Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
New presentation 9/22/2017
AISC expected to be below 900$ for the full year 2017
150000-160000oz
Marmato expected September 2017, maybe at the Denver Gold Forum 9/27???
s21.q4cdn.com/834539576/files/doc_presentations/09-22-2017-GCM-Corporate-Presentation-FINAL.pdf
https://www.slideshare.net/GranColombiaGold/corporate-presentation-september-2017-80135262
Denver Gold Forum (available for on-demand viewing from September 29, 2017)
http://www.denvergoldforum.org/dgf17/company-webcast/GCM:CN/
Someone believes in GCM
"Hernan Martinez served as the Colombian Minister of Mines and Energy from July 2006 to August 2010 and he has also served as President of International Colombia Resources Corporation, President of Atunec S.A., President and Chief Executive Officer of Exxon Mobil Colombia S.A., and Manager of Corporate Planning for Esso Colombiana S.A.
"Mr. Martinez currently sits on the board of directors of CB Gold Inc. Gran Colombia, and is director and Executive Chairman of Pacific Coal. He previously was a director of various private and public companies, including Interconexion Electrica S.A. ESP, Transmision Electrica S.A., and Inversura S.A., ISAGEN Energia Productiva, and was Chairman of the board of Carton de Colombia. Mr. Martinez has also served as Council President and Representative of the President of Colombia at the National Hydrocarbons Agency. "[1]
Filings by Transaction DateFilings by Filing DateFilings by InsiderMarkerCompetitors
Amended Filing Amended Filing As of 11:59pm ET September 22nd, 2017
Filing
Date Transaction
Date Insider Name Ownership
Type Securities Nature of transaction Volume or Value Price
Sep 22/17 Sep 22/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 44,600 $2.05
Sep 22/17 Sep 22/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 2,100 $2.04
Sep 22/17 Sep 22/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 2,200 $2.02
Sep 22/17 Sep 22/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 10,300 $2.00
Sep 22/17 Sep 22/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 29,100 $1.99
Sep 22/17 Sep 21/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 23,800 $1.95
Sep 22/17 Sep 20/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 2,100 $1.92
Sep 22/17 Sep 20/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 19,900 $1.93
Sep 22/17 Sep 20/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 4,800 $1.94
Sep 22/17 Sep 20/17 Martinez, Hernan Direct Ownership Common Shares 10 - Acquisition in the public market 89,500 $1.95
Namoya
On Facebook i saw 4 dead bodys (can´t post it here)
What a huge dissapointment Banro is. Bad management, low production, high deb, and situated in a very dangerous area.
Is this a buying oppertunity or should i leave with a big loss?
on the positive side
It seems, that they got new equipment delivered in the last days.
posted on several FB accounts, but not 100% sure
Banro Provides Exploration Update at Twangiza and Identifies New High-Grade Gold Mineralized Zone in the Ntula Prospect
[Marketwired]
MarketwiredApril 12, 2017
TORONTO, ONTARIO--(Marketwired - Apr 12, 2017) -
Ongoing auger drilling program has outlined a 250 metre-long by 100 metre-wide bedrock mineralized zone within the 1.6 kilometre Twangiza West flanking structure.
New high-grade mineralization intersected in adits at the Ntula prospect in the Twangiza project include:
- 10.00 metres grading 10.35 g/t Au from 22.80 metres,
- 21.00 metres grading 11.30 g/t Au from 11.00 metres,
- 3.00 metres grading 10.91 g/t Au from 7.00 metres, and
- 20.00 metres grading 7.97 g/t Au from 27.00 metres.
Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(BAA.TO) is pleased to provide an update on its exploration activities at its wholly-owned Twangiza project on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo. The discovery of a high-grade mineralized zone in the Ntula prospect has been made through an adit sampling and mapping program, which is part of the low-key ground maintenance regional exploration program being undertaken by the Company.
Commenting on the results, Banro President and CEO, John Clarke said, "We are excited to identify an extension to the Twangiza West mineralization. This will be carefully drilled to grow the oxide resource of the Twangiza mine. We are also encouraged by the high-grade results of the ground maintenance exploration program in Twangiza, especially at the Ntula prospect where previous work using auger drilling and trenches had outlined bedrock mineralization. This has now been confirmed at depth through adit sampling and mapping."
