1) BAA~ Banro is a Canadian gold company, its shares trade on TSX and NYSE/AMEX
Banro is a Canadian gold company with production from its first gold project, Twangiza, which is located in the Democratic Republic of the Congo. Banro is also focused on the development of its second open pit project Namoya and is undertaking exploration on two further fully permitted and licensed projects, Kamituga and Lugushwa. All Banro's current projects lie along the 210 km long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC.
http://www.banro.com ------------------------------------------------------------------ 2) BAA~ Banro has 4 open pit Gold mines..
A) Banro's Twangiza commenced production in 2011 Twangiza (Oxide) became Banro's first producing open pit gold mine when it entered production in October 2011, commencing commercial production in September 2012. With mill throughput at full capacity of 1.7 million tonnes per year, Twangiza (Oxide) is projected to produce upwards of 10,000 ounces of gold each month with an expected mine life of seven to eight years from currently-defined reserves. Twangiza is the most advanced of Banro's four properties with a Mineral Reserve of 13.69 million tonnes grading 2.34g/t Au containing 1.03 million ounces of gold. The Twangiza deposit is comprised of two resource components -- an oxide portion and a transition rock/fresh rock portion -- with a focus on the oxide component which has a Measured & Indicated Resource of 15.56 million tonnes grading 2.21/t Au containing 1.10 million ounces of gold and an Inferred Resource of 1.27 million tonnes grading 1.35g/t Au containing 60,000 ounces of gold. The property is located 45 kilometres south-southwest of Bukavu in South Kivu Province and consists of six Exploitation Permits covering 1,164 square kilometres in the highly-prospective 210km long Twangiza-Namoya gold belt.
Banro's Namoya (oxide) project began construction in the fourth quarter of 2012 and completed construction and began commissioning during Q2 of 2014. At full capacity, the Namoya mine is expected to produce roughly 9,000 to 10,000 ounces per month. Namoya has a Proven & Probable resource of 23.00 million tonnes grading 2.34g/t Au containing 1.03 million ounces of gold. Measured and Indicated resources at Namoya are 29.78 million tonnes grading 1.91g/t Au containing 1.83 million ounces of gold plus an Inferred resource of 6.52 million tonnes grading 1.61g/t Au containing 340,000 ounces of gold. The updated resource calculation used a cut-off grade of 0.4g/t Au. Field crew members check core at drill site. The Namoya property lies at the southern end of the Twangiza-Namoya gold belt in Maniema province, approximately 225 kilometers southwest of Bukavu and consists of one PE covering an area of 174 square kilometres.
Drilling has intercepted wide zones of gold mineralization at Lugushwa, the oxide portion of which has an Indicated Mineral Resource of 16.91 million tonnes grading 1.35g/t Au containing 730,000 ounces of gold and an Inferred Resource of 6.17 million tonnes grading 1.56g/t Au containing 310,000 ounces of gold. Lugushwa (transition and fresh rock) has an Inferred resource of 65.01 million tonnes grading 1.54g/t Au containing 3.22 million ounces of gold. Senior project geologist checks drill core The three Lugushwa exploration permits, covering an area of 641 square kilometers, are located approximately 150 kilometres southwest of the town of Bukavu.
D) Banro Kamituga Project In February 2011, Banro established its first exploration camp at Kamituga and began exploration of this high potential project, which has a long history of significant gold production. Kamituga is located 100 kilometres southwest of Bukavu and consists of three PEs covering an area of 649 square kilometres. Of Banro's four major properties, Kamituga has the longest history of substantial previous alluvial and underground mining operations. Kamituga has an Inferred resource (surface) of 4.14 million tonnes grading 2.40g/t Au containing 32,000 ounces of gold and an Inferred (underground) resource of 3.12 million tonnes grading 6.00g/t Au containing 60,000 ounces of gold.
