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I 100% agree with you, always been very vague about plans and where money is going.
Didn’t think they would need bankruptcy , was thinking eventually the mining would start producing what we were all lead along to believe they would produce.
Anyone have any idea why there are so many buyers of shares today even with that news? I know down 40% today but over a million shares still bought after the news
Some people thinking banro will be bought out or bankruptcy wouldn’t be too bad to shareholders or just a lot of automated trading ?
Any ideas ?
That’s them throwing in the towel I’d say. Bankruptcy is next in the cards bar some crazy last minute white knight.
Sorry to hear this for everyone still holding
This is a funny statement considering it’s probably 30 km as bird flys from Namoya.
http://aa.com.tr/en/africa/dr-congo-2-killed-10-injured-in-gold-mine-collapse/961015
“The landslide occurred in a dilapidated gold mine long abandoned by industrialists because of insecurity," Richard Kaseke, leader of a civil society group in Mwenga territory said.”
Anyone with any contact with IR lately ? If so I would be interested in hearing about it.
Rebellion fears grow in eastern Congo
Rebellion fears grow in eastern Congo
Soldier in DRC with helicopter in backgroundSylvain Liechti/UN Photo
Claude Sengenya
BUTEMBO, 31 October 2017
While attention has focused on the raging conflict and humanitarian crisis in Kasai in the southern Democratic Republic of Congo, armed opposition groups in the east of the country have stepped up attacks and are threatening to wage all-out war.
Tension and frustration are mounting across Congo as President Joseph Kabila clings to power well after his second and supposedly final term in office expired last year.
Eastern Congo was the main theatre of two devastating civil wars, fought in 1996-1997 and then from 1998 to 2003. It still plays host to dozens of small, armed groups, many of them local “self-defence” militias known as Mai-Mai.
But recent months have seen the emergence of at least two new insurgencies that claim to have increasingly broad support in their shared aim of toppling Kabila.
South Kivu
In June, the National People’s Coalition for the Sovereignty of Congo (CNSPC), led by former national army ally William Yakutumba, began taking on army positions in South Kivu Province. In late September, it attacked the lakeside town of Uvira, using heavy weapons and speedboats, before being beaten back by UN peacekeepers.
Yakutumba has publicly boasted of having 10,000 fighters under his command. While the true number is impossible to establish, analysts suggest it could be fewer than 1,000.
In late September, top army General Didier Etumba described CNSPC as a “flash in the pan” and said: “We’re going to put it out.”
But Delphin Ntanyoma Rukumbuzi, a conflict reseracher and Congo expert at Rotterdam’s Erasmus University, told IRIN that Yakutumba’s force drove the national army out of a fairly large area and resisted counter-attacks, although it is unclear where it is now.
“He has disappeared into thin air with his weapons and fighters, which also raises questions about his plans for the near future,” he said. “Anything is possible, but I think he will need more military tactics, as well as human, financial, and political resources to overthrow the Kabila regime.”
For Rukumbuzi, youths recruited by CNSPC are also more likely to be motivated by chronic marginalisation and historic inter-ethnic rivalries than by any preoccupation with who is in power in distant Kinshasa.
Noting that South Kivu is also home to a range of other armed groups, Rukumbuzi warned: “It is a volatile situation that could set this Great Lakes region alight if it is not contained.”
North Kivu
In neighbouring North Kivu, another group, calling itself the National Movement of Revolutionaries (MNR), has been attacking villages and towns since June.
MNR spokesman John Mahangaiko Apipawe told IRIN the group had been set up in 2015 and spent the next two years discreetly organising and planning its actions.
“At the outset, we couldn’t give out information about our operations for fear of being stillborn. If, today, we are in a position to claim certain actions, it is because we are already strong,” he said.
Speaking on the UN’s Radio Okapi in July, North Kivu Governor Julien Pulaku said recent attacks appeared to be beyond the capabilities of local Mai-Mai groups and that a new rebellion was emerging.
When the Mai-Mai launch attacks, “they only resist the army’s firepower for 30 or 40 minutes. What we are seeing today is that the alleged Mai-Mai are resisting for one or two or three hours and plan attacks on three, four, or five locations within a month. This suggests a supply of munitions and heavy weapons.”
