Boston, MA, 04/21/2014 (usastockreport) – Ten days ago, Canadian Banro Corporation (NYSEMKT:BAA) provided an update on their first quarter gold production and the operations of their Twangiza and Namoya gold mines in Congo.
The good news for Banro was that despite rains that were heavier than is normal, Twangiza produced 20,137 ounces of gold during the first quarter in 2014. This is 2.7% more than the output for the same quarter in 2013, when there was significantly less rainfall as compared to this year.
CEO Dr. John Clarke said that, “While the first quarter is typically one of the wetter periods of the year, a large part of the Eastern DRC has received exceedingly high levels of rainfall. This has had an impact on throughput at Twangiza but we believe that, on an on-going basis, we can make up for shortfalls during future dry periods.”
The company has put in place a plan to address the rainfall issue. The solutions implemented include a roof above the Run-of-Mine pad so as to maintain enough dry material for steady throughput.
They also expect that once the rainy season ends, Twangiza will benefit from the process plant improvements made last year.
Banro has recently been entirely focused on the Twangiza mine which began commercial production in Sept 2012. But Namoya, located southwest of Twangiza in the DRC, is now almost fully operational.
The company reported that it recovered 3,362 ounces of gold during the first quarter from its semi-agglomerated heap leach operation at Namoya.
Project completion status at Namoya is now 99% complete, and the mine is expected to provide 50,000 to 60,000 ounces of gold in the commercial production phase for 2014. This phase will likely begin in the second half of the year.