Botswana Diamonds narrows loss with chairman hungry for development

Botswana Diamonds posted its preliminary results for the year to 30 June on Friday - another year of nil revenue, though it did manage to narrow its losses.

The AIM-traded company reported an operating loss of £0.3m, compared to £0.34m last year, and a loss before tax of £0.3m, also narrowing from £0.34m.

Its total comprehensive loss was £0.2m, narrowing from £0.37m, thanks to a £0.1m exchange difference on translation of foreign operations.

Basic and diluted losses per share were 0.11p, compared to 0.16p in 2015.

Looking ahead, chairman John Teeling said: “We are very active on good ground in the best diamond province in the world.

“We are partnered with the most technologically advanced diamond explorer in the world.

“Our own team is very experienced and has found diamonds previously, specifically the Karowe discovery in the early 2000s.”

Teeling said the board believes that its expertise and experience can reduce the extreme risk in grassroots diamond exploration.

He added that the company was making steady progress in the Alrosa/BOD joint venture.

“To date we have been able to fund the exploration activities [and] we now have diamonds in two pipes on PL 260.

“An economic assessment will be made in 2017.”

He described the potential in the Maibwe discovery as “exciting”, as GP 173 and PL 186 both have kimberlites and diamonds.

“Verification of the work to date is essential,” he said, adding: “We are offering to conduct this work.

“It needs to be drilled.”