John Teeling firm Botswana Diamonds narrows losses

Irish prospecting firm Botswana Diamonds has reported a 15.5% narrowing of first-half losses and further progress at assets it holds in southern Africa.

The John Teeling-chaired AIM-listed miner yesterday reported pre-tax losses of £136,000 (€157,400) for the six months to the end of December; down from £161,000 for the same period in 2015. The latest period’s losses were made up solely of administrative costs, while the previous year’s interim loss included a £34,000 impairment charge and a £6,000 loss on investment.

The company recently raised £525,000 in fresh funding to support the development of assets it holds in Botswana and in South Africa, the latter having been introduced to its portfolio by new managing director James Campbell.