Market: Democratic Republic of Congo
Date of original investment: 2004
Deal type: Expansion
Banro Corporation (‘Banro’) is a junior gold exploration and development company listed on both the Toronto Stock Exchange and the NYSE Euronext stock exchange. It is developing a number of world-class gold properties, holding title to the entire Twangiza-Namoya Gold Belt in eastern DRC, with the right to mine in four key project areas. One of these is the ambitious gold plant at Twangiza, which was completely refurbished in 2010. The UN has highlighted a growing trade in conflict gems and minerals, Banro has remained unaffected by this, and construction of its first gold process plant proceeds on schedule. This is the first major mine to be developed in South Kivu.
There are four facets to Banro’s approach to environmental, social and governance issues: the Banro Foundation which promotes local social development; job creation and training at the mines; environmental protection; and workplace safety. Banro has recently announced separate agreements with two communities in Luhwindja and Twangiza for resettlement, compensation and the employment of 875 miners.