Botswana Insurance Company Limited (BIC) says Global Credit Ratings (GCR) has reaffirmed its national scale claims paying ability rating at AA-(BW), with a the rating outlook maintained as “Stable”. “This is very positive for the leading short term insurance company in Botswana, emphasizing the company’s positive strategic direction.” GCR is a leading emerging market focused rating agency that rates the full spectrum of security classes, including Banks, Insurance companies, Corporate entities, Local Authorities, Asset Management companies, Funds and Structured Finance transactions. GCR is headquartered in Johannesburg, and has several African and 12 sub-regional offices globally. The rating was determined by…
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Continental Coal Limited, the ASX and AIM listed company has requested a voluntary suspension of its securities effective immediately, as it is still endeavouring to complete a recapitalisation excise that will allow it to settle its Convertible Notes that mature from November 2013 to February 2014 as well as other creditors, referred to in the Company’s request for a trading halt dated 6 January 2014. In a statement, the company revealed it has been in active discussions with the holders of Convertible Notes, other creditors, royalty holders and various investor groups in relation to a comprehensive recapitalisation of the company.…
Discovery Metals Limited has reported assay results from 17 Reverse Circulation (RC) drill holes at the Zeta NE deposit. Zeta NE is located within the company’s 100% owned prospecting licences in the Kalahari Copper belt in north-west Botswana and is located approximately 10 kilometres east of the Boseto concentrator. The Zeta NE deposit is within the Boseto Zone and approximately seven kilometres north-east of and directly along strike from the Zeta Deposit, which is currently being mined. The assay results reported are from the first 18 holes drilled as part of a 54 hole program designed to test the vertical…
Discovery Metals Limited said it has started negotiations with various parties that might lead to a potential change of control of Botswana focused copper outfit following the expiry of term sheet with Blumont Group Limited. The company’s board on December 19 2013 announced the lapsing of the term sheet that was executed between the company and Singapore Stock Exchange (SGX) listed investor, Blumont, in relation to a strategic recapitalisation proposal (the Term Sheet Announcement). “Since that time, and with the support of the company’s lenders, Discovery Metals has recommenced discussions with various parties that have approached the Company in relation…
Lucara Diamond Corp. has released an updated mineral resource estimate for the Karowe Mine in Botswana. The company said a significant population of large and exceptional diamonds has been recovered during mining operations over the past year at Karowe and these larger diamonds have now been factored into the mineral resource estimate resulting in a greater than $1 billion increase in the estimated in-situ value of the Indicated mineral resource. The updated mineral resource estimate was completed by Mineral Services Canada Inc. taking into account mining activities at Karowe since the start of production in April 2012 and includes changes…
Tourist arrivals to South Africa grew 5.1% during the first six months of 2013 compared to the same period in 2012. This was on top of the growth of 10.5% recorded last year during the same period. Africa’s largest economy said thus it has consolidated the significant gains achieved in 2010-2012 on the back of the FIFA 2010 World Cup, and have further increased the baseline to reach an historic high of 4 642 217 international tourist arrivals for the 1st two quarters of the year. Over a 4 year period, we have averaged 9.4% compound annual growth for the…
Puma Energy, the global integrated midstream and downstream energy company, has been honoured with the 2013 Platts Global Energy Award in the Midstream Industry Leadership category. The company competed against five other companies as a finalist in this category. The Platts Global Energy Awards recognise excellence and innovation by companies and executives throughout the global energy industry. A total of approximately 200 individuals and companies were finalists for the Global Energy Awards with hundreds more nominated. According to Platts, “Mid-Stream Industry Leadership Award recognizes companies with the courage and conviction to make fundamental changes in the way they operate, changes…
Tlou Energy Limited has advised its shareholders on the status of activities for its Lesedi and Selemo Horizontal Pod testing program in the Karoo Central Project area in Botswana. Horizontal Pod (Selemo & Lesedi) Testing Program Selemo Pod (commenced dewatering on 17 November 2013) Based on the current test data, the Selemo pod is now advancing towards critical gas desorption. This means that coal reservoir pressure (initially in the near well bore region) is decreasing via the dewatering process to the point that gas can begin to be liberated in a controlled manner. Preliminary analysis of the well performance data…
Botswana Diamonds (AIM: BOD) has announced that it has conditionally raised cash proceeds of £540,000 through the issue by the company of, in aggregate, 21,600,000 new ordinary shares of £0.01 each, plus two warrants per new share at a price of 2.5 pence per Unit. In addition, the company has settled a further £200,000 of existing liabilities with directors of the Company (the “Directors’ Loans”) through the issue of Units at the same price as the Units issued for cash. The Directors’ Loans accrued on account of unpaid directors’ fees. In aggregate BOD has issued a total of 29,600,000 new shares…
The International Civil Aviation Organisation (ICAO) has joined a number of other organisations that constitute the Global Travel Association Coalition (GTAC). GTAC, as it is known, exists to promote a better understanding of Travel & Tourism’s role as a driver of economic growth and employment and foster governments to develop policies which contribute to the profitable, sustainable and long-term growth of the industry. GTAC is now comprised of Airports Council International (ACI), Cruise Line International Association (CLIA), International Air Transport Association (IATA), International Civil Aviation Organisation (ICAO), Pacific Asia Travel Association (PATA), World Economic Forum (WEF), World Tourism Organization (UNWTO)…