LONDON (News of the Alliance) – Botswana Diamonds PLC said Monday had lost its loss in its latest latest financial year due to challenges in its famous country.
The stock down 5.5% on Monday was 0.68 pence and share.
The company said that its pre-set loss had expanded to GBP557,657 in the year to the end of June of GBP310,798 reported for the same period a year ago, due to a fault on GBP179,524.
During the year, Botswana Diamonds explained, some licenses held by the company were abolished in its subsidiary Sunland Minerals Pty Ltd. Therefore, the directors decided to impair the audit cost on these licenses.
Botswana Diamonds did not generate any revenue during the period, as it is currently developing projects in South Africa, Botswana and Zimbabwe.
The company expanded South Africa two years ago by winning Vutomi, a private property enterprise with a portfolio of assets in South Africa. During the year, Botswana Diamonds said he had looked at a number of development options for his leading project in that South African portfolio, Thorny River, and decided to agree the development.
If the approvals can be approved, royalty revenue should start to Vutomi by the end of 2019, Botswana Diamonds said. This will also enable the company to work towards a marital resource at a fair price.
In Botswana, the company has two ongoing projects, Sunland Minerals and Maibwe. The targets in the Mineland Minerals and drilling were identified with no strong results, the company said.
Botswana Diamonds noted that he intended to continue focusing on his activities in Botswana, despite a challenging audit environment. The company highlighted that the country was covered in the sand – the Kalahari desert – where the investigation techniques are struggling.
Finally, in Zimbabwe, the company established a special purpose carrier in collaboration with co-London listing Vast Resources PLC to develop diamond enterprises. Initial work undertaken has identified a number of targets for placer deposits, as well as the potential of the older alliances that have digged elsewhere in the area.
Not Evelina Grecenko; [email protected]
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