That report wasn't very promising.... It basically cut Namoya's 2014 output in half. The $22M is especially going to hurt. For Namoya to self-sustain itself Banro would need to make $733 an ounce on 30,000 ounces and that would require gold over $1,700.
Twangiza was promising...especially if they end up getting 100,000 ounces out of Twangiza this year that would be something and would go a long way to helping way for Namoya.
Looks like the new directors are going to need to step up and prove themselves right off the bat. To be frank there is unlikely to be any near term profit taking on BAA and that will definitely disappoint many investors. It also puts the brakes on my plans to flip for accumulation.
For me there is a silver-lining...I like Banro and I like them long term. This should give me months to build a much larger position as I don't see Banro reaching $1 in 2014. What will BAA get to? I'm not sure yet. I need to build some models because I really don't even have a guess right now.
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