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Sorry i don´t have friends down there.
(only dozens of facebook "friends" who don´t know me)
All what i saw the last months, doesn´t say anything about the production:
- weather was pretty good
- they are drilling
- some new machines
- everything in Namoya and Twangiza looks pretty normal (like a modern mine anywhere in the world)
- horrible roads
- the workers there are often better dressed then in my office they do have a lot of kids, love soccer and very often thank god or allah for there life
- the difference between the mine and outside is huge
but the violence in South Kivu is rising and i think there were also some problems in Namoya (can´t post the images here, too disturbing) but i`m not 100% sure if it has anything to do with the mine.
seems they are working on Kamituga
https://www.researchgate.net/profile/Janvier_Kilosho_Buraye/publications
http://www.nikstoop.com/mining-in-kamituga/
The social minefield of gold digging in South-Kivu, DRC. The case of Kamituga (April 2016)
Defusing the social minefield Our research focusses on the mining town ofKamituga, where more than 13,000 artisanal miners are operating within a concession area of Banro. The company is currently still in the exploration phase, but hopes to move to the production phase in the
(near) future. In practice, the production mode in Kamituga is therefore characterized by a duality and tension between LSM and ASM. As the concession is granted to Banro, the artisanal miners are de jure
invaders engaged in illegal activities. But the miners see things differently. Taking recourse to customary rules and traditional rights, they perceive their claims to the land as legitimate
June 2016 - 56 pages
Relocation, reorientation or confrontation?
Insights from a representative survey among artisanal miners in Kamituga, South-Kivu.
Abstract
The gold mining site of Kamituga in South-Kivu, is characterized by a tense co-existence between Banro, a Canadian mining company, and a large number of artisanal miners who operate in the company’s concessions. This co-existence will be put to the test as Banro further
develops its activities. To assess what the future may bring, we study the profile of artisanal miners and their coping mechanisms. Relying on a structured survey among a representative sample of artisanal miners, we address three specific questions:
• Are artisanal miners willing to relocate their mining activities?
• Can they reorient towards other economic activities?
• To what extent may the tension between both modes of production give rise to(violent) confrontations?
elections are one part of Banro´s poor performance.
June 24
KINSHASA, Congo — Congo’s president on Friday broke his silence on upcoming elections that have fueled tensions in this central African country for well over a year, promising a democratic process but declining to detail his political future.
https://www.washingtonpost.com/world/africa/congos-president-promises-democratic-vote-despite-tensions/2016/06/24/336408e2-3a6a-11e6-af02-1df55f0c77ff_story.html
seems new, but i don´t have a clue
the good thing one facebook is, that nearly nobody cares about privacy
the bad thing is, that not everything is a fact, sometimes the photos are several years old and i don´t speak their language even their french is hard to translate
It is very interesting to follow people in DRC (life, kids and job!), its like stalking in a different world, but I don´t post names, who knows who reads the board and i don´t have the copyrights
from twanziga (postet may), looks like gold
what strange sense of humor - unbelievable
btw. there is actually a lot of violence (Democratic Forces for the Liberation of Rwanda (FDLR) )in South Kivu especially around Baraka (important harbour for Banro) and Fizi (road to Namoya)
I think there was also violence at Namoya in May
Since I follow some people on Facebook I have seen so many dead people there. Its forbidden to post boobs on facebook but it´s no problem to post slashed, hacked, burned bodies. Strange "american" world.
Positiv things
- the weather is pretty good
- they are drilling in Twangiza and Namoya
postet yesterday
for example Guyana Goldfields Inc. T.GUY is valued 1,35 bill CAD ,over 10 times higher than Banro with 120 mil CAD
both produced around 40000-45000 oz in Q1
Guy guidance for 2016 of approximately 130,000 to 150,000 ounces of gold.
Baa Consolidated (oz), full year 210,000 to 230,000
I only own Banro and i am really getting pi...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=122535784
yes, i think the elections don´t help the shareprice. One part of Banro´s poor shareprice. Hopefully Kabila resigns and there will be peaceful elections for the people of DRC and Banro.
http://www.voanews.com/content/drc-opposition-says-president-working-delay-elections/3347552.html
to compare
Which one is the better company?
Company name Price Price-to-book Mkt Cap
BAA Banro Corporation 0.440 0.20 148.68M
GUY Guyana Goldfields... 6.93 5.60 1.05B
Guy guidance for 2016 of approximately 130,000 to 150,000 ounces of gold.
