DRC: Canada’s Banro sells its Namoya gold mine

Weary of the problematic security situation in the east of the Democratic Republic of Congo, the Canadian gold group Banro announced on Tuesday 23 June the forthcoming sale of its Namoya mine to a consortium of investors including the Chinese operator Baiyin International Investment. Earlier, in February, Banro had in fact confirmed its intention to sell the Namoya mining complex - if necessary at a substantial discount - after repeated attacks by local Congolese militias forced the company to suspend operations at several of its sites, all located in the east of the country. Although the amount of the transaction was not disclosed, the Canadian group said it will receive a royalty for all future gold production from the Namoya site. However, the agreement is still subject to final approval by the Congolese government.