Industry News by Nemesis

Botswana Diamonds H1 Loss Widens

March 29, 2020

 

Botswana Diamonds’ loss for the six months to the end of December 2019 widened to GBP194,000 from GBP190,000, a year earlier.


The diamond explorer did not record any revenue for both financial periods.
No dividend was declared for the period.


Botswana Diamonds said it raised GBP250,000 post period end to fund exploration and for general working capital purposes. 


The total value of assets was GBP8.3 million with GBP13,000 of the amount being cash and cash equivalents held.


Meanwhile, Botswana Diamonds said its wholly-owned Sunland Minerals has undertaken heavy mineral sampling and detailed geophysics in five of its licences in the Kalahari, in Botswana.


An analysis of the results identified eight high grade targets and an environmental assessment work is being undertaken on three of these targets. 


This, it said, is a requirement to obtain drilling permits. 


Botswana Diamonds also said that the current global uncertainty as a result of the outbreak and spread of Covid-19 makes planning very difficult.


“No one knows how long the pandemic will last, the real impact on global diamond markets and the financial system generally,” said the diamond explorer.


“A National Disaster in respect of Covid-19 has been declared in South Africa and this will impact the scheduling of our activities in South Africa and particularly the Marsfontein project in the coming weeks.”

 

Image credit: Botswana Diamonds

 

Source: Rough&Polished

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