During the period 2013 to 2016, Banro focused on brownfields (near mine) exploration programs to grow and replace the mineral reserves of its operating mines. Limited exploration activities elsewhere within the Twangiza concession focused on grass root target generation and delineation of new prospects. These activities included adit sampling, geological mapping and channel sampling, and auger drilling at the Ntula prospect. The brownfields exploration program focused on the near-mine Twangiza West flanking structure.
more
insert-text-here
Banro Announces Year End 2016 Financial Results
TORONTO, ONTARIO--(Marketwired - April 3, 2017) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA) (TSX:BAA) today announced its financial and operating results for the full year 2016 and fourth quarter 2016.
FINANCIAL HIGHLIGHTS
Record 2016 revenue of $228 million, a 46% increase over 2015 ($157 million)
Gross earnings from operations of $22 million
2016 EBITDA of $62 million
Stakeholder approvals, with support of over 90% of votes cast, received for Recapitalization transactions
OPERATIONAL HIGHLIGHTS
2016 annual gold production of 197,691 ounces
Twangiza produced 104,438 ounces of gold in 2016; 26,395 ounces in Q4 2016
Namoya produced 93,253 ounces of gold in 2016; 24,054 ounces in Q4 2016
191,966 ounces of gold were sold at an average price of $1,190 per ounce (135,391 ounces of gold were sold at an average price of $1,157 per ounce in 2015)
2016 consolidated cash costs per ounce of gold of $761, in line with guidance
All dollar amounts in this press release are expressed in thousands of dollars and, unless otherwise specified, in United States dollars.
"We are pleased with the overwhelming support from our stakeholders in the approval of the Company's Recapitalization, that we expect to be implemented in the coming weeks," commented Banro CEO and President John Clarke. "With the ongoing support of our stakeholders, we expect to continue to increase the performance of both Twangiza and Namoya."
more
http://www.marketwired.com/press-release/banro-announces-year-end-2016-financial-results-nyse-mkt-baa-2207132.htm
seems cheap but don´t forget the dividend
Payment of dividends 7,391 mil for 9 Months ended Sep 2016 or 3,613 Q3 from Third Quarter Report 2016
so around 11 millions for 2016, saves a lot of money in the next years,
which they need desperatly.
But overall i don`t like this refi
Preferred Shares
so the only good thing is that they change
Exchangeable Preferred Shares 63,000,000
Series A Preference Shares 116,000
to about 1,099,000,000 Common Shares (now 303,482,336 Common Shares Outstanding)
and save the dividend (Annual Dividend Yield 10-15% depends on production)
Payment of dividends 7,391 mil for 9 Months ended Sep 2016 or 3,613 Q3 from Third Quarter Report 2016
in respect of the September 30, 2016 Dividend Payment Date, a dividend payable of US$0.80 per Banro Series A Share, and (b) the board of directors of Banro Group (Barbados) Limited has authorized and declared, in respect of the March 31, 2016 Dividend Payment Date, a dividend payable of US$0.735 per Barbados Preferred Share and, in respect of the June 30, 2016 Dividend Payment Date, a dividend payable of US$0.755 per Barbados Preferred Share.
http://prostedywagacje.blogspot.co.at/2016/11/banro-corp-and-twangiza-mine.html
Banro Corp and Twangiza Mine
so when the debt is rising and rising, how can they ever payback any of this debt with this weak production numbers?
40 million over the last year is really concerning to me.
As longer i think about it, i believe the refinancing comes with hundred of millions new shares (dillution or debentures). All their actions in the last months shows me that the management don´t care about the "old" shareholders.
Really hard to keep the faith in this stock.
can anyone explain why the Long term debt - current and non-current
Q3 204,543
Q2 192,464
q3/15 166,859
is rising and rising? 12 million in q3 - Net loss in q3 (4,658) ???
you seem a little bit nervous!
Why is it so hard for you to accept other "neutral" comments
It seems you are the only one who thinks that Banro is doing a perfect job.
I am long as many others here, because i believe in the huge potential here. But i don´t see Banro through rose-colored glasses.
Some things they are doing good, but not everything. At this tough situation it could insufficient (what i am not hoping or believing)
I am having no opinion about the new CFO, he should show us his skills.
