Botswana
Diamonds, which is currently exploring for diamonds in the Orapa area in
Botswana together with its joint venture partner Alrosa, said it posted an
operating loss of £1.05 million ($1.6 million) during the year ended June 2014,
from £477,908 ($748,884) a year earlier.
No revenues
were recorded while its pre-tax losses rose to £948,610 ($1.5 million) from
£498,166 ($780,628).
The wider
loss was a result of an impairment provision of £615,796 ($964,955) against its
operations in Zimbabwe and Cameroon.
Botswana
Diamonds was yet to generate any revenue.
"The group's focus is to maximize the full potential of
the Botswana operations. Therefore, the directors have decided to provide in
full against the carrying value of the operations in Zimbabwe and
Cameroon," it said in a statement emailed to Rough & Polished.
Botswana Diamonds carried out two extensive fieldwork
programmes and a four hole drilling programme in Orapa during the period under
consideration.
Two of the holes intersected kimberlite veins, which the
company said were "reasonable but not great result".
The company said it was now focusing on the five licence
block in Botswana, which had already had a major fieldwork programme completed
on it showing early indications of good drilling opportunities.
Meanwhile, Botswana Diamonds chairperson John Teeling said
political and economic uncertainty abounds in the world.
“Commodity prices are soft and resource investment out of
favour while junior explorers are ignored,” he said.
“But diamond fundamentals are good. We have the ground and
the team. Success, if achieved, will bring great rewards."
Mathew Nyaungwa, Editor in Chief of the African Bureau,
Rough&Polished
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