http://www.banro.com/s/Kamituga.asp?ReportID=307256 ------------------------------------------------------------------ 3) BAA~ Banro Gold Resources is 8.35 Million ounce on 11.8% of concession area explored to date
6) BAA~ Banro reaffirms previously released production guidance:
For 2014: Twangiza - 90,000 to 100,000 ounces Namoya - 25,000 to 30,000 ounces ------------------------------------- 2014 TOTAL - 115,000 to 130,000 ounces
For 2015: Twangiza - 110,000 to 120,000 ounces Namoya 1H 2015 - monthly production of up to 5,000 ounces Namoya 2H 2015 - monthly production of up to 8,000 ounces ---------------------------------------------------------
2015 TOTAL - 200,000 to 220,000 ounces low cost gold mine: all-in sustaining costs of US$875 to US$975 per ounce
John Clarke, Chief Executive Officer of Banro, stated "We are pleased to be able to reaffirm the guidance on our production that we provided in early July. Once both mines are stabilized, we expect annual gold production from both Twangiza and Namoya to total 200,000 to 220,000 ounces. At this production level we expect cash costs in the range of US$725 to US$825 per ounce and all-in sustaining costs of US$875 to US$975 per ounce."
7) BAA~ Q4, 2014 production 38,239 ounce gold: it is the best quarterly gold production since the Company began producing gold.
TORONTO, ONTARIO--(Marketwired - Jan. 5, 2015) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(TSX:BAA) is pleased to report its best quarterly gold production since the Company began producing gold. Twangiza poured 8,071 ounces in October, 9,825 ounces in November and 11,549 ounces in December for a fourth quarter 2014 total of 29,445 ounces of gold. Namoya poured 1,749 ounces in October, 3,042 ounces in November and 4,000 ounces in December for a fourth quarter 2014 total of 8,791 ounces of gold. Together, Twangiza and Namoya produced 38,236 ounces of gold during Q4 2014.
BAA Management: "Companies liquidity needs have been met for 2 years"
"Management believes that the US$100 million of capital is more than sufficient to meet the Company's liquidity needs over the next two years as it completes the Namoya ramp-up, with a sufficient cash cushion to absorb normal course volatility in gold prices and production."
Richard Brissenden is a mining executive and corporate director with over thirty years of experience in the resource sector. A Chartered Professional Accountant (CPA, CA) and Certified Director (ICD.D), he serves on the board and audit committee for several mining companies, including McEwen Mining, Ryan Gold Corp., and Corona Gold Corporation. As chairman and president of Excellon Resources Inc. from 1991 to 2008, he led the company through the discovery, development and production stages of a high-grade silver/lead/zinc mine in Northeastern Mexico. He has also been a director of HudBay Minerals Inc., as well as president of a gold producer in Alaska, and president of a mine finance house with interests in over fifty junior mining companies. He is a member of the Institute of Chartered Accountants of Ontario and the Institute of Corporate Directors.
CEO John Clarke
Dr. Clarke is a non-executive director of Great Quest Metals Ltd. Most recently, served as the CEO of Nevsun Resources Limited, which successfully brought the Bisha Mine into production in Eritrea. Prior to joining Nevsun in 1997, Dr. Clarke was an Executive Director of Ashanti Goldfields Company Limited of Ghana, where he helped establish Ashanti's gold exploration program throughout sub-Saharan Africa. Dr. Clarke holds a Ph.D. in metallurgy from Cambridge University and M.B.A. from the University of Middlesex.
Kevin Jennings will be joining Banro as Senior Vice President and Chief Financial Officer effective September 1, 2014. Kevin has over 20 years' experience in corporate finance, corporate development, strategy and senior management positions with global mining companies. Most recently, Kevin served as CFO of SUN Gold. Prior to that, he led the successful IPO of African Barrick Gold where he held the role of CFO, and over his career has managed mining international acquisitions, divestitures and project investments worth more than US$10 billion. Kevin has also served in senior corporate roles with Barrick Gold, (Vice President, Corporate Development), Xstrata Nickel, (Director, Business Optimization), Falconbridge (Director, Business Development), and American Racing Equipment (CFO). Kevin is a Chartered Accountant with a BA in Administrative studies (Honours Accounting) from York University and a BA in Economics from the University of Western Ontario.
