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Thursday, 29th January 2009 (1151 views)

Banro has reported that it is looking to raise $410 million (£288.7 million) in order to fund construction plans at a mine in the Democratic Republic of Congo (DRC).

Located in the north-east of the country, the new mine is expected to produce 2.6 million ounces of gold over a 15-year lifespan and Banro predicted that it will start to report a profit within 2.53 years of starting production.

The Twangiza gold project in the DRC is forecast to produce gold at $429 per ounce and the firm believes that extending the current zone and neighbouring gold targets could add significant gold oxide resources to the project.

Banro has conducted a full feasibility study on the prospect and reported that the results of exploration programmes have been strong, with the estimated cost of developing an owner-operated mine on the site less than a July 2008 pre-feasibility study indicated.

Based in Canada, gold exploration and development company Banro is focused on four major wholly-owned gold projects along the Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC.

 

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