TORONTO (miningweekly.com) – Canada-based, Africa-focused gold hopeful Banro has appointed Standard Chartered as the exclusive debt-finance adviser for the company's Twangiza project, in the Democratic Republic of Congo.

Banro announced last month it would buy a refurbished gold plant in Australia, which would be shipped to Twangiza to help fast-track the route to production.

A technical team to lead construction of the mine has been hired, and will report to Banro executive vice-president for operations Johan Botha.

The company, which raised C$100-million in an equity financing in June, plans to operate the plant as a low-cost 'phase-one' oxide mining operation.

The plant will later be expanded, once the company is in a stronger financial position as a result of the cash flow received from the operation.

Output during the initial phase is forecast at around 100 000 oz/y, at an average operating cash cost of less than $350/oz, Banro said on Thursday.

The company expects the capital cost for phase one of the project will be about $145-million, including contingencies.

An updated feasibility study for the Twangiza project, announced on June 8, indicated full production at the Twangiza project could reach more than 300 000 oz/y, based on current resources.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.