Banro's Mission: To unlock shareholder value by increasing and developing the Company's significant gold assets in a socially and environmentally responsible manner.
Banro is a Canadian gold company with two wholly-owned producing gold mines and two wholly-owned advancing gold exploration projects in the Democratic Republic of the Congo. The Company is listed on the Toronto Stock Exchange and the NYSE MKT exchange.
Banro's first producing mine, the wholly-owned Twangiza mine, is located 45 kilometers south-west of the city of Bukavu in the DRC and at the northern tip of the 210 kilometre long northeast to southwest trending Twangiza-Namoya gold belt. The mine began commercial production in September 2012. An open pit oxide operation, Twangiza produced 104,438 ounces of gold in 2016. Twangiza has a Proven & Probable Mineral Reserve of 1.82 million ounces of gold, a Measured & Indicated Mineral Resource of 4.69 million ounces of gold and an Inferred Mineral Resource of 0.37 million ounces of gold.
Banro’s second gold mine, Namoya, is an open pit, oxide operation located at the southern end of the Twangiza – Namoya gold belt. Namoya entered commercial production in January 2016 and produced 93,253 ounces of gold in its first year of production. Namoya has a Proven & Probable Mineral Reserve of 1.36 million ounces of gold, a Measured & Indicated Mineral Resource of 1.62 million ounces of gold and an Inferred Mineral Resource of 0.26 million ounces of gold.
In addition to the Twangiza and Namoya mines, Banro has two other key projects, which lie along the Twangiza-Namoya gold belt. Lugushwa has an Indicated Mineral Resource of 0.73 million ounces of gold in close-to-the surface oxide formation and an Inferred Mineral Resource of 3.53 million ounces of gold. Exploration is ongoing at Lugushwa with the objective of increasing the oxide resource. Plans include a preliminary economic assessment to be completed in 2017. Exploration has also been ongoing at the Company’s fourth project, Kamituga, which hosts an inferred mineral reserve of 0.92 million ounces of gold.
As well at its current active properties, all of which have mining licenses and cover a total of 2,613 square kilometres, Banro holds 14 exploration permits covering 2,638 square kilometres and located on highly prospective ground between its Twangiza and Lugushwa projects. Applications for additional exploration permits contiguous to and located between the Company's Lugushwa and Namoya properties, along with areas south of Twangiza, are pending.
With Proven and Probable Mineral Reserves of 3.18 million oz Au, a Measured and Indicated resource of 7.04 million oz Au and an Inferred resource of 5.08 million oz Au, Banro’s properties host a major gold resource.