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Banro Says Acting Chief Operating Officer Has Left

Banro Corp. (BAA), the Canadian gold miner whose chief executive officer stepped down last week, said acting Chief Operating Officer Colin Belshaw has also departed.

Belshaw left “in the last month,” Naomi Nemeth, a spokeswoman for Banro said today by phone. The Toronto-based company isn’t looking for a replacement right now, she said. Nemeth declined to comment on the reasons for Belshaw’s departure because they are confidential.

Banro, which operates in the Democratic Republic of Congo, fell 22 percent on March 7, a day after it announced John Clarke as interim CEO, replacing Simon Village. The start of production at the company’s Namoya project in Congo has been delayed and the construction cost overrun is estimated at 15 percent because of unseasonably heavy rains, Banro said March 7.

Banro declined 1.5 percent to C$2.01 at 12:40 p.m. in Toronto. The shares have fallen 28 percent this year, compared with a 17 percent drop in the 55-member Standard & Poor’s/TSX Global Gold Sector Index.

To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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