Africa Finance Corporation (AFC) has been accredited as a partnering Institution to the Green Climate Fund (GCF), making it the fund’s first African development finance institution. AFC was invited by the GCF to consider becoming an accredited institution, and following submission of its application in early 2015, AFC has this month attained full accreditation. Accreditation by the GCF enables AFC to access GCF’s committed capital of US$9.3 billion; a pool of funds for climate change projects to be utilized by members for on-lending, grants, lines of credit, guarantees and other fiduciary functions. AFC intends to use the fund’s capital to…
Author: Editor
The newly rebranded Avani Gaborone Hotel & Casino, previously known as Gaborone Sun will play host to a Major Moves Comedy night of hilarity and great silliness on the 1st of August featuring the most sought after and in demand comedians. Events coordinator for Major Moves Comedy Gaolathe Kediemetse said that having produced many shows featuring various top notch International comedians, ‘we want to showcase new comedians whom we have not invited before’. “Our comedians have also been performing around the country and outside and this is the time for them to share those experiences.” The event will be headlined…
The World Bank is nudging up its 2015 forecast for crude oil prices from $53 in April to $57 per barrel after oil prices rose 17 percent in the Apr-Jun quarter, according to the bank’s latest Commodity Markets Outlook, a quarterly update on the state of the international commodity markets. The Bank says energy prices rose 12 percent in the quarter, with the surge in oil offset by declines in natural gas (down 13 percent) and coal prices (down 4 percent). However, the Bank expects energy prices to average 39 percent below 2014 levels. Natural gas prices are projected to…
Kimberley Diamonds Ltd, the Australian mining company is looking to recommence activities at the Botswana based Lerala mine following key approvals by the company’s board of directors. The company said its board has approved the recommencement of mining, processing and diamond sales operations at the Lerala Diamond Mine and has approved the expenditure of AUD$14.6m to be spent on upfront capital items required to bring the plant and mine to a state of readiness. Already, KDL as the company is called has agreed a lump sum turnkey contract with Consulmet (Pty) Limited for modifications to the plant at the mine…
Anglo American, the parent company to De Beers has warned that diamond demand will continue to remain soft but suggested that growth in global middle class would support growth in the long term. This is bad news for undiversified Botswana economy, which relies heavily on diamond revenues for economic development although non GDP sources of revenue like SACU receipts has of late come to the rescue. When announcing its half year financial report for the six months ended 30 June 2015, the diversified mining group said consumer demand for diamond jewellery slowed towards the end of 2014 and into the…
BCL Limited, the mining and smelting company based in Selebi-Phikwe has named the three miners who lost their lives at one of its shafts following the fall of a rock on Saturday 18th July 2015. The company said the three casualties of the fall of ground incident at 835ml at Selebi Shaft are; Mr. Obonetse Jim, a Machine Man from Mokoswane, Mr. Andrew Ofentse, a Machine Man originating from Tumasere and Mr. Tebogo Josaya, a Miner -in Charge from Damochochenaa. Operations at Selebi Shaft have since been suspended indefinitely and the situation will be monitored in the cause of time,…
Production at Debswana Diamond Company fell in the second quarter of the year as the company continues to be affected by global trading conditions and unavailabililty of plant at one of key Botswana mines. De Beers’ parent company, Anglo American plc said in a Production Report for the second quarter ended 30 June 2015 that diamond production decreased by 6 percent to 8.0 million carats, mainly due to lower grades and reduced plant availability at the Orapa mine. “In addition, operational flexibility at the Venetia and Jwaneng tailings treatment plants was utilised to reduce production marginally in response to softer…
Nambia and De Beers have concluded a new 10 year sales agreement that is modeled on the similar one that Botswana agreed with the diamond major. Announcing the deal, De Beers said the agreement provides for an independent sales outlet for the government of Namibia for 15 percent of Namdeb Holdings’ run of mine production, per annum, over the duration of the sales agreement. However, Namibia Diamond Trading Company (NDTC) will continue to sort and value all of Namdeb Holdings’ production. “De Beers will continue to support the domestic cutting and polishing industry in Namibia, and will increase its commitment…
BCL, the Botswana based Copper/ nickel miner says it has managed to recover three employees who were trapped at the collapsed Selebi Shaft adding that following the mine disaster it has closed the shaft and government officials were also on the scene. “We once again regret to inform you that the Rescue Team has recovered the last employee who was also pronounced deceased by the Doctor this evening. As protocol dictates the immediate family members were the first to be notified,” the company said after the recovery of the third employee. The mine’s Selebi Shaft fall of ground took place…
Lucara Diamond Corp. has announced the results from its first Exceptional Stone Tender of 2015. The special tender of Karowe diamonds was completed on July 16, 2015 and consisted of 14 single stone lots. All 14 diamonds, totaling 1,674 carats were sold for gross revenues of US $68.71 million (US $41,028 per carat). The company said 12 diamonds sold for more than US $1.0 million each including 5 stones which sold for in excess of US $4.0 million each. Lot 701, the 341.9 carat Type IIa diamond (discovery announced April 20, 2015), sold for US $20.55 million (US $60,114/ct) while…