Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: longz who wrote (12916)	5/15/2015 7:39:32 AM
From: Goose94	Read Replies (3) \| Respond to of 202707

Banro (BAA-T) The company also enjoyed a pleasing quarter of gold production. Its Twangiza gold mine in the Democratic Republic of Congo produced 34,000 ounces of gold, about 7,000 more than projected. It was the mine's third consecutive quarter of record gold production, which hopefully means Twangiza is finally on track. Banro brought the mine to production in late 2011, running into problems immediately with its mill. It first thought it was suffering from a broken motor, but after replacing the motor nothing changed. It then determined that the problem was the motor's frame, which was vibrating too excessively. By that time, rebel violence had broken out across the country, and supplies were not making their way to the mine. The violence pushed the stock off its high of $5.70 and it been falling ever since. Banro spent $12-million on mine upgrades last year, in hopes it could reach originally planned production levels. With Twangiza hitting targets, the company can focus on its second Congolese gold mine, Namoya, which is two years behind schedule. Namoya has had its own share of problems, from heavy rain to road washouts to violence to "an excess volume of fine material in part of the orebody," all of which have sent capital costs doubling to over $235-million. Banro closed yet another $50-million financing for Namoya on April 30. It hopes to reach commercial production later this year. Company presentation banro.com