banro and Gold Holding expect to sign the definitive agreement related to the Twangiza transaction in one week to 10 business days and to close this transaction within a month. Banro and Gold Holding also expect the Namoya transaction to close by mid-December, subject to finalizing the definitive agreements.
October 7, 2014
06:42 EDTBAABanro Corporation reports Q3 Twangiza mine production up 30% vs. last year
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