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.
Botswana is currently at various stages of development on three work areas in the two countries. It is awaiting results from recent drilling in the Kalahari Desert, is beginning its seventh fieldwork programme in Botswana with Russian diamond firm Alrosa and is undertaking microdiamond analysis of finds in South Africa.
“Botswana Diamonds is approaching a very interesting period for the company with microdiamonds results from the Frischgewaagt project [in South Africa] and Maibwe joint venture [in Botswana] and geophysics and sampling commencing shortly at the company’s joint venture projects with Alrosa,” said analysts at London-based Northland Capital Partners, which has restated a ‘speculative buy’ rating on the Botswana stock. The company’s share price was down yesterday.
© Irish Examiner Ltd. All rights reserved