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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. |
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Tags:
Alrosa, Botswana, Botswana Diamonds, development, exploration, mining, Orapa, Rapaport News
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