But some were hoping for a "Star CFO" which he isn`t
a new CFO but no one special
But to be honest, who wants to work for such an underperformer? No one with a big track record or from a big company. Banro is actually a nobody in the mining industry - hope they change that soon!
From The Internet
After achieving his CA designation, Mr. Langille moved to the mining industry where he worked with Augmitto Explorations and then TVX Gold Inc. for approximately eight years until 1997.
Following his tenure at TVX, Mr. Langille held senior financial roles with a number of other employers including Cott Corporation, Capital Environmental Resources Inc. and Lindsey Morden Group Inc. Mr. Langille was CFO at the latter two companies.
In June 2006 Mr. Langille was appointed Vice President, Finance and Chief Financial Officer of Breakwater Resources.
TORONTO, ONTARIO--(Marketwire - Jan. 22, 2013) - North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(NYSE MKT:PAL) is pleased to announce the appointment of Dave Langille, CPA, CMA, as Chief Financial Officer ("CFO") of the Company, effective January 22, 2013.
Mr. Langille is a seasoned finance executive with over 26 years of international public company experience. He brings a wealth of international financial expertise to NAP, notably a solid track record of optimizing operations to improve operating margins, along with merger and acquisition experience, and raising capital through a broad range of capital market products.
Most recently, Mr. Langille served as the CFO and Vice President, Finance of Breakwater Resources Ltd. Prior to this, he served in senior financial positions for various public companies, including Lindsey Morden Group Inc., Capital Environmental Resource Inc., Cott Corporation, and TVX Gold Inc. Mr. Langille received an Honours Bachelor of Business Administration from Wilfrid Laurier University in Waterloo, Ontario, Canada in 1985, and has been a member of the Institute of Chartered Accounts of Ontario and the Society of Management Accountants of Ontario since 1987.
Toronto, Ontario, August 12, 2015 --- North American Palladium Ltd. (“NAP” or the “Company”) (TSX: PDL- News) (OTC PINK: PALDD) announces the following senior management changes.
Following the successful completion of the Company’s restructuring plan, President and CEO Phil du Toit and CFO David Langille tendered their resignations
I am not sure.
The management has definitly a communication problem.
For example the fine crusher for twangiza. Why they don't add 2-3 months more in their predictions. Last year we had the same problem with the Cat777 and the shareprice dropped.
I know its very hard to do business there, but they can't dissapoint the investors every single time with false predictions. Hope the 2016 guidance is not the next false prediction. If this happens i am losing confidence too.
What i see on facebook looks very good, everything looks very professional btw the weather is still dry there
Hard to believe.
The most important thing in this situation is to generate as much cash as possible. If they have better material they would use it.
The very poor managment should know how important it is, to show the investors that they can do better. We don't need the lower end of the guidance, we need a positive surprise!
It seems only we have confidence in this stock, the shareprice reflects it. Never thought that Banro drops under 0.25 but with no PR, never on time, troubles in DRC, weak production numbers, no CFO, no refinancing every thing can happen. Arnold Konrat was right when he sold a few months ago.
I think we have a world class mining area but i am afraid that the weak managment can't refinance at good conditions.
Many mining stocks don't care about the old shareholders. Maybe we see in the near future 500 million or more new shares.
do you mean this Tweet
Is deleted on his twitter account
Wardell Armstrong http://www.wardell-armstrong.com/on-site-process-optimisation
from CSR 2016 - Sep. 22
CEO CLARKE: Banro now has two gold mines of equal importance – one in South Kivu Province and the other in Maniema Province –together producing 210,000 to 230,000 ounces of gold per year. The Company is seriously examining the prospects for building a third mine at the Lugushwa project, and will accelerate exploration there in 2016. This step also brings into
clearer focus our fourth gold project, Kamituga, with a feasibility study likely to begin within two to three years.
https://www.banro.com/assets/docs/CSR-2016-ENG-Sep22.pdf
so give us some News!
... and new CFO
... and refinancing
... and oder good news combined with some PR (if they know what this is)
Yeah but with Banro's debt and still no refinancing another 10-15mil$ income would be great.
The share price reflects this.
We all expected 60.000oz +
So pretty poor Q3
Namoya is good but Twangiza is 10000oz (nearly -30%) lower than q3/2015
And Banro needs every ounce they can find badly!
