Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

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There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

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The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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23 august 2021

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16 august 2021

Botswana Diamonds raises doubt on ability to continue as going concern

18 november 2019

botswana_diamonds_logo.pngBotswana Diamonds incurred a loss of £905,051 for the year ended 30 June, 2019 after exchange differences on retranslation of foreign operations compared with £630,009, in 2018 coupled with a retained deficit of £4,8 million at the balance sheet date. 
These conditions, it said, represent a material uncertainty that may cast doubt on the group's ability to continue as a going concern.
“The directors have prepared cashflow projections and forecasts for a period of not less than 12 months from the date of this report which indicate that the group will require additional finance to fund working capital requirements and develop existing projects,” said the company.
The group raised £250,000 last July by placing 50 million new ordinary shares. 
Meanwhile, company chairperson John Teeling said delays in its projects in Botswana caused a redirection of focus onto the properties held in South Africa by their associate company Vutomi.
He said work was ongoing on a license over the nearby Marsfontein gravels and a mining permit was obtained in September 2019.
“While the focus of activities is in South Africa we have continued to develop our interests in Botswana,” said Teeling.
“We hold eight prospecting licenses in Botswana with applications lodged for a further six. We also hold a 15% net interest in the Maibwe joint venture in the Southern Kalahari. Our interest is held through a 51% owned South African company, Siseko Minerals.”
Botswana Diamonds will also have 13.3% of the joint venture it signed with Vast Resources in Zimbabwe and will provide technical and geological input to the AIM-listed company.
Vast agreed to provide the first $1 million to the project in the form of loan.
“We understand that Vast are hopeful that a final agreement with the Zimbabwe authorities is imminent,” said Teeling.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished