As a challenge fund, the Energy and Environment Partnership Programme with Southern and East Africa (EEP S&EA) is seeking high-quality applications for projects in the two regions that can contribute to the reduction of poverty by promoting inclusive and job-creating green economy and by improving energy security while mitigating global climate change. EEP is jointly funded by the Ministry for Foreign Affairs of Finland (lead donor), the UK Department for International Development (DFID) and the Austrian Development Agency (ADA) while the EEP Coordination Office (ECO) is hosted by KPMG. The partnership supports projects in Botswana, Burundi, Kenya, Lesotho, Mozambique, Namibia,…
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Cresta Marakanelo, the listed regional hotel group said its revenues rose last year but bemoaned the heightened competition in the Botswana market. According to its audited annual financial statements for the year ended 31 December 2015 , the group achieved revenue of P320 million, which was 5% growth from P303 million realised on the previous year. “The EBITDA achieved for the period under review was P63.6 million which was an 8% increase from P58.6 million achieved last year,” Cresta said. However, it added that EBITDA was impacted by the 5% increase in revenues and also a 3.5% reduction in operating costs…
Despite recent diplomatic row between Gaborone and Beijing over China’s stance in the disputed China Sea, government has said the relationship with their Asian giants is growing. The Minister of Foreign Affairs and International Cooperation, Pelonomi Venson-Moitoi said in response to a question in parliament that over the years they had witnessed increasing cooperation, particularly in the areas of infrastructure development, health, education, agriculture, science and technology, culture and military cooperation. “..our two countries’ resolve to strengthen and broaden the scope of bilateral cooperation, has been evidenced by the establishment of the Botswana/China Joint Consultative Forum, which was first hosted…
Tango Mining Limited, the TSX listed company said it has entered into a proposed USD$30m loan commitment with Vanderbilt Commercial Lending, Inc.for the acquisition and capital required for the restart of the previously operating BK11 Kimberlite Diamond Mine in Botswana. According to an update, Vanderbilt has issued its Loan Disclosure Agreement to Tango which outlines the general parameters for the loan that will be documented in a final Loan Commitment Agreement. “The outstanding principal, plus accrued and unpaid interest are due at the end of the five-year term of the Loan which includes an 18-month pre-paid interest Reserve Fund,” Tango…
Stanbic Bank Botswana has defied the tough banking climate as it managed to produce sound financial results for the year ended 31 December 2015. The bank said the loan book was constrained on the back of challenging macro-economic environment, coupled by a slowdown in mining sector, business closures, and challenges in electricity and water supply. The bank’s Chief Executive, Leina Gabaraane said the prevailing low business confidence resulted in a decline in the loan book growth. “This has naturally forced us to relook at our operational efficiencies and delivery of service to ensure that customers are sustainably delighted,” he…
Botswana Diamonds, the AIM listed diamond explorer said an active programme of exploration in Botswana, first on licences in the Orapa area then in the Gope area has commenced. According to the company, the exploration programme is being led by a team from Alrosa, which is BOD’s 50/50 joint venture partner, supported by an experienced BOD team. Already, geologists have begun sampling on PLs 260 and 210. PL 260 covers an area of 25 sq km between the Karowe and Orapa diamonds mines. It contains 3 kimberlites AK21, AK22 and AK23, known to contain diamonds. Alrosa and BOD have evaluated…
Botswana Diamonds (BOD) has reported a loss according to its Interim Results for the Six Months Ended 31 December 2015. The results showed that the diamond exploration company recorded an operating loss of £155, 000 which was better than £166, 000 reported in the same period in 2014. Loss before taxation stood at £161, 000 as opposed to £166, 000 on the prior year. The same figures were recorded after taxation. BOD said the total comprehensive loss for the period widened from £149, 000 from Six Months Ended 31 December 2014 to £274, 000. The company, which is scouring for…
Government said it will introduce a new system of licensing tour guides in partnership with the Botswana Qualifications Authority (BQA). In a statement through the Department of Wildlife and National Parks (DWNP) the members of the public, and aspiring tourism nature guides; (excluding Professional Hunters), were informed that a new system of assessing and licensing tour guides will be introduced with effect from 1st June 2016. “The current system of examining Professional Tour Guides offered by Botswana Wildlife Training Institute will be discontinued and licensing of professional Tour Guides will be done through the new system,” the department said. The…
Transnet Engineering, a division of South Africa’s Transnet, has delivered the first batch of 22 passenger coaches engineered and manufactured at its centres of excellence in Pretoria and Cape Town to Botswana Railways. According to the company, the successful delivery of the contract confirms the strides it has taken as it aggressively advances towards becoming Africa’s leading manufacturer of rolling stock. The passenger coaches were transported to Gaborone on rail from the company’s facility in Koedoespoort, east of Pretoria. The order is part of Botswana Railway’s purchase of 37 coaches. The remaining 15 coaches will be delivered by May this…
Outotec Oyj will issue a EUR 150 million hybrid bond with the coupon rate of the bond at 7.375% per annum. The bond has no specified maturity date but the company may exercise an early redemption option for the first time on March 24, 2021. The settlement date of the bond is March 24, 2016. The hybrid bond will strengthen Outotec’s capital structure and it will be used for the refinancing of existing debt and for Outotec’s general corporate purposes. “In Outotec’s current business environment it is important to have a conservative balance sheet. The requirement for additional capital is…