According to Banro Corporation, mining productivity continued to improve during the fourth quarter of 2016, with Twangiza moving higher amounts of waste material with the goal of achieving increased ore deliveries in future.
Banro Corp is still encountering various problems at the construction of its second mine, Namoya. In my opinion, after problems at its first mine, Twangiza, the company's reputation is ruined - it will be very difficult to reestablish it.
Banro Corporation notes that the record gold output is a combination of gold produced from its Twangiza and Namoya operations in the Democratic Republic of Congo (DRC), which respectively produced 25 187 oz and 28 190 oz of gold in the quarter.
TORONTO, ONTARIO--(Marketwired - Jan. 31, 2017) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(TSX:BAA) today announced that it has entered into a support agreement (the "Support Agreement") with major stakeholders to ...
Banro Corporation (USA)(NYSEMKT:BAA) has entered into a support deal with prime stakeholders to recapitalize the firm by refinancing outstanding debt of $207.5 million, equitizing the due preferred shares and generating 45 million via a gold forward sale.
Small Cap Exclusive (press release) - Jan 17, 2017
Banro Corporation (USA) (NYSEMKT:BAA) shares ticked 3.75% up on Friday to $0.188 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.15 to $0.48 so the stock is currently near support.
The record gold output is a combination of gold produced from Banro's Twangiza and Namoya operations in the Democratic Republic of Congo, which produced 26 218 oz of gold and 23 455 oz of gold in the second quarter of 2016, respectively.