Banro Announces Year End 2015 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 03/28/16 -- Banro Corporation ("Banro" or the "Company") (NYSE MKT: BAA)(TSX: BAA) today announced its financial and operating results for the full year 2015 and fourth quarter 2015.
FINANCIAL HIGHLIGHTS
OPERATIONAL HIGHLIGHTS
All dollar amounts in this press release are expressed in thousands of dollars and, unless otherwise specified, in United States dollars.
"We continue to be very pleased with Twangiza's ability to deliver exceptional production while containing total costs to achieve strong solid operating results," commented Banro CEO and President John Clarke. "With the declaration of commercial production at Namoya effective January 1, 2016, we are looking forward to the contributions that Namoya will make to the overall performance of the Company which we expect to continuously grow throughout the year."
(I) Financial
The table below provides a summary of financial and operating results for the three month periods and years ended December 31, 2015 and 2014:
(II) Operational - Twangiza
(III) Namoya - Mine under Construction
(IV) Exploration
(V) Corporate Development
(VI) Subsequent Events
Outlook
For 2016 the Company expects annual gold production from both Twangiza and Namoya to total 210,000 to 230,000 ounces with the production weighted at approximately 40% in H1 and 60% in H2. At this production level, the Company expects consolidated cash costs in the range of $700 to $800 per ounce with cash costs in the higher range in H1 and falling below the lower range in H2, consistent with production volumes. The site all-in sustaining costs are expected to be in the range of $800 to $900 per ounce with the consolidated all-in sustaining costs in the range of $875 to $950 per ounce.
In consideration of current gold prices and the Company's intent to operate the two existing mines to their maximum potential, the Company has developed several key objectives for 2016. These objectives are aimed at increasing gold production while containing costs, and increasing the Company's quality of Mineral Resources to potentially improve the medium term economics of the mines.
These objectives include:
The Company's capital expenditure forecast for 2016 as compared to 2015 is set out below:
Twangiza capital expenditures forecast for 2016 consist primarily of sustaining capital, including the continued construction of the TMF and additions to excavator and drilling equipment. The expansion capital expenditures for Twangiza in 2016 consist of the fine crusher expansion project and the early works for the new TMF project. The capital expenditures for Twangiza in 2015 consisted mainly of sustaining capital relating to the construction of the TMF, and upgrades to the mobile fleet.
Namoya capital expenditures forecast for 2016 consists primarily of the extension of the heap leach pad and additions to mining auxiliary equipment. The capital expenditures for Namoya in 2015 consisted of project capital to complete the modifications to an agglomerated heap leach as well as the purchase of the larger mining fleet that was intended to be provided through contractor mining operations.
Qualified Person
Daniel K. Bansah, the Company's Head of Projects and Operations and a "qualified person" as such term is defined in National Instrument 43-101, has approved the technical information in this press release.
Non-IFRS Measures
Management uses cash cost to monitor financial performance and provide additional information to investors and analysts. Cash cost does not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As cash cost does not have a standardized meaning, it may not be comparable to similar measures provided by other companies. However, the methodology used by the Company to determine cash cost per ounce is based on a standard developed by the Gold Institute, which was an association which included gold mining organizations, amongst others, from around the world.
The Company defines cash cost, as recommended by the Gold Institute standard, as all direct costs that the Company incurs relating to mine production, transport and refinery costs, general and administrative costs, movement in production inventories and ore stockpiles, less depreciation and depletion. Cash cost per ounce is determined on a sales basis.
The Company defines all-in sustaining costs as all direct costs that the Company incurs relating to mine production, transport and refinery costs, general and administrative costs, movement in production inventories and ore stockpiles, less depreciation and depletion plus all sustaining capital costs (excluding exploration). All-in sustaining cost per ounce is determined on a sales basis.
The Company defines gold margin as the difference between the cash cost per ounce disclosed and the average price per ounce of gold sold during the reporting period.
Banro calculates EBITDA as net income or loss for the period excluding: interest, income tax expense, and depreciation and amortization. EBITDA is intended to provide additional information to investors and analysts. It does not have any standardized meaning prescribed by IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA differently. A reconciliation between net profit for the period and EBITDA is presented below:
Year End 2015 Financial Results Conference Call Information
Banro will host a conference call at 11:00AM EST on March 29, 2016. Please use the following dial in numbers:
Year End 2015 Financial Results Conference Call Information
Year End 2015 Financial Results Conference Call REPLAY
The conference call replay will be available from 2:00PM EST on March 29, 2016 until 11:59 PM EST on April 12, 2016.
For further information regarding this conference call, please contact Banro Investor Relations or visit the Company website, .
NYSE MKT LLC Company Guide Matters
The following additional information, which relates to the Company's audited consolidated financial statements as at and for the year ended December 31, 2015 (the "Annual Financial Statements") filed today, is being provided pursuant to the requirements of the NYSE MKT Company Guide. NYSE MKT Company Guide Section 610(b) requires separate disclosure of receipt of an audit opinion containing going concern explanatory language. As was the case last year, the audit opinion accompanying the Annual Financial Statements includes an emphasis of matter paragraph with respect to the Company's use of the going concern assumption. The Annual Financial Statements are included in the Company's annual report on Form 40-F dated March 28, 2016 filed today with the U.S. Securities and Exchange Commission via EDGAR at , and have also been filed today with applicable Canadian securities regulators via SEDAR at . The Annual Financial Statements are also available on the Company's website at , and hard copies of the Annual Financial Statements are available, free of charge, to shareholders upon written request.
Banro Corporation is a Canadian gold mining company focused on production from the Twangiza mine, which began commercial production September 1, 2012, and the ramp-up to full production at its second gold mine at Namoya, where commercial production was declared effective January 1, 2016. The Company's longer term objectives include the development of two additional major, wholly-owned gold projects, Lugushwa and Kamituga. The four projects, each of which has a mining license, are located along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. All business activities are followed in a socially and environmentally responsible manner.
For further information, please visit our website at .
Contacts:
Banro Corporation
Martin Jones
+1 (416) 366-2221, Ext. 3213
+1-800-714-7938, Ext. 3213
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Datum: 28.03.2016 - 12:00 Uhr
Sprache: Deutsch
News-ID 460008
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