However, government spokesman Lambert Mende told IRIN the attacks claimed by MNR are the work of bandits.
“They are only there to loot people and our natural resources. That’s why we take this opportunity to warn them. Whatever their demands, whatever their origins, whatever internal or external support they have, there is no more time for negotiation,” said Mende.
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“Just as we defeated the M23 [rebels in 2013], we will also meet them with arms. Our forces are there for that. Those guilty of crimes will find themselves up against their natural judges.”
But Pulaku, North Kivu governor for 10 years, urged the army to take the new threat more seriously. “We might believe these are only local armed groups, when in fact a major war is going to start,” he warned.
Aerial view of Uvira
Alain Wandimoyi/MONUSCO
Uvira came under attack from speedboats
June jailbreak
The escalation of attacks on army positions in North Kivu followed the 11 June escape by more than 900 detainees from Kangabyi central prison in the town of Beni – many of whom are thought to have since joined the MNR ranks.
The MNR was one of several groups to claim responsibility for these attacks, including one on the village of Kabasha, which lies on the road between Butembo and Beni, the main towns respectively in Lubero Territory and Beni Territory (the most heavily populated territories in North Kivu Province). In that incident, several members of the Intervention Brigade, a special unit of the UN’s peacekeeping mission, MONUSCO, were wounded when they came to the army’s aid.
According to Omar Kavota, director of the Study Centre for the Promotion of Peace, Democracy and Human Rights, the MNR is a “new rebellion politically coordinated by people who want to overthrow the republic’s institutions.
“Given the impressive logistical capacity of this coalition of rebels, we think it is politically and militarily connected with exterior support which needs to be exposed and dismantled,” he added.
Kavota said he believed the MNR encompasses a range of different Mai-Mai groups as well as fighters from: the Allied Democratic Forces, a rebel group based in the Ruwenzori mountains (close to the border with Uganda), from where its leadership originates; the Democratic Forces for the Liberation of Rwanda, an armed group founded by key perpetrators of the 1994 genocide in Rwanda; and remnants of the M23, a rebel group that was prominent in North Kivu in 2012-2013.
National aspirations
MNR spokesman Apipawe said the insurgency only enjoyed support from within Congo and the Congolese diaspora. He insisted it had no links with the M23, the ADF, the FDLR, or any other groups, and said it “cannot collaborate with them” as their “sole aim is to perpetuate Joseph Kabila’s regime”.
“We have key bases in North Kivu in Beni, Lubero, and Nyamilima. Since we are a movement with national aspirations, we will progressively reach other provinces in Congo, as a prelude to launching [major] actions. I cannot say when, but it will be soon,” he told IRIN.
Agriculture disrupted
The administrator of Lubero Territory, Djoy Bokele, told IRIN that many farmers had abandoned their harvests to escape the fighting, leading to a shortage of staple foods. “A sack of cassava that used to sell for 25,000 Congolese francs ($16) now goes for 80,000,” he said.
In Beni Territory, the emergence of a new rebellion would only worsen a three-year food crisis that began with a series of attacks against civilians blamed on the ADF.
These attacks have led more than 81,000 commercial farmers to abandon their fields and to a total revenue loss of some $1.9 billion over three agricultural seasons, according to the Congolese League of Women Peasant Organisations (LOFEPACO).
“That’s equivalent to a quarter of the annual national budget, one and a half times MONUSCO’s annual budget, and about the equivalent the country’s entire food imports every year,” explained LOFEPACO agronomist Patient Mapendo.
Meanwhile, the Congolese Institute for the Conservation of Nature (ICCN) has cut staff building a major hydroelectric plant in Lubero, a key element of the region’s economic development. “Following [this] insecurity, there will be less investment in the region and fewer jobs and lower incomes,” ICCN spokesman Joël Wengamulay told IRIN.
Whether it’s a major new grouping or, as the army insists, only local Mai-Mai groups who are behind the latest violence in North Kivu, the economic and humanitarian consequences have been considerable.