Baa Consolidated (oz), full year 210,000 to 230,000
Guyana Q1
Cash flow from operating activities
$23,637
Cash and cash equivalents$ 18,520
Restricted cash balances$23,146
Total assets $ 365,471
Long-term debt $148,860
Banro Year End 2015
Total assets 871,731
Long term debt 168,127
Banro
Q1 OPERATIONAL HIGHLIGHTS
Twangiza and Namoya produced a combined 44,192 ounces of gold
Guyana Gold Fields
Q1 2016 Highlights
Generated $18.3 million of free cash flow¹, or $0.12 per share, in the Company's first ever quarter of commercial production.
Added $5.6 million of cash to the balance sheet after making debt principal repayments of $6.8M, debt interest payment of $2.5 million, and reducing accounts payable and accrued liabilities by $5.0 million.
Finished the first quarter with a cash balance of $41.7 million made up of cash and cash equivalents of $18.5 million and restricted cash of $23.1 million.
Produced 41,281 ounces of gold and sold 40,568 ounces of gold at an average realized gold price of $1,196 per ounce, generating gross revenues of $48.5 million and representing a margin of $418 per ounce above the Company's All-in sustaining cost (AISC)¹.
Generated operating cash flow per share¹ of $0.15 and net earnings per share of $0.04.
That would be in my home town Graz-Austria. The founder of Magna emigratet 1954 from here to Canada.
btw. next (40km) to Graz is a big lithium deposit, which was bought by an australian company a couple of years ago, but never developed.
I am "stupid" shareholder who bought the first shares 2006!!! I think the Company was called Yukon Resources, then Uranium Star and now Energizer Resources. Average -70%
Anybody on the board who believe in the company and adding shares?
The last time I bought 2015 after the anouncement of the feasibility Study, very dissapointed from this company.
Whats wrong with Banro? The shareprice is rising after news!
Banro Guidance 2016
Twangiza (oz), full year 110,000 to 120,000
Namoya (oz), full year 100,000 to 110,000
Consolidated (oz), full year 210,000 to 230,000
Cash cost per ounce ($US/oz) 700 to 800
For 2016 the Company expects annual gold production from both Twangiza and Namoya to total 210,000 to 230,000 ounces with the production weighted at approximately 40% in H1 and 60% in H2. At this production level, the Company expects consolidated cash costs in the range of $700 to $800 per ounce with cash costs in the higher range in H1 and falling below the lower range in H2, consistent with production volumes. The site all-in sustaining costs are expected to be in the range of $800 to $900 per ounce with the consolidated all-in sustaining costs in the range of $875 to $950 per ounce
Why are the cash cost and Aisc so extremly increasing??? Any explaination?
In the News they said 40% production in the first half year, so 45000oz are more realistic.
But i hope you are right.
And idea why the AISC is so rapidly rising in 2016?
Is this Namoya? Up 200$/Oz
So the guidance is 210000-230000
In HJ1 40% = about 84000 - 92000 oz
And 60% HJ2
So in Q1 we can only expect about 45000 oz
A little bit disappointing.
Namoya´s hl stress test in 2016 = 3 Mt!
i don´t know if i am right
but does this mean in the best case
3.000.000 on the heap leach with about
1,5g/t = 4.500.000 g = 158.732 oz
or 2g/t = 6.000.000 g = 211.643 oz
or 2,35g/t = 7.050.000 g = 248.681 oz
I know this is only on the heap leach and 1,5g/t is more realistic
How much can they really produce?
from the article S 13[url]
www.miningreview.com/wp-content/uploads/2016/02/MRA-2-2016.pdf
Namoya
Mining activities at Namoya improved
through the quarter as the new fl eet made
incremental contributions toward this.
The CAT 777 mining fl eet, which was
fully commissioned in early December,
moved over 700 000 t of material for the
month, compared with an average of
approximately 369 000 t for the fi rst 11
months of 2015.
The commissioning of the larger fl eet
represented the fi nal step toward Namoya
being able to operate in a manner
consistent with management expectations.
With continued increases in mining activity,
it is expected that monthly stacking levels
at the heap leach will quickly advance to
design capacity levels.
Meanwhile, Namoya’s heap leach stacking
throughput is expected to produce at a rate
of 2.6 Mt, but will be stress tested to over
3 Mt in 2016, in order to ensure that the
mine will in future be able to maintain
operating margins going forward, in the
event of a declining gold price.
Ore stacked at the heap leach for the
fourth quarter of 2015 decreased from the
third quarter to 383 913 t, but the average
grade of the material stacked was 2.35 g/t
of gold. With over 40% of this gold stacked
in December, Namoya’s gold production
in the fi rst quarter of 2016 is expected to
realise the benefi t of this higher-grade
material.
