Bloomberg News

Banro Shares Decline After CEO Steps Down: Toronto Mover

March 07, 2013

Banro Corp., a Canadian miner of gold in the Democratic Republic of Congo, fell the most in four years after saying Chief Executive Officer Simon Village stepped down.

Banro dropped 22 percent to C$1.78 in Toronto, the largest decline since October 2008. The volume of shares traded was 9.16 million, compared with a 15-day average of 1.9 million, according to data compiled by Bloomberg.

John Clarke, a Banro director since 2004, will take over as interim CEO, the Toronto-based company said in a statement released after the close of regular trading yesterday. The company didn’t give a reason for Village’s departure.

Gold miners such as Barrick Gold Corp. (ABX) and Newmont Mining Corp. (NEM:US) are facing slumping share prices and rising expenses. Barrick, the world’s biggest gold producer, replaced its CEO last June and at least five more heads of North American producers announced their departures or lost their jobs last year.

To contact the reporters on this story: Michelle Yun in Hong Kong at myun11@bloomberg.net; Christopher Donville in Vancouver at cjdonville@bloomberg.net

To contact the editors responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net; Simon Casey at scasey4@bloomberg.net


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Companies Mentioned

  • NEM
    (Newmont Mining Corp)
    • $25.93 USD
    • 0.49
    • 1.89%
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