Georges Katsongo, who coordinates civil society groups in Lubero Territory (almost all parts of which have been affected by the violence), told IRIN that more than 23,000 people have been displaced and are now living without assistance among host families in five towns. “Homes have been torched, women raped, schools and health centres systematically destroyed,” he said.
cs/am/ag
Heading here is showing the upheaval going on in Kivu in relation to artisan mining. Again I can’t read full article :(
But as I said weeks ago a possible solution to Namoya is to look at what gcm gran Colombia gold did in Colombia. It was a win win for both party’s
https://www.africaintelligence.com/ama/corridors-of-power/2017/10/31/minister-bulindi-evicted-after-harsh-treatment-of-kivu-s-miners,108278563-art
I see John Clark is going to be at this event for banro come February.
https://www.miningindaba.com/ehome/283869/2018-speakers/
Could this break the dead lock. Haven’t read the full article
https://www.africaintelligence.com/ama/small-scale-mining/2017/10/31/banro-ordered-to-retain-sites-for-small-scale-diggers,108278575-bre
No, haven’t has to time to look at it. Quarter finance report will be out soon which should clear up some of the English.
Has anyone email recently about clarification on the status of Namoya? This is the biggest drag at the moment as our first mine looks to be back on track
I won’t be able to look this up tonight but is it not the stream deals that are outstanding from the actual mines. I.e. % of mine output and not one of the previous fixed number of oz stream for cash which was postponed in the last quarter until end of year.
Will need to check this up and maybe get clarification. I would presume any new deals have to be announced. There is not an announcement of a new streaming deal in this press release
Was hoping for more info on the situation in Namoya . That mine is going to struggle again for Q4.
Twangiza put in a great Quarter and I expect it to be more solid going forward now new crushers are active.
Big issue they need to sort out for q1 is the streaming deals. This needs to be removed either by getting a long term hopefully low interest loan to buy it out or converting to shares.
The longer the wait the more I think bad news will be released which will negatively affect the share price. That is was I am thinking. Can be a number of things , production , issue with security , more debt etc
Banro hasn’t been very reassuring has it
The wait continues , this has to have a bad outcome ?
I wonder what Rory definition of the following sentence was. In My eyes would of been that day or day after
“we expect this announcement to be issued imminently “
Thanks for the update. A Plus is hearing Twangiza is well protected. Once this is cleared up with Namoya then hopefully an effort will be put in to secure the supply lines.
A month out of action now has put off any positive we could of gained by putting off royalty payments to next year.
Let’s just hope both mines start producing what has been expected all along
Still no numbers. It feels like the numbers are going to be bad or they are hoping to have an update on Namoya.
Who knows, anyone email IR lately ?
How have we not got Q3 numbers yet, seems very late. Also pissing me off is lack of details about Namoya
Great numbers today but would like the share price to stay low for another bit so I can have a chance to get more :)
the more I look at this this stock the more I like it
Go on then, tell us you numbers you used to get a between $4 and $12.50 number or are you plucking this out of air ?
How are you formulating that price. Your putting a market cap of around 450 million to 1.35 billion on the company
Thanks for the full explanation. Shows your not full of hot air. Pity it went down as fast as it went up Monday . Was thinking some news was after leaking. Now we are still waiting on numbers which going by history with disappoint :(
Numbers out today? Released q3 in 11th October last year which had the following heading. Would like something upbeat like this :)
“
Banro Achieves Record Gold Production in Q3 as Namoya Delivers Steady-State Performance
“
Low valuation has been know a long time but go ahead and explain the technicals that suddenly started flashing today
Someone knows some news maybe. 1.2 million or so shares sold today and up 30%.
I’ll take it every day but what is different today than any other day last few weeks?
GoldMining Inc. (TSX-V: GOLD) Chairman Amir Adnani on His Latest Acquisition, the Crucero Gold Project in Peru
Listen Here
K92 Mining (TSX-V: KNT) President Bryan Slusarchuk on Recommencement of Mining Operations at Kainantu Gold Mine after Resolution with Local Landowner Group
Listen Here
Good information from the horse's mouth
Just added some today, will look over next few days to maybe add more after some research.
Found the following link a good to read about what is happening on the ground over there. It sure as hell shows how difficult an environment Banro is in. But i am guessing most people should of known this when looking at a miner in DRC.
