Wednesday, December 17, 2008

Banro's Costs Skyrocket

BANRO now says its Twangiza gold project in South Kivu will cost $580 million to develop, some $200 million more than it originally estimated last year.

It also says that the opencast Twangiza project has resources of 3.74 million ounces and is forecast to produce an average 236,144 oz of gold a year in the first seven years. Which works out to a pretty sweet profit. Minus whatever it cost to provide the local hospital with these nice new beds.

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