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Stock Market & Financial Investment News

News Breaks
January 14, 2013
08:53 EDTBAABanro Corporation provides Q4 production update for Tangiza Gold Mine
Banro Corporation provides a gold production update for its Twangiza Gold Mine in the Democratic Republic of the Congo. Twangiza produced 19,750 ounces of gold for Q4. This was Twangiza's best quarterly performance since start-up, which has enabled management to fully assess the expansion potential, and operational issues required to achieve higher levels of productivity. A comprehensive upgrade of the metallurgical plant is now underway which in brief includes the introduction of a larger front end crusher, as well as increasing the CIL tank volumes and doubling elution capability. The full expansion exercise is planned to be completed by the end of the Q3. This will increase throughputs to 1.7Mtpa, or 425,000t/quarter, which is approximately 68% higher than 4Q12 and, together with higher recoveries expected to be in the 90% range, unit costs will reduce further to $500-$600 per ounce.
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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.

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