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Congo Mining

10/06/16 10:00 AM

#56578 RE: Tronicta #56577

You've got one week till we get production data.
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TeamTOC

10/06/16 10:10 AM

#56580 RE: Tronicta #56577

Sadly, I'm getting to be in the same boat. I'm awaiting for production results, and so long as they are 60k+, I'll be sticking around for Q4. We really need to see about 63k for them to be on track for the 220k mid-point for 2016 guidance. 63k in Q3 would mean they'd have to duplicate that in Q4 for 220k...which I think they can do so long as mother nature cooperates...so it's a bit of a gamble.

As for the CFO, I finally heard back from IR after re-sending my initial email and rephrasing the questions I asked. Below is the response:

My apologies for the delay in a reply. Mr. Jennings was in the office working up until September 22nd, he has since left for his new position.

With regards to the hiring of a new CFO, we have engaged an international executive recruitment firm to assist with this, and have already commenced interviews. We expect to make a decision with regards to the candidate within the next 2 weeks.

In the meantime, Mr. John Clarke, President, and CEO, and Mr. Donat Madilo, Senior Vice President (and former CFO of Banro) are ensuring that business is not affected, and that the transition will be a smooth one.


So, this could be a good thing if they announce solid Q3 production results, followed by an announcement on the CFO.

What really concerns me more than anything now is that we are less than 6 months away from the bond payment being due. No news yet on any refinancing, and that scares me. As you pointed out, falling gold prices, but fortunately I'm still up over 50% in my investment. At some point I'm going to have to start protecting my gains, or at least sell off enough to get my intial investement back out, and then hold the "freebies".