Banro Co. (BAA) Stake Maintained by Gramercy Funds Management LLC
Posted on March 8, 2016 by Jamal Genner in Investing, SEC Filing Articles
http://sleekmoney.com/banro-co-baa-stake-maintained-by-gramercy-funds-management-llc/1022310/
Amended Statement of Ownership
Gramercy Funds Management LLC stated that they own a 16.2% stake in Banro Co. (NYSE:BAA) in a Schedule 13G/A disclosure that was filed with the Securities and Exchange Commission on Tuesday, March 8th. The investor owns 8,294,250 shares of the stock worth approximately $2,467,539. The reporting parties listed on the disclosure included Gramercy Funds Management LLC and Robert Koenigsberger. The filing is available through EDGAR at this hyperlink.
Shares of Banro Co. (NYSE:BAA) traded down 5.4790% during trading on Tuesday, reaching $0.2812. 354,116 shares of the company were exchanged. The stock’s market capitalization is $70.91 million. The stock has a 50-day moving average price of $0.22 and a 200-day moving average price of $0.19. Banro Co. has a one year low of $0.15 and a one year high of $0.40.
Banro Corporation (NYSE:BAA) is a gold mining company. The Company holds a 100% interest in its four gold properties (Twangiza, Namoya, Lugushwa and Kamituga) through four Democratic Republic of the Congo (DRC) subsidiaries.
So we need a couple of months to reach the full capacity? Quote: over the next few months we are ramping up our second mine at Namoya to full production
Will be interesting how much gold they produce in Q1. Banro needs usually more time for nearly everything, but i can wait.
For me every thing below 20.000 ounces in Q1 is a huge dissapointment.
We will see in about one month!
Website: Banro's Namoya (oxide and free-milling) mine entered commercial production on January 1, 2016. At full capacity, the Namoya mine, a hybrid heap leach – CIL plant, is expected to produce 9,000 to 10,000 ounces of gold per month.
Is China Ready To Launch Yuan-Gold Fix By April?
Thursday February 25, 2016 13:54
http://www.kitco.com/news/2016-02-25/Analysts-Not-Surprised-Yuan-Gold-Fix-Could-Be-Launched-In-Two-Months.html
(Kitco News) - While there are still a lot of unknowns and question in the marketplace, it appears that the Shanghai Gold Exchange is preparing to launch a yuan-denominated gold fix within two months.
According to media reports, quoting unnamed sources, China is planning to launch its yuan gold fix April 19 and draft rules have been sent to 10 participating banks.
However, there has been no official comment from the SGE on the new Chinese gold benchmark. News reports from the summer said that the SGE was planning to have a yuan gold fix up and running by the end of 2015.
Although there is no confirmed fixed date analysts are not surprise of an approaching yuan-gold fix as China fulfills its goal to become an international gold-trading hub.
Jeffrey Nichols, senior economic advisor for Rosland Capital LLC, said that the fix topic came up during a recent conference in Shanghai earlier in the week. However, he said that no fixed date was actually mentioned.
“I think the plan is to launch something by the middle of April,” he said. “But the date of the launch is not actually that important. The fact is, it is coming soon. There is a definite shift in power in the gold market towards China and this is just another part of it.”
The media reports named the 10 banks that will be the market makers for the fix: ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China CITIC Bank, China Merchants Bank, Industrial Bank Co., Bank of Ningbo and ANZ (China). If accurate, ANZ would be the only international bank participating in the new auction process.
Bernard Dahdah, precious metals analyst at Natixis, said that although the idea of a yuan-gold fix has been talked about since early 2015, he has not heard of any official launch date.
However, he added that he is not surprised that China is moving forward with its plans to create its own benchmark.
“China is the number one gold producer in the world, they are number one in consumption; they clearly have ambitions to be a gold hub,” he said.
Dahdah added China, even if it does launch a yuan-gold benchmark, will still have a long way to go to overtake the influences London and New York have in the global gold market. He added that he doesn’t see a lot of international financial institutions participating in the yuan fix.
“I think this is going to be more of a domestic market,” he said. “International companies will be hesitant to join the fix as there are still some legality issues in China and question of how potential disputes would be resolved,”
Nichols added that not only is China continuing to develop its own benchmark but Chinese banks are also trying to broaden their international reach, which could eventually lead to arbitrage opportunities between the East and the West.
“I think the creation of a yuan-gold fix will make the world gold market a lot more efficient,” he said.