Q3 should be around 67mio$ income and 20mio$+ EBIDA with AISC around 900
someone is buying
6% plus very uncommon for Banro
We only need 10x more volume and some good news
Maybe it´s a good sign that nobody is interested in this stock anymore
During the last year every quarter this board got exited (me too) and was dreaming about high production numbers and huge revenues.
Every single time, Banro didn´t get the things done (but still made progress)
I think this quarter is extremly important. If they don´t deliver very good production number there is no chance for the 2016 production guidance. In about one week we know a little bid more.
Q3 was very dry at Namoya and Twangiza. In Q4 starts the rain season.
So please Banro show as some good production numbers, 60.000oz plus is a must!
Where is the new CFO? Any News about refinancing?
My biggest concern is that they refinance with new shares at very low prices.
Also the rising tensions in Congo doesn´t help to gain trust. It seems that there will be no elections till mid 2018
[url]http://time.com/4514140/democratic-republic-congo-us-families/
[/url][tag]Families of U.S. Personnel in Democratic Republic of Congo Ordered to Leave Amid Unrest[/tag]
Denver Gold Webcast
http://www.denvergoldforum.org/dgf16/company-webcast/BAA:CN/
you need to register
John Clarke ist not the most talented speaker
some points not in the PDF presentation
- they plan to to develop the to other mines by their own or with partners in a couple of years. lugawasha first
- stresstesting their current throughput (1,7 mtpa) by 10-20% at twangiza
- oppertunity to small high grade CIL at Namoya - equipment is onsite
- heap leach new pad build
- throughput 2.6 mtpa at namoya
- nothing about refinancing or a new CFO
Denver Gold Forum - Banro Corp. Presenting Sep 21 09:30 AM
https://www.denvergold.org/company-profile/BAA:CN/
hopefully they start promoting - some good news would help
the World Bank has approved the financing of a road. In the war-torn country, it is impossible to reach by road from the east to the capital in the west. The new road will lead from the provincial capital Bukavu south. At Kamituga they will not travel past, but to the mining towns where Banro scored concessions.
part of a german newspaperarticle - google translated
not the PR we want @ bloomberg
http://www.bloomberg.com/news/articles/2016-09-19/banro-trucks-targeted-in-attack-kidnappings-in-eastern-congo
Banro Trucks Targeted in Attack, Kidnappings in Eastern Congo
Thirteen drivers were kidnapped and six trucks burned in an attack on a convoy delivering fuel and mining equipment to a Banro Corp. gold project in eastern Democratic Republic of Congo.
Bandits attacked the convoy of 18 vehicles on Sept. 13 at a road block in the village of Kilembwe, about 40 kilometers (25 miles) from Toronto-based Banro’s Namoya gold project, said Franco Chobohwa, managing director of the trucking company Simba Logistics DRC, a Banro sub-contractor.
More than 60 armed groups operate in eastern Congo. It’s the first time a Banro convoy has been attacked since the company began mining there in 2004, Banro spokesman Desire Sangara said by phone from Kinshasa, the capital. Banro operates the Twangiza and Namoya gold mines in eastern Congo and plans to develop two other projects at Lugushwa and Kamituga.
The thirteen drivers, all Tanzanian and Kenyan nationals, were freed Sept. 15 in an offensive by the Congolese army.
“We thank the authorities for the help they gave us to safely find the drivers and we hope that can find some solution to better secure the route,” Sangara said.
The vehicles were empty, returning to Tanzania from Namoya, having already delivered their cargo. At least 23 other Congolese drivers were freed immediately, with the group only targeting foreign nationals. The bandits had requested $4,000 per driver in ransom before the Congolese army intervened, Chobohwa said by phone from the regional capital, Bukavu.
Simba Logistics’ trucks started transiting the route again Sunday, Chobohwa said.
and still no new CFO for Banro!
Isn´t someone not really important for refinancing negoations?
Come on Banro - do a better job!
not so good News
30 km next to Namoya
TEN Tanzanian and Kenyan truck drivers have been kidnapped in Namoyo, South Kivu province in the Democratic Republic of Congo (DRC) and the hostage takers, suspected to be Mai Mai rebels, are demanding a ransom of 87m/- for their release.
