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Botswana Diamonds loss widens to $1.6mln

25 november 2014

Botswana Diamonds, which is currently exploring for diamonds in the Orapa area in Botswana together with its joint venture partner Alrosa, said it posted an operating loss of £1.05 million ($1.6 million) during the year ended June 2014, from £477,908 ($748,884) a year earlier.
No revenues were recorded while its pre-tax losses rose to £948,610 ($1.5 million) from £498,166 ($780,628).
The wider loss was a result of an impairment provision of £615,796 ($964,955) against its operations in Zimbabwe and Cameroon.
Botswana Diamonds was yet to generate any revenue.
"The group's focus is to maximize the full potential of the Botswana operations. Therefore, the directors have decided to provide in full against the carrying value of the operations in Zimbabwe and Cameroon," it said in a statement emailed to Rough & Polished.
Botswana Diamonds carried out two extensive fieldwork programmes and a four hole drilling programme in Orapa during the period under consideration.
Two of the holes intersected kimberlite veins, which the company said were "reasonable but not great result".
The company said it was now focusing on the five licence block in Botswana, which had already had a major fieldwork programme completed on it showing early indications of good drilling opportunities.
Meanwhile, Botswana Diamonds chairperson John Teeling said political and economic uncertainty abounds in the world.
“Commodity prices are soft and resource investment out of favour while junior explorers are ignored,” he said.
“But diamond fundamentals are good. We have the ground and the team. Success, if achieved, will bring great rewards."

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