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Banro Corp. (TSX:BAA,NYSEMKT:BAA) released its operating results for the first quarter of 2016, commenting that its Twangiza and Namoya mines together put out 44,192 ounces of gold during the period. That’s in line with guidance.
Banro Corp. (TSX:BAA,NYSEMKT:BAA) released its operating results for the first quarter of 2016, commenting that its Twangiza and Namoya mines together put out 44,192 ounces of gold during the period. That’s in line with guidance.
Other operational highlights are as follows:
- Twangiza produced 26,638 ounces of gold in the first quarter of 2016 as the mine plan focused on waste movement resulting in mining ore zones with lower head grade at lower recoveries compared to recent quarters
- Namoya produced 17,554 ounces of gold in the first quarter of 2016, with 7,100 ounces produced in March
- Namoya mined over 1.8 million tonnes; however, mining productivity was restricted by road conditions and blast hole drilling availabilities
John Clarke, president and CEO of Banro, commented:
Quarter one will likely represent the most challenging quarter of 2016, with the production profile of both Twangiza and Namoya being heavily weighted to the latter half of the year, as indicated in our 2016 production guidance. While the overall performance was in line with expectations, certain critical metrics were below expectations, including recovery rates at Twangiza and ore volumes mined at Namoya. As we move into the dry season in the second quarter of 2016, operations are expected to benefit from improved working conditions, enabling a return to planned performance.
Click here to read the full Banro Corp. (TSX:BAA,NYSEMKT:BAA) press release.