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Botswana Diamonds Kicks Off Orapa Exploration, Reports $388M Loss

Mar 28, 2016 8:27 AM   By Rapaport News
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RAPAPORT... Botswana Diamonds widened its loss in the first half of its current fiscal year, the company said, as it kicked off its exploration project in Botswana with partner ALROSA.

The loss grew to $388.4 million (GBP 274 million) in the six months to December 31 from a $211.1 million deficit reported for the same period a year earlier. The loss per basic and diluted share declined to GBP 0.07 from GBP 0.08, according to a statement March 24.

The exploration company started sampling at two licenses in the Orapa region of Botswana March 21, with mineralogists scheduled to arrive on site March 28 to analyse samples. Diamond drilling is expected to start in the first week of April.

Under the 50:50 joint venture, Botswana Diamond will pay half of the $700,000 budget, while ALROSA will cover the rest and manage the project.

“We have reviewed data which gives us confidence that there are good levels of kimberlitic indicator minerals and hope that this drilling program will validate this,” said John Teeling, chairman of Botswana Diamonds.
Tags: Alrosa, Botswana, Botswana Diamonds, development, exploration, mining, Orapa, Rapaport News
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