Banro Reports Further High Grade Drill Results and New Mineralized Zone at Namoya
February 24th, 2016
- Drilling at Namoya intersects significant mineralization, including 10.00 metres grading 18.48 g/t Au, 29.00 metres grading 3.84 g/t Au, 16.00 metres grading 4.16 g/t Au, 6.00 metres grading 17.65 g/t Au and 42.00 metres grading 2.29 g/t Au.
- New mineralised zone; Namoya Summit Hanging Wall, discovered at Namoya.
TORONTO, ONTARIO—(Marketwired - Feb. 24, 2016) - Banro Corporation (“Banro” or the “Company”) (NYSE MKT:BAA)(TSX:BAA) is pleased to announce additional mineralization intersections from its on-going near mine RC drilling program at the Namoya Summit deposit.
The near mine drilling program at Namoya is intended to identify new resources and increase the geological confidence of the resource base with the goal of enhancing the medium term economics of the mine. During the last half of 2015, near mine exploration activities continued to build on the results published in the Company’s September 18, 2015 press release, with the main focus of RC drilling activities being in the Namoya Summit and Filon B deposits, including infill and step out drilling from previous drill holes. As well, exploration drilling was carried out in the newly-discovered Namoya Summit hanging wall and Filon C targets (see the locality map referred to below).
Interim Program Update
During the interim period following the September 18th press release, 54 RC drill holes totalling 4,681 metres were drilled at Filon B, Namoya Summit Footwall zone, Namoya Summit Main zone, Filon C and Namoya Summit Hanging Wall zone. The significant mineralization intersections from the interim program include the following:
Namoya Summit & Filon B
Hole NRC-091 intersected 10.00 metres grading 2.23 g/t Au from 67.00 metres,
Hole NRC-092 intersected 42.00 metres grading 2.29 g/t Au from 51.00 metres,
Hole NRC-093 intersected 7.00 metres grading 2.05 g/t Au from 0.00 metres (2.00 metres of void from 7.00 to 9.00 metres),
Hole NRC-107 intersected 15.00 metres grading 2.44 g/t Au from 0.00 metres (and 5.00 metres of void from 15.00 to 20.00 metres),
Hole NRC-108 intersected 5.00 metres grading 3.23 g/t Au from 17.00 metres,
Hole NRC-109 intersected 10.00 metres grading 18.48 g/t Au from 34.00 metres, including 1.00 metre of void from 38.00 metres,
Hole NRC-112 intersected 6.00 metres grading 17.65 g/t Au from 82.00 metres,
Hole NRC-115 intersected 13.00 metres grading 2.21 g/t Au from 98.00 metres.
Namoya Summit Hanging Wall and Filon C
Hole NRC-100 intersected 13.00 metres grading 3.41 g/t Au from 12.00 metres,
Hole NRC-129 intersected 29.00 metres grading 3.84 g/t Au from 52.00 metres,
Hole NRC-134 intersected 16.00 metres grading 4.16 g/t Au from 34.00 metres,
Hole NRC-137 intersected 8.00 metres grading 2.27 g/t Au from 57.00 metres.
Commenting on the results at Namoya John Clarke, President and CEO of the Company, said; “These results continue to indicate the upside potential of the Namoya Summit deposit and demonstrate potential at Filon B area which is known to host very high grade mineralization. We will continue to pursue detailed and careful evaluation of the Namoya Summit deposit, especially at Filon B and the newly discovered Hanging Wall zone, to ensure that we understand these structures and to delineate significant additional resources. These results, together with the previous results, have provided the necessary information to assist with Mineral Resource and Mineral Reserve upgrades at Namoya which are planned for the second quarter of 2016.”
The RC drilling program was undertaken using an in-house Prospector rig. A total of 54 RC holes averaging 87 metres were completed for a total of 4,681 metres to generate 4,681 RC samples. Drilling was oriented N-S (0° and 180° azimuth) at the Filon B area and towards 225° in the Namoya Summit area. Drilling inclination ranged from 55° to 80° in both areas. RC drill holes were planned in fences ranging from 15-40 metres in Filon B area and between 40-80 metres at the Namoya Summit Main and Filon C areas. It is estimated that the true width of mineralization approximates 85% of mineralization intersections in the drill holes. The table referred to below provides a summary of all intersections from the interim RC drilling program at Namoya.
