This was a discussion predominantly in reference to H1 and in correlation to H2, as I see it.
From the same July 9th release, early in the Operational Highlights: "Namoya continues to achieve improved ore production and stacking rates and is now well-positioned for continued incremental improvements as it builds toward commercial production levels in Q3 2015," commented Banro President and CEO John Clarke."
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What I do like from the May 13th, 2015 report:
"During the first quarter of 2015, the Namoya Mine produced 9,254 ounces of gold from a total of 255,323 tonnes of ore, stacked and sprayed on the heap leach pads, at an indicated head grade of 1.97 g/t Au. Now that the financing has been completed, the mine fleet can be expanded to increase the waste stripping and ore mining to meet the planned stacking rates required for commercial production."
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What I also like from the July 9th report are the two paragraph just previous to yours sited:
"Throughout the second quarter of 2015, Namoya continued to ramp up toward commercial production levels, achieving stacking levels greater than 140,000 tonnes of agglomerated ore in June. As previously reported, the delay in financing resulted in a need to modify the mine plan to allow for the pre-stripping of the Kakula reserve pit. This modification impacted ore availability early in the second quarter as the mine fleet focused on waste removal in order to allow for increased access to mining faces when the first additions to the mobile fleet were commissioned in late May. This contributed to a decrease in the stacking level in April to 57,211 tonnes, which subsequently increased to 130,974 tonnes in May and 142,082 tonnes in June. The significant decrease in stacking levels from March's 103,163 tonnes to April was also driven by the adverse impact of unseasonably high rains which interrupted supply routes and the ability to deliver procured materials and supplies. The availability of ore from mining activities and the available medium grade stockpile material resulted in the stacking of ore with an average grade of 1.52 g/t Au. Namoya management is continuing to implement process modifications and upgrades, which are resulting in significant progress toward steady-state operating levels. Namoya poured 3,114 ounces in April, 3,315 ounces in May and 4,096 ounces in June, for a second quarter 2015 total of 10,525 ounces of gold.
During the second half of June and early July, Namoya achieved stacking rates in excess of 5,000 tonnes per day ("tpd") and is expected to increase to over 6,000 tpd by the end of July. As Namoya progresses through the third quarter of 2015, the commissioning of the second stage of the additional mobile fleet, which is now on site, and delivery of the currently procured third stage, will allow the operation to advance more quickly with a number of mining activities, including waste stripping which was re-sequenced following the delay in financing. This will result in improved ore access in multiple pits, allowing the mining team to effectively drill, blast and mine ore and enable the delivery of ore at an average grade consistent with or above the average reserve grade in the latter half of the third quarter and into the fourth quarter. These activities will in turn support continuous increases in stacking rates following the commissioning of process upgrades early in the third quarter."
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That's 10,525 + 9,254 = 19,779 ounces from Namoya in H2.
And: "the Company has updated expected 2015 gold production from Namoya to a range of 60,000 to 70,000 ounces."
So, that's an expected and projected (rounded) Namoya H2 gold production of 40,000 to 50,000 ounces of gold.
And expected stacked ore (5K to 6K tonnes per day) of 150,000 to 180,000 tonnes per month, for six (6) months of H2 = 900,000 to 108,000 tonnes of ore in H2.
"During the second half of June and early July, Namoya achieved stacking rates in excess of 5,000 tonnes per day ("tpd") and is expected to increase to over 6,000 tpd by the end of July."
And better "waste stripping" efficiencies seems will also add to ore grade and overall gold production.
Just the likely double in production from 2015 H1 to H2, not to mention overall Namoya production from 2014 to 2015, irrespective of net profits and whether Namoya goes commercial or not in Q3, or in Q4, is to be and already very impressive.
Twangiza increasing production as well. Likely too then to lower Twangiza's overall AISC.
Go BAA!
AI
