DRC : Despondent, Banro wants to sell his Namoya mine as soon as possible

The nagging question of insecurity in the eastern Democratic Republic of Congo has finally got the better of the ambitions of Canadian gold operator Banro in the region. Company boss Brett Richards confirmed on Friday, February 7, his intention to sell the Namoya gold mine (located in Maniema) « at a bargain-basement price », after repeated attacks by armed rebels forced the mining operator to shut down – again – its operations in September. The leader justified his decision in particular by the lack of effective support from the Congolese authorities to ensure the safety of his staff and assets. This was a major blow to the company, which had started operating the site in 2016, and follows the recent sale of the Twangiza mine, also in the east of the country, to Chinese minority shareholder Baiyin International Investments.