All RC samples for assaying were taken consistently at one metre intervals and were riffle split with one-half of the sample placed in sealed bags and sent to the Company’s on-site sample preparation facility. The samples were then pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the on-site SGS Laboratory (which is independent of the Company) where the samples were analyzed for gold by fire assay using a 50g charge. As part of the Company’s QA/QC procedures, reflecting internationally recognized standards, duplicates and blanks were inserted into the sample batches.
Progress Summary of the Drilling Program
After the successful drilling campaign, the mineral resource team will incorporate the drill results from these additional near surface zones into the Namoya Summit reserve with the aim of delivering an enhanced production profile for the commencement of mining at the Namoya Summit in H2 of 2016.
A total of 38 RC drill holes representing 3,324 metres were drilled at Filon B, Namoya Summit Footwall zone, and Namoya Summit Main zone. The resource area has been interpreted to have a strike length of 400 metres. It is open to the northwest and southeast, with multiple gold bearing lodes that extend to a depth of 65 metres, and exhibits a pinch and swelling characteristic; widths between 2 and 30 metres down-dip.
A northwest - southeast trending zone of new mineralization (Namoya Summit Hanging Wall zone) has been delineated about 400 metres to the northeast of Namoya Summit Main zone. Mineralization was discovered by trenching and auger drilling over a strike length of almost 700 metres and followed up by RC drilling. A total of 11 RC drill holes, representing 861 metres have been completed in the area. Significant mineralization was intersected including holes NRC129, NRC134, and NRC137. Follow up drilling will be undertaken to fully evaluate this new hanging wall mineralized zone.
Within the Namoya Summit Main pit shell, a new east-west mineralized zone, Filon C, was also discovered by trenching and auger drilling. Five (5) RC drill holes totalling 431 metres have been completed in the area. Significant mineralization intersections include hole NRC100. Follow up drilling will be undertaken to fully determine the strike extension of this new mineralized zone.
Results from the RC holes are tabulated in a table which can be accessed on the Company’s website at www.banro.com/assets/docs/RC-intercections-Feb-2016.pdf
A locality map of the reported drill holes can also be found on the Company’s website at
www.banro.com/assets/docs/NamoyaSummit-FilonBDrillholeLocationMap.pdf
Feb 18 2016 09:44:51 ET Material document(s) (amended)
Feb 18 2016 09:44:51 ET
AMENDED AND RESTATED GOLD PURCHASE AND SALE AGREEMENT
(Tranche 2/3)
TWANGIZA GFSA HOLDINGS
– and –
BANRO CORPORATION
– and –
TWANGIZA MINING S.A.
and
Feb 18 2016 09:44:51 ET
FIRST AMENDMENT AGREEMENT
WHEREAS the Parties hereto entered into an amended and restated gold purchase and sale agreement
(tranche 2/3) dated as of September 17, 2015 among Twangiza Mining S.A., as Seller (as defined
therein), Banro Corporation and Twangiza GFSA Holdings, as Purchaser (as defined therein) (the
“Purchase Agreement”).
AND WHEREAS capitalized terms used and not defined herein have the meanings assigned to them in
the Purchase Agreement.
AND WHEREAS the Parties have agreed to execute this First Amendment Agreement (this “Amending
Agreement”) to, among other things, increase the Prepayment Amount under the Purchase Agreement.
NOW THEREFORE, in consideration of the premises, mutual covenants and agreements herein set
forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties covenant and agree as follows:
1. Effective as of the Amendment Effective Date (as defined below), the Purchase Agreement is
amended as follows:
(a) The definition of “Tranche 3 Payable Gold” in Section 1.1 is hereby amended to replace
“8,481” with “12,443.72”;
(b) The definition of “Tranche 3 Prepayment Amount” in Section 1.1 is hereby amended to
replace “$7,000,000” with “$10,480,000”;
(c) Paragraph (ii) of the definition of “Scheduled Monthly Quantities” in Section 1.1 is
hereby deleted in its entirety and replaced with the following:
“(ii) with respect to the Tranche 3 Payable Gold, until January 28, 2016, 257 ounces of
Refined Gold, and following such date until all of the Tranche 3 Payable Gold is
delivered, 380.835 ounces of Refined Gold.”
from Mining Journal 15/7/2015
http://www.mining-journal.com/world/africa/banro-is-almost-b…/
Third, the company announced production results that continued to show steady improvement in the two production assets.
Clarke admits that while the company has been inward looking, the exercise has proven to be very useful and that it is nearly time to go out and start telling the Banro story again.
“We are back on our feet and we’ll be running when Namoya is in commercial production,” he said, “Then Banro will be a normal company with an abnormal asset base.”
well now you could really start telling the Banro story again!
When does Banro announce the Q4 Financial Results?
