Past year: ▼ 40%(15.0c – 1.00 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Jan 2015quarterly activities report▲ GoodMajor
Best quarter since Banro began producing: 38,236 ounces from the two mines, Twangiza 29,445 (98,184 for 2014, up 19% on 2013's 82,591) and Namoya 8,791. Twangiza still had not reached the 120,000 ounces a year promised for 2012, and Namoya's agglomeration drum - needed to fix the fines problem - was still in transit to site.
7 Nov 2014material agreement▲ Good
Banro's Memorandum of Understanding with the Bangu Bangu-Salamabila community around the Namoya mine: US$1 per ounce produced plus 1% of net profits from Namoya gold into a community development fund, for schools, health, infrastructure and jobs.
25 July 2014production update▼ BadMajor
Namoya's ore carried far more fine material than expected - beyond the capacity of parts of the wet circuit - so the plant needed modifying and peak production would be delayed, though gold kept coming from the gravity and heap-leach circuits. The chairman said grade and metallurgy were as expected; it was the material handling that was wrong.
7 July 2014security holder rights change● Neutral
Amended the shareholder rights plan for the third time since it was adopted in 2005, days before the contested 2014 annual meeting.
23 June 2014dividend declaration● Neutral
Another quarterly dividend on the Series A preference and Barbados preferred shares, declared four days before a contested annual meeting.
20 May 2014resource reserve update● Neutral
The Venmyn Deloitte technical report on Namoya, effective 31 December 2013, supporting the mine's first declared reserve.
27 Mar 2014resource reserve update▼ BadMajor
Declared Namoya's first mineral reserve - 1.34 million proven and probable ounces, 73% of its 1.83 million measured and indicated ounces - lifting group reserves 53% to 2.36 million ounces at US$1,200 gold. Against that, Twangiza's reserve fell 33% to 1.03 million ounces (20.2% from the lower gold price, 6.5% depletion, 6.3% higher costs), group measured and indicated resources fell from 10.18 to 8.35 million ounces and inferred from 7.01 to 5.32 million, with Lugushwa's inferred resource cut 27.6%.
20 Mar 2014dividend declaration● Neutral
Another quarterly dividend on the Series A preference and Barbados preferred shares.
17 Mar 2014other● Neutral
The reference-gold-price notice holders need to calculate the dividend on the Series A preference and Barbados preferred shares: a three-month average reference gold price of US$1,276.16 to 31 December 2013 and a relevant number of 0.017501. Not a declaration - the declaration followed on 20 March.
28 Feb 2014capital raising announcement● NeutralMajor
Closed the US$40m preferred share placement into the Namoya and Twangiza Barbados subsidiaries, exchangeable into Banro shares.
12 Feb 2014capital raising announcement▼ BadMajor
Announced US$40m of convertible preferred shares to be issued by a subsidiary, paying an 8% cumulative cash dividend and maturing 1 June 2017, with Gramercy Funds Management committing to the whole amount. The stated purpose - resolving near-term liquidity constraints and repaying bank loans - is the first admission of a funding squeeze.
31 Dec 2013production update▲ GoodMajor
Poured the first 320 ounces at Namoya on 30 December during hot commissioning of the heap-leach circuit - about a year later than the Q1 2013 commissioning promised when the notes were sold in March 2012. Banro said the second mine would take it from under 100,000 ounces a year to a target of more than 225,000.
17 Dec 2013dividend declaration● Neutral
Another quarterly dividend on the Series A preference and Barbados preferred shares.
19 Sept 2013dividend declaration● Neutral
Another quarterly dividend on the Series A preference and Barbados preferred shares.
15 July 2013drilling result▲ Good
Further infill drilling at Namoya, including 39.60 m at 21.48 g/t gold and 6.00 m at 16.13 g/t, from holes drilled in late 2012 as the mine was being built.
