Cupric Canyon Capital said its wholly owned subsidiary, Khoemacau Copper Mining Pty. Limited (KCM), has entered into a $50 million, term loan facility agreement with Red Kite Mine Finance to provide funding for KCM’s Khoemacau copper-silver project in Botswana. The company said the proceeds from the loan will be used to fund project development costs and front end engineering in advance of commencing full scale construction in the second half of 2017. KCM will construct an underground mine at its high-grade Zone 5 deposit. The Zone 5 resource contains 100 million tonnes of ore grading 2% copper and 20 g/t…
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State-owned Air Botswana said it has resumed jet services on its Gaborone/Cape Town route effective from 26 February 2017.according to the national carrier, the service will be operated through an existing agreement with CemAir on the same current flight schedule to minimise any customer inconvenience. Days of operation between Gaborone and Cape Town in either direction remain as Monday, Wednesday, Friday and Sunday.In addition, the airline will also resume direct flights between Gaborone and Kasane on Wednesday and Friday respectively. The Sunday flights will become a later morning schedule, to better suit tourism and other business travelers to the Kasane…
Metal Tiger, the natural resources investing company, has confirmed that it has reached an agreement with Kibo Mining plc, its joint venture partner in Tanzania to cease JV activities at the Pinewood and Morogoro Joint Ventures with immediate effect and relinquish the licences back to the local authorities. Both Metal Tiger plc and Kibo Mining plc have experienced considerable success in respect of certain other projects of their business portfolio and this has led to these interests becoming the absolute focus of each company. Metal Tiger’s investment in Botswana has seen a substantial and developing Copper/Silver discovery and significant progress is…
Rapaport Auctions, the world’s leading recycler of diamonds, opened its melee auction this week with over 120,000 carats of diamonds. The auction offers a broad range of recycled and finely assorted premium quality diamond parcels in all shapes, qualities and sizes. The recycled diamonds are sourced from retailers, pawnshops and refineries from around the world. Viewing is taking place in Rapaport’s New York office from February 21-23 and at Asia World-Expo in Hong Kong from February 28 – March 1. The wide variety of merchandise offered and the opportunity for buyers to purchase such large quantities of diamonds has generated overwhelmingly positive buyer…
Botswana Diamonds (BOD) said it has raised £525,000 (before expenses) via the placing of 35,000,000 new ordinary shares with new and existing investors at a price of 1.5p per Placing Share. According to the exploration company, the net proceeds of the placing will be used to fund ongoing kimberlite drilling at the Frischgewaagt property in South Africa, drilling in Botswana, exploration work in South Africa and in the first stage of the 2017 Alrosa/Botswana Diamonds exploration programme in the Orapa and Gope areas of Botswana. “Our exploration activities are gaining momentum. We are drilling at Frischgewaagt, our late stage exploration property in…
Caterpillar Inc has announced plans to consolidate its parts distribution centers in Isando, South Africa into a new parts distribution facility near Johannesburg at about 20 kilometers (12 miles) from the existing centres. The new facility is expected to become operational in the second quarter of 2017. The consolidation provides several advantages including enabling the company to work more efficiently, while increasing the capability to provide unmatched parts availability to customers in Africa. “This investment in our new and more efficient 60,000 m² (645,000 square-feet) facility demonstrates our deep commitment to Caterpillar customers in Africa. We are positioned to deliver…
Kenya Airways will start a direct flight between Nairobi and Victoria Falls, Zimbabwe on 18th May, 2017. This will be Kenya Airways 52nd destination and its second city in Zimbabwe after Harare where it operates 21 flights weekly. The new route between Nairobi and Victoria Falls will operate three times a week on Monday, Thursday and Saturday. The Victoria Falls operation will be linked to Cape Town, South Africa. This will see the airline increase its operations to Cape Town from the current four, which are served via Livingstone, Zambia, to six. The flight will depart in Nairobi at 7.20am,…
Lucara Diamond Corp. said its revenues were higher last year as it continues to deliver value to shareholders. The Botswana Stock Exchange listed mining company reported $295.5 million in revenue or $824 per carat and earnings before interest, tax, depreciation and amortisation (EBITDA) of $185.4 million according to its full year results for 2016. However, when excluding the sale of the 813 carat Constellation diamond, the 2016 average sales price was $649 per carat with the company saying its year-end cash balance stood at $53.3 million, which was less than $134.8 million recorded on the prior year. The decrease in cash…
Anglo American, the global diversified mining giants returned to profitability following tough decisions its senior executives had to make to restructure the business and become a group that can deliver sustainable shareholder returns. The international mining out—which is the parent company to De Beers said on its prelimary results for 2016 that earnings before interest, tax, depreciation and amortisation (EBITDA) went up 42% to $1,406 million from $990 million reported in the same period in 2015. It attributed the rise to higher revenues from stronger rough diamond demand, which led to reduced inventory levels, reflecting improved trading conditions compared with…
Botswana government is reviving the privatisation of loss-making Air Botswana and already one South African company has expressed a desire to submit proposals. The Ministry of Transport and Communication has put up BP, as the national airline is known, up for tender and this time around government will be using Botswana Telecommunications Corporation (BTCL) as a bellwether. BTCL, a telecommunications company, was successfully privatised last year through a Botswana Stock Exchange listing. Government now holds 51% in the telcom outfit while Batswana own 49%. According to new Expression of Interest (EOI) notice issued by the ministry, government wants suitable entities,…