Gem Diamonds, the London listed diamond miner said impairments against its Botswana operations dented its half year results ended August 2016. The Ghaghoo mine, which is located in the tough terrains of the Central Kalahari Game Reserve (CKGR), is currently being downsized as the company looks to cut costs. Gem said it recorded revenues of US$109.1 million—which was less than US$118.0 million reported in H1 2015 while attributable loss of loss of US$26.6 million was recorded after the exceptional item of a US$40.0 million non-cash impairment to the Ghaghoo asset. The company was however pleased with its careful cost management…
Author: Editor
Botswana’s total goods shipped to the rest of the world declined in June as a result of drop in the value of diamonds leaving the country, Statistics Botswana’s International Merchandise Trade Statistics (IMTS) Monthly Digest data has shown. The statistics body noted that in June 2016, total exports were valued at P8, 484.9 million, showing a decrease of 3.6% (P319.6 million) from the May 2016 revised value of P8, 804.4 million. “This is attributable to the decrease in exports of diamonds which recorded a drop of 5.3% (P420.3 million) from P7, 950.4 million recorded during May 2016 to P7, 530.1…
Stanbic Bank Botswana helps brings Jazz to life in Gaborone this month, partnering with the Gaborone International Music and Culture Week (GIMC) organisers for sponsorship of the Jazz Festival. Part of the third annual GIMC, this year’s Jazz Festival will be held on Saturday 27th August 2016 at the Stanbic Bank Piazza. The Festival will see artists both local and international take the stage, including: Jonathan Butler (Headlining Artist), Sereetsi and The Natives, and Botswana Ensemble, comprising Ndingo Johwa, Lekofi Sejeso, Nnunu Ramogotsi, Lister Boleseng, and Banjo Mosele. An exclusive VIP lounge will be available for key guests, including…
TSX listed Pangolin Diamonds Corp. said former De Beers chief executive officer, Gareth Penny has been elected to the board of directors of the diamond exploration company to hold the position of non-executive Chairman of the Board. Penny has worked in various forms of mining over the past three decades. For 22 years, he was with De Beers and Anglo American, the last five of which he was Group CEO of De Beers. Penny is currently non-Executive Chairman of MMC Norilsk Nickel, a world leader in nickel and palladium production and a leading producer of platinum and copper. Penny also…
Stanbic Bank Botswana’s role as a leading financial services provider in the Corporate and Investment Banking (CIB) space positions it as an ideal partner for growth in the mining sector. The bank already wields considerable influence and support through the entire value of the mining industry, and is committed towards further supporting Mining and Metals sector entities. These are the sentiments reiterated by the Bank at a recent engagement of Mining and Metals sector conference held on Thursday 18th August 2016 at Masa Square Hotel in Gaborone. The bank’s expertise, experience and insight in financial solutions for the Mining and…
Scatec Solar has signed an agreement with CDIL, a Canadian renewable energy development company focused on Africa, and BPS, a Nigerian strategic consulting firm, securing the 100 MW (DC) Nova Scotia Power plant located in Jigawa State, Nigeria. This agreement was announced in connection with Scatec Solar’s second quarter results. The Nova Scotia project company signed a 20-year Power Purchase Agreement (PPA) with the Nigerian Bulk Electricity Trading Plc (NBET) on July 21, 2016. “Solar power in Nigeria has significant long-term potential, and we want to take part in the development of this new market. This investment is the culmination of…
The International Institute of Diamond Grading & Research (IIDGR), part of the De Beers Group of Companies has announced the agreement of a partnership with the National Association of Jewellers (NAJ) for its diamond grading service in the UK, whereby NAJ members will benefit from preferential terms when they submit diamonds to the IIDGR’s UK lab for diamond grading. IIDGR offers Diamond Grading Reports, and the more concise Diamond Identification Report, from its UK laboratory. Reports are now offered with the enhanced security option of table marking of the grading number, a service unique to IIDGR. All requests will be…
The De Beers Group of Companies has announced new appointments to the positions of Senior Vice President of Sightholder Sales and Senior Vice President of Product Planning at its Global Sightholder Sales business. Nigel Simson will move from his current role as Senior Vice President of Sightholder Sales to head up the new Product Planning function that will establish closer integration between Sales, Product Planning and Product Delivery, enabling the delivery of more tailored product and service offerings for rough diamond customers. Bernard Bradley will take over from Nigel as Senior Vice President of Sightholder Sales, bringing with him an outstanding…
Gem Diamonds, the London listed diamond producer said it may be forced to review its costs guidance following bad weather in Lesotho that affected operations at Letšeng Mine. The company, which also owns Ghaghoo mine in Botswana, stated that excessive snow falls and severe wind had hindered access to the mine recently. “Full Year guidance for ore tonnes treated and operating costs may need to be re-assessed but due to the strong operational performance in H1, carats recovered are not expected to be affected materially,” the company told shareholders. “The Board will provide an updated view of the current year’s…
A combination of a challenging business environment, liquidity constraints as well as a limited number of financially credible off-takers in many jurisdictions indicates that there may be a need for right-sizing some of Africa’s planned power projects, according Shepherd Aisam, Head of Corporate and Investment Banking (CIB) at Stanbic Bank Botswana. Looking across 78 power project developments, identified in 13 of the 20 African countries Standard Bank has a presence in, including Botswana, shows that over half these projects are anticipated to have medium-sized capacity of 30-300MW. Approximately 40% are expected to be large-scale power plants with installed capacity greater…