[url]
www.dailynews.co.tz/index.php/home-news/53656-drc-rebels-demand-87m-ransom-to-release-tanzanian-drivers[/url][tag]http://www.dailynews.co.tz/index.php/home-news/53656-drc-rebels-demand-87m-ransom-to-release-tanzanian-drivers[/tag]
Head of Communications in the Ministry of Foreign Affairs and East African Cooperation, Ms Mindi Kasiga, told reporters in Dar es Salaam yesterday that the kidnappers have given 24 hours, which expired yesterday at 16:00 hours for settling the payments. Ms Kasiga said that the captors demanded 4,000 US dollars, equivalent to 8.7 million/-, for each driver so that they can be released.
"Tanzanian government has taken preliminary measures to rescue the drivers including communicating with DRC government for the drivers to be released safely,” she said. Ms Kasiga explained that according to preliminary reports, 12 drivers were kidnapped together with their trucks on Wednesday.
Two of them managed to escape and helped to inform about the incident. She said the kidnappers were suspected to be members of the Mai Mai rebel group operating in the eastern DRC's borderland.
Ms Kasiga explained that after ambushing the trucks, the rebels ordered the drivers to disembark from their vehicles as the kidnappers set on fire four trucks belonging to Tanzanian businessman Azim Dewji. According to Ms Kasiga, out of the 12 trucks seized, eight belonged to Dewji and four of them were the property of a Kenyan businessman.
"This is the second incident after the one which occurred last year whereby Muslim clerics from Tanzania were kidnapped in DR Congo but with the cooperation of the two countries, they were released without any harm,” Ms Kasiga said. She added: "I believe that the measures taken to rescue the Muslim clerics will also be applied to rescue the drivers.”
She, however, called upon the business community in the country to ensure that they get enough information regarding security of the areas with problems such as eastern DRC, particularly Kivu Province before transporting their goods.
Further details from the government and Tanzania Truck Owners Association (TATOA) indicated the Mai Mai group had issued 24-hours ultimatum from 4:00 pm on Wednesday.
TATOA Chairperson Ms Angelina Ngalula told the 'Daily News' by phone that the association was as well working with the Congolese business community to facilitate release of the drivers 'harmlessly.'
Ms Ngalula said the bad news resurfaced on Wednesday evening when four trucks owned by Mr Dewji's company - Simba Logistics Limited - were set ablaze by the militia. "We tried to get details but it wasn't easy.
It was only when the two drivers escaped the heavily armed group and secured refuge at Namoya mining that we managed to get further details," she said. "We held discussions early today (Thursday) with the Director of Africa Affairs in the ministry, Ambassador Samwel Shelukindo and the ministry assured us of help to facilitate the release of drivers," she explained.
She said that the kidnapping took place at Kaselebele and Matete, some 30 kilometres from Namoya town and that the empty trucks were driving to Tanzania after discharging cargo at Barno in DRC. The trucks, according to Mr Dewji, were carrying cement and had already discharged their cargo. "Four of my trucks have been turned into ashes.
The other trucks were also seriously damaged and have been moved to a police station in Namoya. "They want money. We were supposed to make the payment before 4:00 pm, but it seems nothing bad has happened and we believe our drivers are safe," Mr Dewji told the ‘Daily News’.
According to Mr Dewji, his trucks were worth 1.6bn/-. Media reports had it that the Congo-based militia was founded by Mr Gedeon Kyungu Mutanga, who escaped from prison in 2011.
In August, last year, eight Muslim clerics were kidnapped by rebels in DRC, two of whom were later released on humanitarian grounds due to old age and failing health. The eight clerics were said to have made their religious mission in the war-ravaged country without informing responsible state agencies.
The efforts taken by the two governments helped the clerics to be released and returned home safely. The six clerics were Ali Khamis Suleiman, Abdullah S. Mohamed, Amini Awest Mohamed, Makame Khamis and Abeid Issa Juma, all from Zanzibar.
sorry i don´t get the good news? I only see a dividend as every quarter or year?
Can you explain the good news?
Congo Elections Unlikely Until Mid-2017
http://www.voanews.com/a/congo-elections-likely-to-be-put-off-until-mid-2017/3500129.html
Fluid sources in the Twangiza–Namoya Gold Belt (Democratic Republic of Congo): Evidence from tourmaline and fluid compositions, and from boron and Rb–Sr isotope systematics
Highlights
• First assessment of the hydrothermal system in the Twangiza–Namoya Gold Belt.
