LONDON (Alliance News) – The Botswana diamond PLC said on Monday that its losses have increased at the end of the last financial year due to challenges to its name in the theoretical country.
On Monday, the stock dropped 5.5%, reaching 0.68 retirement shares.
The research firm reported that pre-tax losses increased to GBP557,657 a year by the end of June from GBP310,798, which were reported for the same period a year ago, due to a decrease of GBP 179,524.
During the year, Botswana diamonds explained that some licenses owned by their subsidiary Sunland Minerals Pty Ltd were denied. Therefore, the directors decided to reduce the cost of exploring these licenses.
During this period, Botswana's diamonds did not generate income as they are currently developing projects in South Africa, Botswana and Zimbabwe.
The company expanded two years ago in South Africa, earning Vutomi, a privately owned asset in South Africa. During the year, Botswana's diamonds insisted on exploring the development opportunities in the Thorny River Portfolio of the South African portfolio and deciding to put an end to development.
If approvals can be completed, royalties should begin to flow to Watomi by the end of 2019, Botswana Diamanti said. It will also allow the company to work at insignificant resources at low cost.
In Botswana, the company has two permanent projects – Sunland Minerals and Maibwe. The companies said that targets for Sunland Minerals were identified and drilled without strong results.
Botswana's diamonds noted that it plans to continue to focus on its activities in Botswana despite the difficult research environment. The company emphasized that the country is covered with sand – in the Kalahari Desert – where exploration techniques are struggling.
Finally, in Zimbabwe, the company created a special target company in cooperation with the London list of Vast Resources PLC to develop diamond companies. The initial work has identified several placer deposit targets as well as potential for older conglomerates elsewhere in the area.
Evelina Grecenko; [email protected]
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