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BANRO CORP

TSX:BAAUS:BAA
No current share price held for this company.

Past year: ▼ 40%(15.0c – 1.00 CAD)

Market cap
—
Shares on issue
—
Story beats
22 since 2008
Last event
5 Jan 2015

Announcements, explained

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.

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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.

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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.

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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.

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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.

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20 May 2014resource reserve update● Neutral

The Venmyn Deloitte technical report on Namoya, effective 31 December 2013, supporting the mine's first declared reserve.

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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%.

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20 Mar 2014dividend declaration● Neutral

Another quarterly dividend on the Series A preference and Barbados preferred shares.

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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.

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28 Feb 2014capital raising announcement● NeutralMajor

Closed the US$40m preferred share placement into the Namoya and Twangiza Barbados subsidiaries, exchangeable into Banro shares.

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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.

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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.

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17 Dec 2013dividend declaration● Neutral

Another quarterly dividend on the Series A preference and Barbados preferred shares.

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19 Sept 2013dividend declaration● Neutral

Another quarterly dividend on the Series A preference and Barbados preferred shares.

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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.

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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.

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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.

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17 Apr 2013resource reserve update● Neutral

A further filing of the same Venmyn Deloitte Lugushwa technical report first filed in March 2013.

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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.

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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.

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18 Mar 2013resource reserve update● Neutral

Filed the Venmyn Deloitte NI 43-101 technical report on the Lugushwa gold project, effective 15 March 2013.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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