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MDM Engineering wins contract to develop Banro's Namoya gold mine in DRC


MDM Engineering (LON:MDM) told investors today it had won a construction contract to develop a gold mine in the Democratic Republic of Congo.

Shares in the firm were up 1.6 per cent in trading this morning, to stand at 95.5 pence each.

The firm has been awarded the engineering, procurement and construction management (EPCM), for Canadian company Banro Corporation’s (TSE:BAA, AMEX:BAA) Namoya gold project in the DRC.

The project lies in the DRC's South Kivu and Maniema provinces and will see the development of a mine and gravity heap leach processing facility to treat 2 million tonnes per annum. This will produce around 131,000 ounces per year of gold bullion. 

Bulk earthworks are expected to begin at the end of the rainy season in May this year and the commissioning is planned for March, 2013.

MDM executive director George Bennett said: "MDM see Banro as a key client and look forward to building a strong ongoing relationship and developing the Twangiza – Namoya gold belt in conjunction with Banro.

"Banro intends building another two gold mines in this belt and MDM are focussed on becoming their engineering company of choice.”

Banro's first gold project - the Twangiza oxide mine - began producing gold in October last year and is projected to produce around 120,000 ounces during its first full year of operation.

The company is also carrying out exploration on two further fully permitted and licensed projects, Kamituga and Lugushwa on the 210 km long Twangiza-Namoya gold belt.

Banro has identified 6.74 million ounces of measured and indicated resources, plus inferred resources of 4.59 million ounces along the belt.

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