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RAPAPORT... Botswana Diamonds reported a loss of about $430,000 (GBP 282,000) for the six months that ended on December 31, a gain of 23 percent year-on-year, and no revenue for the period. However, the junior explorer nearly doubled the amount of cash and cash equivalents on hand to $490,000 (GBP 332,000), while its total assets rose 9 percent year on year to $10 million (GBP 6.56 million), according to its interim statement.
The company has exploration programs underway in Botswana, Cameroon and Mozambique. Botswana Diamonds is operating a joint venture to identify new diamondiferous kimberlites in Botswana in the Orapa region and it holds an option on 13 blocks in the Gope region. John Teeling, Botswana Diamonds' chairman, described Cameroon as a very difficult operating environment due to remoteness of the properties and the country's two rainy seasons. ''We hope to reach agreement on a joint venture with our adjacent neighbors, CNK of Korea, who are developing a new diamond mine. Discussions are slow and cover a wide range of possibilities,'' he said. ''Our entry to Mozambique arises from our frustrated attempts to develop diamond operations in Zimbabwe. The Save River drains the Marange area of Zimbabwe where several mines are producing collectively up to 12 million carats a year. The belief and hope is that the Save contains alluvial diamonds washed down from Marange. We have a 180-day option on two good blocks along the river. We will explore the blocks and, if results are positive, negotiate a joint venture with the license holder, Morminas of Portugal,'' Teeling explained.
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