DRC settles with Banro

Banro (YBE-V) has acquired a 100% interest in four gold deposits in the Democratic Republic of Congo. Under the agreement, the DRC government retains 100% of the tin assets.

The properties, known as Twangiza, Kamituga, Lugushwa and Namoya, were expropriated in 1998 because of alleged “irregularities” involving the dates on which certain ministerial orders were issued, though Banro has always insisted it complied with the law.

In September 2001, Banro filed for judgment of default against the DRC for US$400 million, roughly what the properties were thought to be worth.

The four deposits host a total proven and probable gold resource of more than 12 million oz.