Cradle Arc, the African focused base and precious metals exploration and production company, says further to its announcement of 19 November 2018, the conditional US$4m extension to its subsidiary, Leboam Holdings (Pty) Limited’s, pre-existing working capital facility with Fujax Minerals and Energy Limited has not been completed. According to the company, as previously announced, the Working Capital Facility Extension was conditional on, inter alia, the completion of the requisite documentation and Fujax’s final credit committee approval. “Whilst Fujax advanced the sum of US$1m to Leboam pending completion of the extended facility, it has now informed the Company that it will not…
Author: Editor
As Hilton Garden Inn Gaborone prepares to open its doors, we thought it is important for our valued stakeholders to get to know our leadership. Evan Harrington is the hotel’s General Manager, with over 19 years of professional experience in the hospitality sector. Evan has a passion for uniting high-quality standards with always putting the guest first. He is committed to the continuous process of improving, evolving and changing markets. Evan has global experience in the industry, having worked in a variety of diverse markets. He has previously served as Director of Operations at The Hormuz Grand Hotel in Muscat,…
Botswana Stock Exchange (BSE)-listed Minergy Limited, a coal mining and trading company which owns 100% of the 390-million tonne Masama Coal Project in the Mmambula Coalfield, showed progress made towards the building of the mining operation, including the new washing plant. Advancement has been made since the company was granted a mining license earlier this year. Minergy, which listed on the BSE in April 2017, is seeking a listing on the United Kingdom’s Alternative Investment Market during 2019. “While Minergy is still in the development and exploration phase, we’ve made considerable progress towards full operational status, and have also invested…
Rio Tinto has entered into a binding agreement with China National Uranium Corporation Limited (CNUC) for the sale of its entire 68.62% stake in Rössing Uranium Limited, owners of the Rössing mine in Namibia, for up to $106.5 million. The total consideration comprises an initial cash payment of $6.5 million, payable at completion, and a contingent payment of up to $100 million following completion. The contingent payment is linked to uranium spot prices and Rössing’s net income during the next seven calendar years. In addition, Rio Tinto will receive a cash payment if CNUC sells the Zelda 20 Mineral Deposit…
De Beers said its sales were lower in the latest statistics but the miner said they were in line with expectations. The company, which is a subsidiary of global mining giant Anglo American, noted that the value of provisional rough diamond sales (Global Sightholder Sales and Auction Sales) for the ninth sales cycle of 2018 stood at US$440m. This was a year-on-year decline from actual figure of US$466m recorded in Cycle 9 2017 and actual US$482m recorded in Cycle 8 2018. However, the company remains bullish about the market as there are signs of improvement ahead of India’s popular holiday. Bruce Cleaver,…
Debswana Diamond Company has announced that Managing Director, Balisi Bonyongo will retire from the business with effect from 30 November 2018, following 26 years of dedicated service to the organisation. The Shareholders of Debswana have appointed Albert Milton, currently General Manager of Jwaneng Mine, to take over as the Company’s Managing Director with effect from 1 December 2018. The Shareholders have requested Balisi to stay on for three months as a consultant to ensure a smooth leadership transition. Bonyongo was appointed as Managing Director on 1 January 2014 and his leadership has seen Debswana record unprecedented performance across a number…
In response to improving energy security and adhering to international climate change policies that are profoundly transforming the energy industry, The World Energy Council (WEC), the South African National Energy Association (SANEA), NEPAD Planning & Coordinating Agency (NPCA) and South African Electrotechnical Export Council to announce the Africa Energy Indaba (AEI) 2019. The event will be hosted at the Sandton Convention Centre in Johannesburg, Africa’s economic hub, on the 19th and 20th February 2019. Power is fundamental to Africa’s economic growth and supporting its exponentially growing population. Renewable energy technologies have an increasingly important task at hand with regards to the continent’s energy endeavours…
Polished-diamond prices softened in October as inventory levels rose ahead of the Diwali festival. Despite the decline, sentiment improved, with expectations growing for the US holiday season. The RapNet Diamond Index (RAPI™) for 1-carat diamonds fell 0.9% in October. The index was up 1.3% since the beginning of the year and 0.7% from a year ago, following strong gains in the first half of 2018. RapNet Diamond Index (RAPI™) October Year to date Jan. 1 to Nov. 1 Year on year Nov. 1, 2017, to Nov. 1, 2018 RAPI 0.30 ct. -1.4% 3.3% 4.5% RAPI 0.50 ct. -0.5% 4.1% 4.4%…
Humanity and the way we feed, fuel and finance our societies and economies is pushing nature and the services that power and sustain us to the brink, according to WWF’s Living Planet Report 2018. The report presents a sobering picture of the impact of human activity on the world’s wildlife, forests, oceans, rivers and climate, underlining the rapidly closing window for action and the urgent need for the global community to collectively rethink and redefine how we value, protect and restore nature. The Living Planet Report 2018 presents a comprehensive overview of the state of our natural world, through multiple indicators including the…
Gem Diamonds Limited has provided a Trading Update detailing the Group’s operational and sales performance for the Period from 1 July 2018 to 30 September 2018 or Q3 2018. During the period, Letšeng mine recovered two greater than 100 carat diamonds while after period end, on 15 October, a 357-carat diamond was recovered, bringing the number of diamonds greater than 100 carats recovered during 2018 to thirteen. The company also recovered 35 755 carats during the period, up 27% from Q2 2018. Eight diamonds were sold for more than US$ 1.0 million each, generating revenue of US$ 21.0 million during the period. In terms…