Despite the mining industry growing at a slower pace in the last part of last year, the sector still remains the mainstay on Botswana economy. New data by Statistics Botswana on the fourth quarter of 2014 showed that mining increased by 2.5 percent compared to 20.5 percent realised in the fourth quarter of 2013. “The slow growth rate was attributed to a decline in diamond production by 5.7 percent compared to 16.9 percent registered in 2013. Copper/Nickel production increased by 7.6 percent compared to a significant increase of 39.5 percent in the same quarter last year,” said the statistics body.…
Author: Editor
Australian company, Kimberley Diamonds Ltd (KDL) said it will continue operations at its Ellendale Diamond Mine in Western Australia into FY2016. The ASX listed outfit has in the past said it anticipated Ellendale would need to be placed on care and maintenance from May 2015 due to uncertainty as to the economic viability of continued operations. Extensive work has since been undertaken by KDL’s management team to extend the economic viability of the mine through increased efficiencies and reduced costs, now allowing the company to continue processing operations at Ellendale into FY2016. The mine is situated approximately 120km east of…
The African Utility Week says it has entered into an exclusive television broadcasting partnership with eNCA and will receive live coverage during the conference and exhibition from 12-14 May in Cape Town. The annual event attracts more than 5000 power and water professionals from across the globe. eNCA is a 24-hour television news broadcaster focusing on South African and African stories. Event Director African Utility Week, Evan Schiff said they are pleased to join forces with eNCA and sharing the progress in the continent’s water and power industries. He added that energy is the driving force behind Africa’s growth and…
Water Utilities Corporation (WUC), the Botswana government owned corporation, has commenced the implementation of the 2nd step of water tariffs rationalisation and adjustment of tariffs, which became effective from 1st of April 2015. According to the corporation, the first rationalisation was implemented in 2012 following the implementation of the Water Sector Reforms that had brought about 28 different tariff structures. “The main objective of the Water Sector Reforms programme (WSR) was to improve service level for all water users in the country through equitable and cost reflective provision of quality water and wastewater services,” said WUC. “The various water authorities…
De Beers said it has commenced the 2015 – 2018 Global Sightholder Sales (GSS) contracts with the updated qualification process aimed at increasing third party confidence in GSS customers’ corporate transparency and financial robustness. According to the group, there will be two types of GSS customer in the 2015 – 2018 contract period namely the Sightholders and Accredited Buyers. The company noted that sightholders qualify for term contract supply (provided via the ‘Intention to Offer’ or ‘ITO’ planning process), which indicates the nature and value of rough diamonds De Beers anticipates being able to offer Sightholders across the forthcoming 12…
fastjet, Africa’s low cost airline said it has it has successfully placed 5,000,000,000 new ordinary shares at a price of 1 pence per share (on a pre-consolidation basis) to new and existing institutional shareholders, other investors and fastjet management (the Placing). According to the company, the placing raised gross proceeds of GBP 50 million (approximately USD 75 million) (the Placing Proceeds). Net proceeds from the Placing will be deployed in two key areas – expansion working capital and the launch and growth of operations in Kenya, South Africa, Uganda, Zambia and Zimbabwe. fastjet will use funds raised in excess of…
Stanbic Bank Botswana’s objective of enhancing its balance sheet in 2014 has shown positive results, with a strong and adequately capitalised balance sheet for the year ended 31 December 2014. The year 2014 was very challenging from both endowment pressures and internal processes point of view. This resulted in the Bank’s income declining by 9% from P813 million in 2013 to P666 million in 2014. The internal pressures resulted from the processes of embedding a new core banking platform and the associated change management processes. This major investment in IT-related services impacted operating costs during the year, resulting in an…
Botswana Insurance Company and The Dignity Foundation Trust have signed a Corporate Social Responsibility partnership agreement in support of the Foundation’s drive which is to empower and improve the lives of underprivileged young girls in Botswana. The Dignity Foundation Trust is mandated to provide, amongst other things, sanitary pads, counselling, and cancer preventative medical exams by providing them with sanitary pads. The Dignity Foundation Trust is a Foundation established by a few very passionate Batswana women who would like to empower and improve the lives of the underprivileged girl-child and young woman, in recognising the needs and disadvantages experienced…
Exploration company, Botswana Diamonds (BOD) said it has conditionally raised cash proceeds of £282,500 through the issue by the company of, in aggregate, 28,250,000 new ordinary shares. The shares were priced at £0.01 each, at a placing price of 1p each, representing a 27.5% discount on Monday 30 March closing mid-price. According to the company, the money will be used to fund its exploration projects in Botswana as well as for its working capital requirements. The New Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the New Shares to be admitted to…
FWB Designers Road Show, which promises to set trends in Botswana for fashionistas will be held at on Saturday 25 April 2015 be held at Liban Mediterranean Cuisine at the Central Business District (CBD). After Successful Road shows in Gauteng South Africa, Fashion Without Borders (FWB) will be bringing the show to Botswana. FWB, a new division of Efigy Productions, is renowned for having organised among other events, Miss Emfuleni; FWB Vaal; Sedibeng Fashion Expo and Gauteng Fashion Show at the Sansui Summer Cup 2012. “FWB is all about giving a platform to upcoming, unrecognised Designers and Models.…