Canadian miner Banro to sell Congo gold mine at discounts amid fragile Govt. security


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Canadian miner Banro to sell Congo gold mine at discounts amid fragile Govt. security

Banro, the Toronto-based 69-year-old Canadian mining company had been mulling an option to sell its Namoya gold mine in the eastern part of Congo at a substantial scale of discount, Chairman of the Canadian gold mining giant said in an interview with a press agency on Friday, the 7th of February 2020.

Besides, Banro Chair, Brett Richards was also quoted saying on Friday (February 7th) that the company was almost entirely forced to sell its Congolese gold mines due to lack of Government’s effort to step up safety in the area following a kidnapping incident of its staff that took place last year.

Aside from that, latest comment from that Banro Chair to sell off the Namoya gold mine came forth as repeated attacks from local militias had halted the company’s operations at several parts of the Democratic Republic of Congo since last September.

On top of that, Banro Chair, Brett Richards had also added on Friday (February 7th) that the likely sell-off of Namoya gold mine would be the Canadian miner’s second asset sales in less than twelve months in Congo, since the company had already sold its Twangiza mine to minority stakeholder, Baiyin International Investments of China in a bid to step up finances.