Nww joint venture for Botswana Diamonds

Irish diamond company Botswana Diamonds has today announced the signing of a new joint-venture exploration deal.

The agreement is between Atlas Minerals (Pty) Ltd (Botswana), a wholly owned subsidiary of Botswana Diamonds, and by Sunland Holdings SA (Switzerland) a wholly owned subsidiary of OJSC “Alrosa” of Russia.

Alrosa is the world’s largest rough diamond producer by volume, with 17 producing mines.

The exploration technology developed by Alrosa will be applied in Botswana for the first time.

The agreement requires equal contributions from each party. The joint venture will utilise and merge the exploration technology available to Sunland with the on-ground expertise and diamond database held by Botswana Diamonds.

Applications have been lodged for licences in the Orapa region. The first ground has been obtained and work is expected to commence in Q3 2013. The initial budget is $1m.

“We are delighted with this agreement,” said Botswana Diamonds chairman John Teeling.

“This is good news for Botswana Diamonds - and for Botswana itself.

“We have already been working together for over 18 months on selecting the best ground in the Orapa and Gope areas of Botswana and we have multiple targets. More diamond deposits remain to be discovered in Botswana.

“The unique technologies being brought to bear on the Kalahari sands improves the chances of success.”