Maybe some outside the box thinking maybe needed in Namoya when dealing with past Artisan miners that used to work in the area similar to Gran Colombia Gold has done in Colombia
Shedding light on why mining companies in eastern Congo are under attack
The past year has been challenging for the Canadian mining corporation Banro. The company holds four gold mining concessions in the eastern Democratic Republic of Congo (DRC). The Namoya concession in Maniema province went into production in January 2016 but the company was forced to temporarily suspend operations and evacuate staff in May and July this year.
The suspensions were related to threats from a local armed group to attack the operation. These were not isolated incidents but followed a string of violent attacks, property destruction, ambushes and kidnappings of workers.
The company president and CEO, John Clarke blamed the violence on “a few bandits” he believes are a remnant of the country’s difficult past, not on discontent and poverty that many believe have been made worse by the company’s presence.
But my recently published research shows that these issues are in fact interrelated. Armed groups and local strongmen capitalise on widespread anger towards the company. This anger largely stems from the deep economic crisis in the Namoya region which was caused by the forced closure of artisanal mining sites four years ago. The effects were not only felt by the 6.000 to 10.000 diggers who were forcibly removed, but also by all those depending indirectly on diggers’ incomes, like farmers, shopkeepers, bar-owners and taxing agents.
By claiming to oppose transnational mining companies, armed groups are able to gain popular support. They often do so by drawing on the language of anti-imperialism and neocolonialism, which resonates strongly in the DRC. As a political representative of the coalition of armed groups responsible for the most recent attacks put it:
the government has signed contracts with foreign mining companies that allow them to plunder our resources. This is neocolonialism (…) we will fight it.
Armed groups are also bolstered by competition between local elites and authorities that is fuelled by the influx of resources stemming from mining operations. In a militarised area like the eastern DRC, conflicting local elites and authorities often draw on armed groups to bolster their position. This, in turn, strengthens these groups.
Mining companies would be better served to acknowledge and monitor rather than downplay the effects of their presence on conflicts and armed groups. Arguably, a more conflict-sensitive approach could have prevented the outbreak of violence in Namoya.
One of Banro’s gold mining concessions in the eastern Democratic Republic of the Congo. Reuters
How violence escalated
Before 2016 there was limited activity by armed groups in the Namoya region. This changed after an escalation of tensions between the company and the people living in the area in January 2016. That month, a protest march against Banro ended in bloodshed. An officer from the Congolese police unit contracted by Banro opened fire on the crowd of protesters, causing the death of one person.
The march was held to protest against what people perceive to be the company’s failure to promptly meet its commitments towards the community, like building health care centres and schools. The impatience is understandable given the dire economic situation in the region. Not only have artisanal miners largely been driven out of business, the company employs limited labour and subcontractors from the area.
Towards the end of 2016, armed groups began ambushing vehicles from Banro’s logistics subcontractors close to Namoya. In March this year, one of these groups also directly attacked Banro’s facilities, taking a number of employees hostage.
The group responsible for taking the employees hostage demanded that the company construct basic infrastructure in the area as one of the conditions for releasing the hostages. Namoya’s population has remained divided about the attacks, but many sympathise with the armed group’s stance. This has allowed the group to harness crucial support from community members, like financial contributions and intelligence.
Neither criminal nor ideological
There is a tendency to see armed groups in dichotomous terms: as either ideological and having a political agenda or as criminal and pursuing material self interest. The reality is much more complex.
Grave of protestor killed. Author supplied
There’s no doubt that there’s a good dose of self interest in armed groups’ antagonism towards Banro. They have tried to benefit financially from ransom payments and “protection fees” paid by logistics subcontractors to avoid ambushes. Many armed groups also depend on artisanal mining for some of their income, imposing forced contributions on diggers and pit-owners. So the closure of artisanal mining sites by industrial companies threatens their income.
But this doesn’t mean they are simply criminals looking only for self-enrichment. Armed groups articulate widespread grievances, including growing discontent with the DRC’s political leadership and the delay in holding elections.
These grievances don’t legitimise the use of violence. But they create a measure of sympathy among the population for those claiming to fight the perceived source of their hardships.
