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.
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.
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.
"We are very pleased with Namoya's third-quarter performance, which is in-line with steady-state operations," said Banro President and CEO John Clarke. "With Twangiza and Namoya's robust mining operations, we have a base for continued organic growth ...
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.