Botswana Diamonds Loss Widens to £274,000

Gaborone: Botswana Diamonds, which is currently exploring for diamonds in Botswana, recorded a £274,000 loss during the six months to 31 December 2015 from £174,000 recorded a year earlier. The increase in loss was, however, due to an exchange difference on translation of foreign operations.

Operating losses dropped to £155,000 during the same period under review compared to £166,000 recorded during the six months to 31 December 2014.

Botswana Diamonds entered into a joint venture agreement with Alrosa of Russia to explore for diamonds in Botswana. It also entered into an agreement with Siseko Minerals over the 13 licence Brightstone block in the Gope area of Botswana.

Botswana Diamonds and Alrosa were currently drilling, sampling and conducting geophysics on two licences in the Orapa area, PL 210 and PL 260. The joint venture partners drilled PL 210 in Orapa last year and found serpentines, which have similar geophysical signatures to kimberlites. Earlier work had found large quantities of Kimberlitic Indicator Minerals.

“We are serious explorers in Botswana. Our partnership with Alrosa is working well,” said company chairperson John Teeling. “The current programme is the fourth in the field. Each session improves the understanding of the geology of the Kalahari.”