- no production guidance for 2016?
- no new presentation since Sep. 2015!
- no PR!
Only a half Deal with the Chinese
I believe in the Banro´s mines, but their PR is unbelievable poor!
Anyone knows something about Lugushwa?
From the Website
Banro
In addition to the Twangiza and Namoya mines, Banro has two other key projects, which lie along the Twangiza-Namoya gold belt. Lugushwa has an Indicated Mineral Resource of 0.73 million ounces of gold in close-to-the surface oxide formation and an Inferred Mineral Resource of 3.53 million ounces of gold. Exploration is ongoing at Lugushwa with the objective of increasing the oxide resource. Plans include a preliminary economic assessment to be completed in 2016.
But still lower than one month ago! I am long since 1 1/2 years but the performance the last month is really poor. Didn't find any other Goldstock whith that poor performance.
How many users thought over the last months that the Stock will rise sharply, but we are still on the ground with nearly no trading volume
I am not pessemistic, i am only realistic.
But i know that better times are coming, so i bought another 25k today
1263$ and Banro sucks again
1240 again.
does this mean 0,15 for BAA?
Just kidding (hopefully)
Democratic Republic of Congo ‘will not change mining code’
by Agency Staff, Februar 10 2016, 09:38
http://www.bdlive.co.za/africa/africanbusiness/2016/02/10/democratic-republic-of-congo-will-not-change-mining-code
DEMOCRATIC Republic of Congo’s Mines Minister Martin Kabwelulu said he has dropped plans to change the mining code in Africa’s biggest copper producer after opposition from mining companies.
"The mining code, which is currently in place, will stay in place," Mr Kabwelulu said at a speech to investors in Cape Town on Wednesday.
"You don’t have to think about modifying your business plan. Those who are thinking of investing can do so based on this code."
Copper production in the country dropped for the first time in six years in 2015, and this year could be another tough one as low commodity prices continue to bite, the Central African country’s chamber of mines said in Kinshasa on Wednesday.
Output dropped 3.3% in Africa’s top copper producer to 995,805 tonnes from 1.03-million tonnes in 2014, the first time production fell since the global economic downturn in 2009.
The sharpest fall was in the fourth quarter when production slumped 12% year on year, in part due to the suspension of some production at miner and trader Glencore’s Katanga Mining unit, the industry group said in its annual report.
The mine, one of the largest in Congo, producing 113,674 tonnes of copper in the first nine months of 2015, is not expected to reopen until mid-2017.
Congo’s economy is highly dependent on the mining sector, which accounts for about 20% of gross domestic product (GDP). Copper and cobalt alone accounted for 79% of the country’s exports in the first half of 2015, the central bank said.
Benchmark copper fell 25% last year, a slump that the chamber said could continue. Indeed, copper prices were expected to hit their lowest average in more than a decade this year as global supply outran demand, a Reuters survey of metal analysts showed in January.
The government scaled back its 2015 growth estimate to 7.7% from more than 10% because of low metals prices. It has said Katanga Mining’s 18-month suspension would cost it more than $200m in tax revenues this year.
The government expects growth to rebound to 9% this year while the International Monetary Fund (IMF) predicts 7.3% growth.
The country’s copper-producing southeast receives only about half the electricity it needs. The government is backing a series of projects to boost supply but the chamber said "inadequate and highly nontransparent management" of the sector led to "little progress" in 2015.
The chamber’s report, however, cited causes for optimism, noting that new mines started commercial production in 2015 and several major projects that were expected to come online in the coming years.
Ivanhoe Mines’ Kamoa project, slated to begin production in 2018, is thought to be the world’s largest untouched high-grade copper discovery.
In the same report, the chamber of mines said gold production rose 30% to an estimated 25,516kg, partly because of stronger-than-expected production at Randgold Resources’ Kibali mine. Congo’s industrial gold production stood at near zero in 2011.
Production is likely to rise further as Randgold, AngloGold Ashanti and Banro Corporation continue to ramp up output at large mines they have opened in the past five years.
Maybe there are troubles with Baiyin?
The closing of these transactions (the "Closing"), which is expected to occur in January 2016
Read more at http://www.stockhouse.com/news/press-releases/2015/12/31/banro-announces-us-98-75-million-financing-with-resource-financeworks#JIdeX2uLiZGzxMbF.99
One month ago the shareprice was 0,21 now we are around 0,20
I am long, but Banro is one of the worst performing gold stocks the last few weeks.
I never thought that the big (safe) stocks like Barrick, Goldcorp, Kinrosss... could performing far better than Banro.
