Industry News by Nemesis

Botswana Diamonds to Start Selling by 4Q

July 24, 2019

 

Botswana Diamonds has raised the funds needed to continue operations, and expects to hold its first sale by the fourth quarter. 

The company, which has struggled with challenges that hit its bottom line, had questioned its ability to continue as a going concern. It had previously recorded losses due to currency fluctuations, an impairment charge, and the cost of buying Alrosa out of a joint venture.

The GBP 250,000 ($311,737) the miner raised through a sale of shares will help it continue exploration in Botswana and further the bulk-sampling program at its Thorny River project, it said last week. 

Image: A rough diamond. (James St. John)

 

Source: Rapaport

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