Industry News by Nemesis

Botswana Diamonds Cuts Loss 64%, Reports ‘Significant Advances’

November 22, 2015

Botswana Diamonds trimmed its losses by 64 percent to $568,511 (GBP 372,502) in the full year to June 30, the Irish miner reported in a statement November 19. The exploration group has not made any sales to date. It mines for diamonds in the Orapa and Gope areas of Botswana primarily though a 50:50 joint venture with Russia’s ALROSA.

While in 2014 its loss was compounded by the downward revaluation of assets to the tune of $939,931, the figure was zero this year. As a result, the operating loss narrowed 68 percent to $512,122. This amount is attributed to administrative expenses for the year, which themselves fell 23 percent.

The company has made “significant advances” in its operations in Botswana, chairman John Teeling said in the statement. He said the group was “actively exploring” in Botswana, where it has interests in 27 licenses, including 14 in the Orapa and Gope regions.

“Diamonds are hard to find,” Teeling commented. “Using the results of ALROSA data analysis of our substantial database, we have in the past 18 months obtained and analyzed a lot of ground and drilled on two separate licenses in the Orapa area of Botswana - home to four of the world's best diamond mines.

“In neither program did we find a commercial discovery, although in each case positives were found. The positives are that ALROSA techniques, refined in Siberia, have been demonstrated to work in Botswana. As we continue into 2016 with extensive ground in both the Orapa and Gope regions, we believe that focused exploration will yield positive results.”

 

Source: Rapaport

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