• Boron isotope data reveal different boron sources.
• Rb–Sr isotope data identify late-Kibaran pegmatite and early-Pan-African vein emplacement.
• Hydrothermal fluids appear to be sourced mainly from the meta-sedimentary host rock.
http://www.sciencedirect.com/science/article/pii/S0301926816301280
Found this study today
Sorry, I don´t know if this is only science or maybe important for the future. Tourmaline is classified as a semi-precious stone and the gemstone comes in a wide variety of colors.(wikipedia)
New CAT 374f excavator at Twangiza with pic
Seems they got delivered a CAT 374f excavator these days to Twangiza (pic from fb)
http://www.cat.com/en_US/products/new/equipment/excavators/large-excavators/18579118.html
and a impression of Namoya
What i see on FB, they are very busy in congo and the weather looks very good (dry) the last months (no excuses this time) - so please BANRO show us a very good 3Q
Short Sale Restrictions
A short sale is the sale of a stock that a seller does not own or a sale which is consummated by the delivery of a stock borrowed by, or for the account of, the seller. Short sales are normally settled by the delivery of a security borrowed by or on behalf of the seller. The short seller later closes out the position by returning the borrowed security to the stock lender, typically by purchasing securities on the open market. Short sellers typically hope to profit from a downward price movement or seek to hedge the risk of a long position in the same or a related security.
In February 2010 the Commission adopted a new short sale price test restriction, which is commonly referred to as the “alternative uptick rule.” The alternative uptick rule is designed to restrict short selling from further driving down the price of a stock that has dropped more than 10 percent in one day compared to the closing price on the previous day.
https://www.sec.gov/answers/shortrestrict.htm
Denver Gold Forum 2016
hope they start promoting - every poor pennystock does a better job than Banro.
Presentation from 9/2015 on their website - WTF???
Denver Gold Group Sites > Denver Gold Forum > Denver Gold Forum 2016 > Company Webcast 2016
The presentation for Banro Corp. will be available from September 21, 2016 at 9:30 AM (MDT).
results earnings call - no one ask a question - seems we are still under the radar
http://seekingalpha.com/article/3998849-banros-baa-ceo-john-clarke-q2-2016-results-earnings-call-transcript?part=single
The Twangiza and Namoya management teams will continue to identify and to explore potential opportunities to further enhance the current mine operations through production capabilities and cost containment, while maintaining a safe working environment.
This will be supported by the continuous evaluation of the company's current resource space and the potential opportunities that provide the potential for significant growth. In addition to our focus on all operations, our management team is focused on the replacement of the senior secured notes maturing in March 2016 and we will update you accordingly as we continue forward.
Do they mean this : A doré bar is a semi-pure alloy of gold and silver, usually created at the site of a mine. It is then transported to a refinery for further purification.
so the semi-pure gold goes to China? Ist this good or bad?
The Facility represents a loan of US$10 million with an initial term of two years from the date that each tranche is funded and automatically renews for an additional 24 months from each tranche’s maturity date unless either party provides 90 days notice of its desire to not extend. The Facility bears an interest rate of 10% per annum for the period that the first tranche is outstanding and 11% per annum following the funding of the second US$5 million tranche. The loan may be prepaid at any time without penalty.
GOLD 1370
It´s time to rise for Banro
Good News and a little bit promoting will help
(The presentation on their website is from September 2015!!!)
OT http://www.bloomberg.com/news/articles/2016-07-05/congo-illegal-gold-trade-benefits-foreign-companies-group-says
Gold production has increased exponentially in Congo from almost nothing in 2011 to 25.5 metric tons (820,000 ounces) last year, as commercial mines run by London-listed Randgold Resources Ltd. and Toronto-based Banro Corp. have started up. Officially, only 583 kilograms of gold was produced by artisanal and small-scale miners last year, but Congo’s Chamber of Mines in February said that as much as 400 kilograms of illegal gold leave the South Kivu province alone every month.
type in Facebook "Twangiza Gold" or "Namoya Gold"
and with a little bit research (friends of friends) you find more
but nothing important but helps me through this poor months