Banro Corporation (USA) (NYSEMKT:BAA) shares were up 4.71% to $0.414 on Wednesday and flat in after-hours trading. The company has a market cap of $124.26 million at 302.16 million shares outstanding. Share prices have been trading in a 52-week range of $0.15 to $0.48.
In its latest earnings report, Banro Corporation announced that its consolidated gold production amounted to 49,673 ounces in Q2 2016, reflecting an increase of 45% from Q2 2015, with a consolidated cash cost of $735 per ounce. Its Namoya property achieved record quarterly production of 23,455 ounces of gold in Q2 2016 with a cash cost of $782 per ounce, buoyed by 9,200 ounces in production for June.
With that, the company’s Q2 2016 EBITDA came in at $19 million, thanks to the Namoya property achieving steady state production levels in June.
The continued ramp up of Namoya to steady state levels is evident in the improving quarter on quarter results, in line with expectations for the first half of 2016,” said Banro Corporation President and CEO John Clarke. “We continue to focus on delivering improving results in the second half of the year, driven by higher production, as indicated in our 2016 guidance.”
Clarke added that continuous delivery came in line with expectations, which then combine with the positive trends in the gold industry to support more financial improvements for Banro Corporation. Revenues for the second quarter came in at $59,649, representing a 40% increase from the same period a year ago. During Q2 2016, ounces of gold sold were up by 39% to 49,681 ounces compared to sales of 35,665 ounces during Q2 2015 due mostly to stronger sales from Namoya partially offset by lower production at Twazinga.
Banro Corporation is a gold mining company that holds interest in various gold properties through its subsidiaries, including Twangiza, Namoya, Lugushwa and Kamituga. The company’s properties comprise approximately 2,610 square kilometers and are covered by a total of over 10 exploitation permits or mining licenses.
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