20 June 2013dividend declaration● Neutral
Declared a US$0.53 dividend on the Banro Series A preference shares and the Barbados subsidiary preferred shares, the first payment on the gold-linked preferred issued two months earlier.
25 Apr 2013capital raising announcement▲ GoodMajor
Closed the offering: C$67.8m of common shares at C$1.35, US$2.9m of Series A preference shares and US$30.0m of subsidiary preferred shares, all for Namoya development and working capital.
17 Apr 2013resource reserve update● Neutral
A further filing of the same Venmyn Deloitte Lugushwa technical report first filed in March 2013.
15 Apr 2013capital raising announcement▼ BadMajor
Priced the financing plan, which had grown well beyond the February package and now included common equity: 50,218,634 shares at C$1.35 for C$67.8m, 116,000 gold-linked Series A preference shares at US$25.00 for US$2.9m, and a concurrent US$30.0m private placement of Barbados subsidiary preferred shares. The "non-dilutive" preferred-only plan of February had become a substantial common-share issue.
What it means for a shareholder
50.2m new shares at C$1.35 to raise about C$67.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
21 Mar 2013resource reserve update● Neutral
The Lugushwa technical report itself, prepared by Venmyn Deloitte for the South Kivu project - the third of the four properties on the belt, then still undeveloped.
18 Mar 2013resource reserve update● Neutral
Filed the Venmyn Deloitte NI 43-101 technical report on the Lugushwa gold project, effective 15 March 2013.
7 Mar 2013production update● Neutral
First statement after Simon Village's departure and John Clarke's appointment as interim chief executive the day before: business as usual, a crusher/sizer going into the Twangiza plant by the end of March to lift throughput, and Namoya still targeted for first gold before the end of 2013.
21 Feb 2013capital raising announcement▲ GoodMajor
Arranged up to US$90m without issuing common shares: US$40m of gold-linked preferred shares to BlackRock World Mining Trust, expandable to US$60m, plus US$30m of credit facilities from two African commercial banks. Management framed it as funding growth without diluting the capital structure.
1 Feb 2013resource reserve update▲ GoodMajor
Group measured and indicated resources rose 41% to 10.18 million ounces and inferred 56% to 7.01 million ounces, with the oxide and free-milling portion - the material Banro can actually treat by heap leach and CIL - up 45% to 4.17 million M&I ounces. At Namoya, M&I rose 17.7% to 1.86 million ounces.
5 Dec 2012production update▲ Good
November's 8,559 ounces was Twangiza's best month since start-up and recovery hit a record 85.4% against an 81.5% average, though at about 8,500 ounces a month the mine was still short of the 10,000 a month promised for April 2012.
16 Nov 2012drilling result▲ Good
Exploration results across all four projects, including 47.00 m at 7.20 g/t and 6.95 m at 43.30 g/t gold at Namoya, 71.90 m at 2.11 g/t at Lugushwa and 36.00 m at 3.08 g/t at Kamituga, with a full resource and reserve update promised for the new year.
29 Aug 2012production update▲ GoodMajor
Declared commercial production at Twangiza from 1 September 2012, three years after the decision to build and eleven months after first gold, and started planning a plant expansion. Namoya was still on schedule for a mid-2013 start.
30 July 2012production update▲ Good
The No. 1 ball mill restarted on 19 July after the mounting plinth was extended and a new motor base plate fabricated, and has since run at or above design throughput. Commercial production was again expected within Q3 2012.
13 July 2012production update● Neutral
Banro told shareholders that fighting in the north-east of the DRC had not affected Twangiza, and that its supply routes through Burundi and Tanzania - opened for the Namoya build - were running normally.
22 June 2012production update▼ BadMajor
Twangiza had been running at about 60% of plant capacity because the No. 1 ball mill motor was down - excessive vibration traced to an inadequate support frame - pushing commercial production out to Q3 2012 and full ramp-up back a month. The mine was still cash-flow positive on the smaller No. 2 mill.