Very disappointing
where is the Gold?
http://www.rfi.fr/afrique/20160204-rdc-mines-sud-kivu-fraudes-banro-creuseurs-artisanaux
google translated
mining fraud in South Kivu: the prime minister of DRC intervenes
Cassiterite is a rare mineral used in electronics.
© AFP PHOTO / Emannuel PEUCHOT
By RFI Posted on 04-02-2016 Changed at 04-02-2016 at 10:18
In the Democratic Republic of Congo, the prime minister grabbed the Banro case. This South African company had complained of seeing state control services and Itri, the producers' association, authorize the removal of minerals from its concessions in Mwenga territory in South Kivu. A load of two tons of cassiterite was intercepted by the struggle against mining fraud unit. But the shipment was made on the orders of the provincial minister, to those who had illegally extracted to the chagrin of society and anti-fraud.
"Prime Minister Matata Ponyo had given clear instructions following a similar case," says one side of the prime minister. Never these minerals should not have been certified as legally operated. According to the Mining Code, the seized minerals are supposed to remain forfeited to the State, said the prime minister.
Yet it is just the opposite has happened in this case. First, the state control services in complicity with the local head of Itri, which is none other than the son of the provincial Minister of Mines , authorized this sale and the release of minerals. Then, once the two tons of cassiterite entered by the anti-fraud, the Provincial Minister of Mines decides to authorize an official act by the restitution of such property "owners traders", "since they paid the taxes due to the state. "
A decision denounced the Congolese employers. According to Deputy Chairman of the Chamber of Mines, the case is very serious and contrary to the Congolese Mining Code
The national Ministry of Mines, it minimizes all these legal aspects and emphasizes the reconversion problem "diggers" artisan who were there before the Banro. However, it promises a meeting to clarify the matter. The prime minister said finally take up the case and promises to restore the rules.
During an interview with local media, the provincial mines minister justified his action by explaining that, pending an agreement between Banro and "diggers" craft, it was the State's duty to fight against fraud certifying these minerals rather than see them disappear into informal networks.
On facebook is a video of the shooting. The security is unbelievable.
Facebook
from facebook
le meurtrierPhilippe est condamné à mort et d'une amende lui et la société banro de 245000$ dernier jugement publié par le juge président du tribunal de gardeson de Kindu
Philippe the murderer is sentenced to death and fined him and the Banro last $ 245,000 judgment issued by the presiding judge of the court of Kindu gardeson
don´t know if it´s real - other people on facebook postet photos from the "court" yesterday
also from facebook
seems accidents like this are not really unkommon
Un agent de Barno dans son filiere de Twangiza Mining a été attrappé par des bals dans la nuit du 22 au 23 decembre,Une somme d'argent et des apareils lui ont ete emporté par des inciviques qui ont attaqués les installations de TWANGIZA MINING.
NOUS COMPATISSONS AVEC VOUS TOUS A TWANGIZA
Il est interné à l'hopital SkyBorn Bukavu
Oh mon Dieu repose dans tes mains l'âme de notre ami qui etait mort à twangiza
Il est mort?
Vs Ns rassurez si vraiment cet agent blaisse' est mort! je suis agent g4s a' Namoya.
A Barnum officer in his filiere Twangiza Mining was ATTRAPPE by dancing on the night of December 22 to 23, a sum of money and apareils were carried away by his uncivil who attacked the Twangiza MINING facilities.
We sympathize WITH YOU ALL Twangiza
He was interned in Bukavu hospital SkyBorn
Oh my God rests in your hands the soul of our friend who had died Twangiza
He is dead?
Vs Ns worry if this agent Blaisse really is dead! I g4s agent 'Namoya.
http://www.rfi.fr/afrique/20160131-fraude-miniere-rdc-le-role-ministre-mines-question-cassiterite-sud-kivu
google translated
Mining fraud in the DRC: the role of the provincial minister in question
Cassiterite is a rare mineral used in electronics.
© AFP PHOTO / Emannuel PEUCHOT
By RFI Published on 31-01-2016 Changed at 31-01-2016 at 13:26
A mineral matter created controversy in South Kivu, in the Democratic Republic of Congo. It concerns a shipment of two tons of cassiterite, a small coveted black stone, seized by the anti-fraud services. The funds came from an area where the exploitation is prohibited by order of the Provincial Minister of Mines. But charging has still been certified by the agencies supposed to control its origin. To the surprise of the fraud, the provincial minister called for the lifting of the seizure.
