A JV could put up partial, majority, to all financing. And Banro maintain predominant majority ownership in production revenue share arrangement.
Then, as Clarke says, focus Banro's costs and financing on current two-mine maintenance and production.
Does suggest a bit of a pickle Banro continues to be in regarding financing and the bond due March 2017. Likely is for a solid refi, which buys time and may lower interest expense costs some if they can get a favorable restructure arrangement, yet likely not for much debt elimination, which will continue to be a cost/profit burden.
If gold price increases substantially, then a new game, and a JV, if not on-board with Banro yet at the time of higher POG, will not be needed.