Corporate Office: Address: 1 First Canadian Place 100 King St. West, Suite 7070, P.O. Box 419 Toronto, ON Canada M5X 1E3 Telephone: +1 416-366-2221 Fax: +1 416-366-7722
Bankers: TD Canada Trust Address: 141 Adelaide St. West Toronto, ON Canada M5H 3M7
Main Transfer Agent: Equity Financial & Trust Company Address: 200 University Avenue, Suite 400 Toronto, ON Canada M5H 4H1 Phone: +1 866 393 4891 (ext 205) Email: investor@equityfinancialtrust.com
Auditors: Deloitte & Touche LLP Address: 181 Bay Street Brookfield Place, Suite 1400 Toronto, ON Canada M5J 2V1
Legal Counsel: Norton Rose Fulbright Canada LLP Address: TD Centre, CP Tower 100 Wellington St. West, Suite 500 Toronto, ON Canada M5K 1H1
FXCM~ $15.8M Net Profit, book value $13.5~ Updated DD
1) FXCM THE WORLD #1 FOREIGN EXCHANGE TRADING PROVIDER
FXCM Inc. is an online provider of foreign exchange trading and related services to approximately 195,000 active retail customers across the World. The Company offers its customers access to over-the-counter foreign exchange markets through its technology platform. It offers customers an agency model to execute their trades. The Company operates its business through two segments: retail trading and institutional trading. The Company’s institutional trading segment, FXCM Pro, offers foreign exchange trading services to banks, hedge funds and other institutional customers on an agency model basis. The Company also earns other forms of revenue from: referring broker fees and white label arrangements with other financial institutions to provide platform, back office and trade execution services, trading in contract-for-differences, trading in equities and equity options, payments for order flow, FX market prices and other various ancillary FX related services and joint ventures.
1) 1.9 Trillion Dollars Fund, FMR LLC (Fidelity Management and Research) increased shares to 4,918,818 (10.42%) as of Feb 13, 2015 from 673,450 (1.42%) Feb 09, 2015
FMR LLC was holding 4,918,818 (10.42%) as of Feb 13, 2015
U.S. GAAP net income attributable to FXCM Inc. of $15.8 million or $0.35 per fully diluted share versus $0.08 per fully diluted share for the same period in 2013 and $0.05 per fully diluted share in the third quarter 2014
Adjusted EBITDA of $40.8 million, up 53% versus the same period in 2013 and up 43% from the third quarter 2014
5) FXCM REPAID $12 MILLION TO LEUCADIA AND disposing of non-core assets to further repay a portion of the debt
On January 15th, 2015, FXCM customers generated negative equity balances owed to us of approximately $276 million due to the unprecedented volatility in the Swiss Franc On January 16th, 2015, we entered into a $300 million financing transaction with Leucadia National Corporation FXCM has since repaid $12 million of the facility and is in the process of disposing of non-core assets to further repay a portion of the debt
6) FXCM CEO: WE HAVE MULTIPLE BIDS FOR Japanese and Hong Kong SUBSIDIARIES .
FXCM CEO Mr. Niv said, “We have decided to exit the Japanese and Hong Kong retail markets selling our locally regulated subsidiary in each country. The sales will not only generate meaningful proceeds, but will also liberate over $50 million of cash which currently resides in these two entities.”
“We have multiple bids for each subsidiary and are seeing significant competition for these properties. We are in active discussions to select the best bid and move towards closing in the near future,” he explained.
7) TOTAL NON-CORE ASSETS EXCEED 250 MILLION DOLLARS
The company’s CEO Drew Niv stated, “We believe that the sale proceeds plus cash freed from the balance sheet of these entities could exceed $250 million, which would go a long way towards repaying if not fully repaying the Leucadia loan.”
LeapRate Exclusive… LeapRate has received a copy of the letter being circulated by FXCM Inc (NYSE:FXCM) to its clients having negative client balances in their accounts, following large losses by many clients last Thursday on Swiss Franc CHF pairs trading.
The losses left certain FXCM clients with an aggregate of about $225 million of negative equity in their accounts – and left FXCM with a major hole in its regulatory capital requirements, leading to a $300 million bailout of FXCM by Leucadia National Corp (NYSE:LUK).
Interestingly, FXCM tells its clients in the letter that if they hold more than one account with FXCM, any funds from accounts with positive balances will be used to cover the negative balances in another account.
9) BLOOMBERG: U.S. Is Seeking Billions From Global Banks in Currency Manipulation Settlement
....The discussions, which have begun in earnest in recent weeks, could lead to settlements that would resolve U.S. accusations of criminal activity in the currency markets against Barclays Plc, Citigroup Inc., JPMorgan Chase & Co., Royal Bank of Scotland Group Plc and UBS Group AG. The government has also said it is preparing cases against individuals.....
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