The Democratic Republic of the Congo has gotten its first new commercial gold mine in 50 years, mining company Banro Corp. said Tuesday.
Toronto-based Banro made the announcement as it achieved first gold production at its wholly-owned Twangiza gold mine in South Kivu province.
The company expects the prospect it is mining to yield more than 1 million ounces of gold over seven years.
To this end, construction preparation has already commenced at Namoya, Banro's second gold project that is scheduled for production in the first quarter of 2013, the company said in a statement. Two other projects, Lugushwa and Kamituga, are also envisaged to contribute to the planned growth of gold oxide production along this belt.
Word of the success lifted shares of Banro on the American Stock Exchange by 6.18 percent.