Gem Diamonds’ Letšeng mine achieved robust prices in the third quarter of the year despite the company admitting that the market sentiment has remained cautious on the uncertain diamond industry. The UK company said on its trading update for the period 1 July 2015 to 30 September 2015 that an average price of US$ 2 578 per carat was achieved in Q3 2015. “Prices for the large, high value rough production from Letšeng remained robust during the period, achieving an average of US$ 2 578 per carat, amid continued liquidity constraints, high inventory levels and the slowdown of the Chinese…
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Galane Gold Ltd, the unhedged gold producer said it has successfully renegotiated the repayment terms of both the loan facility and gold prepayment arrangement provided by Samsung C&T U.K. Limited (as detailed in the Company’s press release of August 25, 2014) and the outstanding royalties due to the Government of Botswana. The renegotiated terms are aimed at ensuring that Galane continues with the development of The Tau Underground during 2016, as currently planned, even in the current depressed gold price environment. Galane said the current schedule of 10 remaining monthly installments of $277,000 and one monthly installment of $291,000 has…
Letshego Holdings Limited has acquired a 75% stake in Advans Bank Tanzania by way of a subscription for new shares. The subscription of Tanzania Shillings 15.5 billion (approximately BWP 70 million/US$ 7 million), is alongside existing shareholders, Advans SA and FMO, who will continue to provide on-going governance and oversight. Letshego already serves over 44,000 Tanzanians through its credit institution, Faidika. Swahili for “benefit”, Faidika’s products and services are accessed through a network of 105 branch and satellite offices and a team of more than 230 commission based sales officers. Advans Bank Tanzania was established in Tanzania in 2011 and…
Shumba Coal Limited has announced change of name to Shumba Energy Ltd effective 22 October 2015 as the exploration company moves to energy development. The directors of the company believe the new name better represents the strategic vision or objectives of the company. “The new name better represents the strategic vision / objectives of the Company,” Shumba Energy said. The company is in the business of acquisition and development of highly prospective coal exploration licences in Botswana and it is in the process of becoming an energy developer. The company’s flagship project, Sechaba Project, has approximately 1 billion tonnes of…
Lucara Diamond has released its third quarter results that are strongly supported by sales of exceptional stones from Karowe mine in Botswana. According to the results, the company achieved revenues of $90.9 million or $1,081 per carat in the third quarter of 2015. The company’s operating margin in the period was $951 per carat or 88%, which is largely due to its first exceptional stone tender in 2015, which achieved proceeds of $68.7 million from the sale of 1,674 carats. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for the period were $66.8 million and year to date…
South Africa’s state owned Eskom said it is continuing with the plans to upgrade its electricity infrastructure and has installed and commissioned a new transformer at the Acornhoek substation in the Bushbuckridge Local Municipality. The R144 million project started in September 2014 and consists of two phases, which include the replacement of two old transformers with two new transformers that have bigger capacity to meet the growing electricity demand in areas such as Bushbuckridge, Acornhoek, Hoedspruit, Hazyview and other neighbouring towns like Phalaborwa. The commissioning of this transformer forms part of Phase 1 of the transformation upgrade and will…
The World’s leaders in the Diamond Industry will come together in Africa’s best-kept secret, Namibia, for the International Diamond Conference 2015. The Conference is themed: Omugongo, A Cut above the Rest. This prestigious event will be held at the Safari Conference Centre in the capital Windhoek, Namibia. This summit of Speakers from across the world is a unique forum for dialogue and cooperation between industry leaders at the highest level. The overall theme of the Conference will focus on the “Challenges facing diamond beneficiation in Southern Africa: How can we make this industry viable and sustainable.” OMUGONGO definition: A great…
Pangolin Diamonds Corp. said it has it has recovered pyrope garnet with near-source surface features from its wholly-owned Malatswae Diamond Project, which is located 90 km southeast of the Orapa kimberlite field in Botswana. The company said four samples produced over 14 pyrope garnets, with five grains in two samples. The samples are spaced from 200-400 meters apart and positioned directly over a magnetic anomaly of similar dimensions. Samples MTI64 and MTI83 each produced five pyrope ranging from 0.4-0.8mm in maximum dimension. In sample MTI64, all of the grains exhibit irregular to well-formed trichitic pits and sinuous channels that…
Residents of Lekgolobotlo are set to experience enhanced healthcare delivery due to increased infrastructure at the local clinic. Located in the heart of the village, the local clinic on Friday 30th October 2015 received a much-welcomed extension of its healthcare facilities in the form of a porta cabin, courtesy of Stanbic Bank Botswana. The donation of the P100,000 porta cabin and some furniture comes following the successful hosting of the 2015 instalment of the Gem Diamonds Kalahari Cycle Challenge, which Stanbic Bank supported. The Challenge committed to creating a “Community Support Programme” for the communities through which it rides, part…
The six finalists in the ELLE Rising Star Award 2015 in association with MRP have been selected, and are now hard at work completing their collections. As part of the programme, they are receiving business skills training through a nine-week online course run by Get Smarter and the University of Cape Town, all while, supported by MRP. They are bringing their full ranges to life, which will be shown at an event hosted by African Fashion International on 25 November at Johannesburg’s hottest new venue, The Park – Hyde Park, where the winner will be announced. African Fashion International will…