TORONTO (miningweekly.com) – Canadian gold producer Banro has achieved new production records at both its operating assets in the Democratic Republic of Congo (DRC), producing a combined 49 673 oz of gold during the second quarter ended June 30.
So far this year, total production stood at 93 865 oz of gold, which was in line with the 2016 production guidance, the company advised, with the second half expected to deliver the bulk of production.
Twangiza, the company’s first mine in the DRC's South Kivu province, produced 26 218 oz of gold, also in line with guidance, with the mine plan requiring mining lower-grade ore during the first half of the year, at lower recoveries compared with recent quarters.
The second mine, Namoya, produced 23 455 oz of gold in the period, with a record 9 201 oz produced in June.
"We are very pleased with the continued ramp-up at Namoya during the second quarter, culminating in over 9 000 oz of gold being poured in June. This positions the Namoya operation for steady-state production during the second half of the year," stated Banro president and CEO John Clarke.
He noted that management was focused on replacing the senior secured notes maturing in March 2017 with a longer-term instrument. “Resolving the impact of the senior secured notes would provide the company with long-term opportunities and benefits,” he advised.
Spread over its two low-cost openpit mines and four projects on the Twangiza-Namoya gold belt, Banro held 2.9-million ounces of gold in reserves, with 7.73-million ounces in the measured and indicated categories, and 5.27-million ounces inferred.