A research note by Westhouse has revised valuation of Botswana Diamonds stock as a result of a joint venture with an international diamond major. The move follows a recent deal where BOD signed a joint venture agreement with Alrosa, the Russian state owned company. Westhouse said investors need to take a view on whether the company can generate positive news flow as it explores for diamondiferous kimberlites in Botswana. “Our revised valuation, based on previous expenditure, committed future expenditure and the value of the database, suggests a target price of 7.0p and we upgrade to Buy from Add,” it said…
Author: Editor
Kimberley Diamonds Limited (KDL) says it has executed a binding Heads of Agreement to acquire 100% of the equity in Mantle Diamonds Limited, including Mantle’s wholly-owned Lerala Diamond Mine in Botswana. Under the terms of the agreement, the company will issue a total of 13,566,317 new ordinary KDL shares to Mantle shareholders with the agreement being conditional upon KDL undertaking final due diligence and Mantle undertaking a capital restructuring. The transaction could be concluded by the end of October 2013 and Kimberley Chairman, Alex Alexander said the acquisition provides a strong foundation for the company’s growth ambitions, including its objective…
The United Nations Conference on Trade and Development, (UNCTAD) in cooperation with SADC/GIZ and the Competition Authority, will host regional competition workshops for Competition Commissioners and Judges in Gaborone from 24th to 27th September 2013. On 24th and 25th September 2013 UNCTAD will host a workshop for approximately 30 Judges from the SADC region and it will be officially opened by the Minister of Defence, Justice and Security Dikgakgamatso Seretse. This will be followed on the 26th and 27th September by a workshop for approximately 30 Competition Commissioners from the SADC region which will be officially opened by the Minister…
Discovery Metals says it has executed a legally binding term sheet with Blumont Group Limited an investment holding company listed on the Singapore Stock Exchange, for the recapitalisation of the troubled company. According to DML, which operates Boseto copper mine in Botswana, the recapitalisation proposal comprises a AUD8.75 million placement with Blumont agreeing to subscribe for 73,047,967 fully paid ordinary shares in the capital of Discovery Metals at AUD0.12 per share, which is expected to raise AUD8,765,756 for the company (Placement). The proposal also include a USD100 million in convertible bonds which Blumont has conditionally agreed to subscribe for 100,000…
MICROmega Holdings’ subsidiary NOSA (Pty) Ltd was once again honoured to host the 2013 annual NOSHCON conference at Champagne Sports and Golf Resort in the Drakensberg recently. For 52 years NOSHCON has maintained its position as Africa’s leading international occupational risk management conference and exhibition. The event brings together well known speakers, learners, suppliers and buyers from across the globe within a relaxed but professional environment. NOSHCON is renowned throughout the industry for its innovative features and excellent exhibitors who are amongst the leading brands in Health, Safety and Environmental management (HSE). “As an organisation NOSA strives to enhance the…
Stanbic Bank parent, Standard Bank Group, Africa’s largest bank by assets and earnings, won 10 prestigious awards that validate its client-centric focus as well as its capabilities and expertise across an extensive network. The awards were announced at the annual SIBOS conference currently underway in Dubai. Two of the accolades were presented to Standard Bank at the EMEA Finance Magazine awards ceremony for Treasury Services, and an additional eight at the Global Finance Magazine awards ceremony for Global Finance Transaction Processing. The two EMEA Finance’s Treasury Services Awards 2013 are: Best treasury services in Africa Best transactional bank for financial…
Pangolin Diamonds Corp. has announced the discovery of a volcanic intrusion with diamond-inclusion type ilmenites (the SWS-21), located at the company’s 100% owned Mmadinare Diamond Project in northeastern Botswana. According to Pangolin, independent laboratory analysis by CF Mineral Laboratories Inc. of Kelowna, BC, Canada returned five manganese-rich or “Mn-ilmenites” recovered from the SWS-21 and the five Mn-ilmenites were recovered from 20 kilograms of material taken from a discovery pit at a 2 meter depth in the central part of the intrusion. The five Mn-ilmenites recovered from the SWS-21 are similar to ilmenites reported by Dr. Felix V. Kaminsky and co-workers…
Okavango Diamond Company (ODC), the rough diamond distribution company owned by Botswana government has been officially launched. ODC’s launch follows a successful pilot sale held in July where $US 20 million was raised and it is a signal that the company has formally opened its doors to the global diamond market. When launching the company, President Ian Khama said ODC’s establishment will allow the country to share the best of Botswana to the many international business men and women who will arrive here to buy Botswana’s rough diamonds. “We also recognise the immeasurable benefits diamonds bring to Botswana and we…
Continental Coal Limited says it has entered into a binding term sheet with a third party to earn into certain of the company’s Botswana prospecting licences. The South African thermal coal production, development and exploration company added that subject to the completion of confirmatory due diligence on the licence areas, the funding party will obtain the option to earn into a maximum of 80% of Prospecting licences 339/2008 and 341/2008 by assuming exploration activities and costs up to November 2014. “Continental will therefore retain a free-carry interest of 20% up to the completion of a Bankable feasibility study, subject to…
This weekend will see the Stanbic Bank Independence Trophy return for its third consecutive year. Taking place over the 21st and 22nd of September 2013 at the Gaborone Golf Club, the golfing event has established itself, over the years, as a highlight in the golfing calendar. This year’s championship will be no exception, with big names and prominent golfers expected to turn out for the Stanbic Bank sponsored event. Stanbic Bank will be sponsoring the event to the tune of P80,000.00. This includes P40,000.00 of prize money and P40,000.00 of sporting apparel, as well as the trophy, dubbed the Stanbic…