There is a general fear that the expansion of industrial mining in the eastern DRC will eventually wipe out the artisanal and small-scale mining sector. This sector, which also mines tin, tantalum and tungsten, is estimated to employ 9-17% of the total population of the Kivu provinces. Its economic importance is however much bigger as money earned with mining is invested in other sectors, like real estate and the trade in consumer goods.
After the mining sites in Namoya were closed, many artisanal miners moved to gold mines in Fizi territory. But an exploration company, CASA Mining, is paving the way for industrial mining in that region and artisanal miners fear being displaced again.
An armed group active in the area plays into these fears. It has encouraged the population to manifest against the company. CASA’s operations have also been attacked. One member of the armed group commented that:
CASA will never work here. All those chased from Salamabila [Namoya] have fled here; they will rather revolt than being chased again.
Industrial mining companies operating in the eastern DRC would do well to acknowledge how their presence feeds into dynamics of conflict and violence rather than obscuring these complexities. As Banro’s plummeting share price over the past year shows, in particular a spectacular 12% drop after the violence in July, this would also be in the company’s own interest.
Any activity on this board? Just took a small position in this. Zinc has a very bring future with dwindling supplies
I got in on this today. Anyone active on this? Reason for today's pop is futuremoneytrends sent out an email on the company. Copy of the email is listed below.
--------------------------------------------------------------------
1, 2, 3, Maybe Even 4 Grand Slams
From This Tiny Canadian Zinc Stock!
“The mineral exploration business is one of the few types in the world that can give you 100-baggers… Those are stocks that increase 100-fold – not 100%.” -Rick Rule of Sprott Global
Time Sensitive Stock Suggestion: Callinex Mines (TSXV: CNX)
Dear Reader,
I couldn’t be happier with this early pick. After Max Porterfield became the CEO in 2014, we quickly began coverage for what was a pure exploration play at the time.
The stock is up 70% since our coverage began, and it has been up as much as 244%.
Last year, the stock began to get covered by several top names in the resource sector, as well as obtaining a massive investment by Rick Rule and the Sprott group.
They bought shares at CAD$0.50. Today, we can buy shares for $0.34.
Most companies have a single flagship asset, but with Callinex, they are advancing four projects forward all at the same time.
Any one of these could give the company a 10x move in its share price!
Right now, we are awaiting drilling results from both the Nash Creek and Superjack projects, which are likely to be released in September!
Most recently, the company increased its land package at their Nash Creek project.
Callinex Mines is also drilling again at their Pine Bay project. This is the one that Rick Rule told me he was focused on and the reason he decided to become a significant shareholder.
The company has one of the best zinc portfolios in the world, in my opinion, and they are all in close proximity to major mining giants in Canada.
HudBay, who will soon be out of ore at its 777 Mine, is a property that is neighbors with Callinex projects.
Investors looking at zinc making a 10-year high need to understand that this is the 1st inning of a violent bull market ahead.
The supply destruction for zinc is like nothing we’ve ever seen before.
It’s not going to correct for a long time. Projections going out as far as 10 to 15 years show that the supply deficit is only widening!
Now is the time to take core positions in the zinc market, and Callinex Mines is one that we highly suggest you partner with.
Recommendation: Consider shares of Callinex Mines (TSXV: CNX & US: CLLXF).
I’ll have a special update for you this week with CEO Max Porterfield.
I am a long-term shareholder of this company and expect to see fireworks from them in 2017 and 2018.
I can’t imagine this stock not being bought out by a major soon after any positive drill results come in from their top-tier projects. These billion-dollar giants are starving for zinc, and Callinex has the potential to hand them a portfolio of zinc assets in spades!
Best Regards,
Daniel Ameduri
President, FutureMoneyTrends.com
Very good link
Last Quarter average gold was 1,258 - Banro received 1,187
Q3 started at 1,219 Average so far for this 3rd quarter is 1,269.64. Up on last quarter but only by 11 so far.
