African Diamonds’ losses increase

JOHN TEELING’S African Diamonds has reported losses of £261,000 (€385,000) for the six months to June 2005, up from £222,000 in the same period last year.

The company generated no revenues during the period, but Dr Teeling, who chairs the board, said the future was bright and a number of potential investors had expressed interest in becoming involved.

The company’s main focus was on its joint venture with South African diamond giant De Beers, which centres on 11 licences in the southern African state of Botswana. “Our main outlay in the coming year is in Botswana, where De Beers will spend in excess of $22 million (€18 million) on our joint licences. We will spend nothing on these,” said Dr Teeling. “We are in the right place at the right time with the right partner.”