Teeling mining firm eyes Zimbabwe

By Geoff Percival

The John Teeling-chaired prospecting firm Botswana Diamonds is increasing its presence in Africa by turning its attention to Zimbabwe.

The company has entered an agreement with UK exploration company Vast Resources — which has a diamond database for Zimbabwe — to exchange information from past exploration rounds and to form a special purpose vehicle to develop resource prospects in the country.

Botswana also owns a resource database relating to Zimbabwe.

“Zimbabwe is a country with excellent diamond potential. Both Botswana Diamonds and Vast Resources have extensive experience in and knowledge of the country.

“It is opening for business and both Botswana and Vast are keen to make the most of this opportunity,” Mr Teeling said.

The Irish managed and headquartered company, which has its shares listed on London’s AIM market, is currently undertaking a number of drilling rounds in South Africa, having raised £500,000 (€570,000) earlier this year to fund further exploration work in that country and in Botswana.

Last month, Botswana reported a widening in first-half losses for the six months to the end of December from £136,000 to £178,000.

At the time, the company also said that it had received proposals for “several corporate options” for its Maibwe joint-venture project in Botswana — of which 15% is owned by the Irish company — following the liquidation of its project partner BCL.

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