Canadian Mining Journal


GOLD: Banro raises $98M including Twangiza streaming deal

DEMOCRATIC REPUBLIC OF THE CONGO – Banro Corporation of Toronto has raised US$98.75 million from a Chinese mining investment fund, Resource FinanceWorks. The funds include an equity private placement (US$8.75 million for 50 million shares and 2.5 million warrants), term loan (US$22.5 million), and gold streaming (US$67.5 million) from its Twangiza gold mine in South Kivu province.

“We believe the long term nature of the Twangiza streaming arrangement and private placement, along with the committed strategic relationships involved, will provide Banro with a solid base to achieve its longer term growth objectives as well as the refinancing requirements in 2017,” said chairman Richard Brissenden.

The Twangiza open pit mine and mill reached commercial production in September 2012, making it Banro’s first gold mine. The company also operates a second mine at Namoya, and holds mining licences for the Lugushwa and Kamituga gold projects, also in the DRC.

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