The case cassiterite continues to make noise in the South Kivu region in the Democratic Republic of Congo. The facts behind the controversy back to 16 January.
Two tons of the rare mineral used in electronics are captured by anti-fraud services. The cargo comes into effect from the Mwenga area, where artisanal miners illegally extract the little black stone on a concession belonging to the Canadian company Banro.
To control exploitation and trade in cassiterite, the Congolese government and its partners have set up a series of mechanisms and several agencies are responsible to certify the origin of shipments.
For confiscated 40 boxes January 16, two state services and the association of producers, the Itri, validated the transaction. Problem, in a letter dated September 4, 2015, the Provincial Minister of Mines has clearly prohibits the sale of these minerals. But now the Minister requires that the seizure be lifted and that cassiterite is made to traders who were responsible.
He said it is not fraud but a single incident since the September letter had no legal value. It therefore considers that its services have not committed any fault. This decision has boosted the mining company Banro and the anti-fraud services. They claim that several articles of the Mining Code were violated and decided to enter the governor of the province.
In the area, many speculate the reason that prompted the Minister to reconsider his decision. They question in particular the role of his son, because it represents Itri in the territory of Mwenga and it is he who has validated the transaction.
i postet 2 different article (with links) in one posting
always with google-translation
I can´t speak french, neither is english my mother language, so same translations make no sense to me.
you can also find something on facebook and twitter (says 2 dead?) about this.
Hopefully they find a peacefull way to stop the violence and the protests.
both in french
try this one 26 janvier 2016
http://7sur7.cd/new/maniema-une-marche-pacifique-tourne-au-drame/
there is a second one
Publié le jeu, 28/01/2016 - 12:46
http://7sur7.cd/new/maniema-un-activiste-des-droits-de-lhomme-abattu-a-salamabila/
If you are in facebook, you can search for the name bernard mwanahimene a truck driver at namoya who repostet a photo of the shoot men, a really shocking photo.
I am still long but really concerned about the last developments. Hopefully Banro can handle the problems in a human way.
Veröffentlicht am 04.11.2015Canadian mining company Banro has encountered challenges at its industrial gold mine in the Eastern Democratic Republic of Congo, with locals complaining of displacement and a lack of jobs for area workers. Photo: Phil Moore for The Wall Street Journal-text-here
Old, but shows the problems white the local people.
just google banro or namoya - the last 24 hours
I live in europe, sometimes it helps when you read news befor the stockmarkets in US or Canada opens.
There are also a lot workers from Namoya or Twangiza on facebook, a lot of them are proud working for banro an posts photos (including dead people), seems still wet there.
Maniema: one member called Banro to compensate victims dislodged from its concession
Maniema: one member called Banro to compensate victims dislodged from its concession
Published on Thurs., 01/28/2016 - 12:46 | Modified Thurs. 01/28/2016 - 3:04 p.m.
The mining company Banro will compensate artisanal five hundred forty-seven miners evicted from their careers in the concession of the undertaking. This was recommended Wednesday, January 27 Djumanini Malisawa MP for the riding of Kabambare in reaction to the death of the president of the civil society of this town.
He said the mining company Banro will also support the family of the activist of human rights who was killed Tuesday, January 26 during a peaceful march organized by civil society Salamabila in the territory of Kabambare, against this company.
Tuesday 26 January, residents of Salamabila call on civil society demonstrated to denounce the non-respect by the mining company Banro its commitments to the local community.
As part of the social contract that binds it to the local population, the Banro company should build a modern technical school for this community. What she never did. According to witnesses, a police officer emerged amid protesters and shot the president of the local civil society who died instantly.
For elected Kabambare, Banro company is indirectly guilty of this tragedy.
"This tragedy is the consequence of non-Compliance by Banro agreements it has concluded with the indigenous population. This serious condition, registered Salamabila today is caused by the violation of the laws of the DRC by the company "denounced MP Djumanini Malisawa before simply require the suspension of the company activities Salamabila.
Banro side, we take compliance with agreements signed with the local population, said the vice president of the mining company Desire Sangara in reaction to protests of local people.
He said his company is still waiting for a response of the population in connection with plans for the construction of the technical school plans they had submitted long ago to the approval of the population.
Desire Sangara considered that the suspension of Banro activities will Salamabila a blow to projects that his company plans to undertake for this community.
A few minutes ago, i saw the dead body on a facebook photo.
Really shocking with all the blood.
Banro seem´d a good miner, but care they really about die people there or is is it just promotion?
We all know, that they operating in the violent Congo. Who knows whats happening there.
I have to think about it, if i am still long.