Banro's Namoya Gold Mine poured its first gold in December 2013 and is ramping up to full production of +100,000 ounces per year.
Banro is a Canadian gold company with production from its first gold project, Twangiza, which is located in the Democratic Republic of the Congo. Banro is also focused on the development of its second open pit project Namoya and is undertaking exploration on two further fully permitted and licensed projects, Kamituga and Lugushwa. All Banro's current projects lie along the 210 km long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC.
Banro's Twangiza oxide mine began production in October 2011 and is projected to produce approximately 100,000 ounces of gold per year with plant modifications increasing production in 2014. Led by a proven management team with extensive gold and African experience, Banro's business model is to focus on the substantial and open pit-able oxide resources it has delineated to date. Banro has identified 2.36 million ounces of Mineral Reserves (Proven & Probable), 8.35 million ounces of Measured and Indicated Resources, plus Inferred Resources of 5.32 million ounces along this highly-prospective gold belt.
I think there will be a perfect storm for BAA this summer when considering their production increases in 2nd half of 2014 along with other factors for gold going into summer. Any big weakness such as .40's is an opportunity. If gold gets its typical seasonal Spring sell off & BAA stock would dip more, that would be perfect buy opportunity.