Spot stays the same for rest of quarter @1,339 for 19 more trading sessions. Could go higher or lower but lets pretend :)
Average will be 1,289 up 31 and a move of $120 in spot price in 1 quarter
Main Chinese Banks are now on the sanction list according to some. Good video in this link also gold is recommended as the main hedge in this environment and YEN maybe losing it safe haven status due to being caught up in this.
insert-text-here
Gold is out of the traps again. This time its because of That crazy fella in north korea. Direction gold is going will surly make some action with the share price going north soon
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A dark shadow is looming over the world after more than half a century of peace, the Chinese president, Xi Jinping, has said after North Korea’s sixth nuclear test.
Live North Korea threat to US will be met with 'massive military response', says defense secretary Mattis
‘We are not looking for the annihilation of North Korea – we have many options,’ says Mattis in wake of hydrogen bomb test from Pyongyang
Read more
Xi made no direct reference to Sunday morning’s detonation as he addressed an annual summit of the Brics nations but told his audience that only through dialogue, consultation and negotiation could “the flame of war be put out”.
“Thanks to the joint effort of all countries, global peace has reigned for more than half a century. However, incessant conflicts in some parts of the world and hotspot issues are posing challenges to world peace,” Xi said in his 40-minute address to a summit attended by Brazil, Russia, India, China and South Africa in south-east China.
insert-text-here
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I came across this as well over the weekend. Its a few weeks old but was surprised with this statement from CME ceo
SHOCKING: CEO of the CME Tells Fox Biz “Gold Should Probably Be At $5-$6k/oz”
A few moments ago on Fox Business Channel we heard someone proclaim that “given all that’s going on the world, gold should probably be $5,000 to $6,000 per ounce”. Who actually had the gall to say this on live television? You won’t believe it unless you see it for yourself.
So, here you go. This is Neil Cavuto discussing the “markets” with Terry Duffy, the one and only CEO of the CME Group. The first five minutes are the standard boilerplate of Fed policy, etc and blahblahblah. However, at the 4:55 mark, Cavuto asks:
insert-text-here
Gold is out of the traps again. This time its because of That crazy fella in north korea. Direction gold is going at the moment will only bring great rewards here.
---------------------------------------------------
A dark shadow is looming over the world after more than half a century of peace, the Chinese president, Xi Jinping, has said after North Korea’s sixth nuclear test.
Live North Korea threat to US will be met with 'massive military response', says defense secretary Mattis
‘We are not looking for the annihilation of North Korea – we have many options,’ says Mattis in wake of hydrogen bomb test from Pyongyang
Read more
Xi made no direct reference to Sunday morning’s detonation as he addressed an annual summit of the Brics nations but told his audience that only through dialogue, consultation and negotiation could “the flame of war be put out”.
“Thanks to the joint effort of all countries, global peace has reigned for more than half a century. However, incessant conflicts in some parts of the world and hotspot issues are posing challenges to world peace,” Xi said in his 40-minute address to a summit attended by Brazil, Russia, India, China and South Africa in south-east China.
insert-text-here
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I came across this as well over the weekend. Its a few weeks old but was surprised with this statement from CME ceo
SHOCKING: CEO of the CME Tells Fox Biz “Gold Should Probably Be At $5-$6k/oz”
A few moments ago on Fox Business Channel we heard someone proclaim that “given all that’s going on the world, gold should probably be $5,000 to $6,000 per ounce”. Who actually had the gall to say this on live television? You won’t believe it unless you see it for yourself.
So, here you go. This is Neil Cavuto discussing the “markets” with Terry Duffy, the one and only CEO of the CME Group. The first five minutes are the standard boilerplate of Fed policy, etc and blahblahblah. However, at the 4:55 mark, Cavuto asks:
insert-text-here
Pretty weak reply, Passing the buck of blame.
As an investor taking about Banro you should know straight away the article you shared is totally incorrect.
Blame lands on you and no one else as you shared it blindly
Good strategy I think if your average is very high and believe in a strong gold rally, had money sent to my account end of last week and doesn't become available until tomorrow. Just my luck to miss the big run up.
Will look for a dip to add more over next few days
This is pure crap of a link you shared kpisme. Even looking at it... if you follow Banro you should know its incorrect. Last quarter Banro lost -.23
Its far from on track but as we have seen the last two days if gold heads north this is going to spring up in a wild fashion. If you think gold will be 1,400 ++ by year end then this is one of the best stocks to hold