Botswana Diamonds operating loss widens

Botswana Diamonds recorded an operating loss of £472,107 for the 12 months to June 30 2021 compared to a loss of £391,225, a year earlier.
The diamond explorer said in its annual results that administrative expenses for the year jumped to £402,089 from the previous year’s £356,831.
The company had been exploring for diamonds in South Africa and Botswana.
It said that the drilling campaign in South Africa had been positive. 
“The current modelling will assist in evaluating the commerciality of what we have; but note that our work has identified other anomalies likely to be blows, some of which are bigger than anything we have to date,” said Botswana Diamonds chairperson John Teeling.
“The Marsfontein mine within kilometres of our blows was so rich in diamonds that the capital investment was paid back in 4.5 days.”
 It also said that the stock markets in recent years had been a hostile place for junior explorers including diamonds. 
“Explorers need continued funding at least until a discovery goes into commercial production,” said Teeling.
“A small group of investors have supported placings in Botswana Diamonds and I anticipate that this will continue.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished