Business
Annual Results for the Year Ended 30 June 2018
Annual Results for the Year Ended 30 June 2018.
About this update from Botswana Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6746H Botswana Diamonds PLC 19 November 2018 \n\n \n \n19th November 2018 \n \nBotswana Diamonds PLC \n(\"Botswana Diamonds\" or the \"Company\")\n \nAnnual Results for the Year Ended 30 June 2018\n\n \n\nBotswana Diamonds plc (AIM: BOD) today announces its audited annual results for the year ended 30 June 2018.\n \nThe period under review, mid 2017 to the end of June 2018, saw progress on a number of fronts. The most significant advance was at Thorny River in South Africa where drilling extended the diamond bearing dyke. A number of development options were examined and a decision to contract out the development was recently finalised. If approvals can be finalised royalty revenue should begin to flow to Vutomi, the Company's associate, by end 2019. This will also allow Botswana Diamonds to work towards a maiden resource at negligible cost.\n \nThe Maibwe project in Botswana continued to grind forward. This exciting prospect has been mired in the liquidation of the main shareholder - BCL. A prospectus on the project has been produced by BCL for the purpose of selling their stake. \n \nSignificant changes are taking place in the Sunland Minerals joint venture on eight licences in the Kalahari Desert. New directors in Alrosa attached a low priority to small scale early stage prospecting projects. While discussing the future of the joint venture with Alrosa, Botswana Diamonds took over operatorship and explored in the first half of 2018. We identified drillable targets. Alrosa has recently transferred its 50% holding in Sunland to Botswana Diamonds. Discussions are at an advanced stage with a diamond producer to step into the shoes of Alrosa by acquiring the 50% of Sunland Minerals which Alrosa has transferred to Botswana Diamonds. This producer has an experienced diamond exploration team in place. \n \nDuring the period under review Botswana Diamonds pursued a new joint venture with Vast Resources Plc (\"Vast\") on a block in the Marange Diamond fields in Zimbabwe. This has recently been finalised. The initial review suggests very good potential.\n \nDespite making progress we have struggled to attract investors. We are not alone. The junior exploration sector is out of favour. We believe our share price and those of our peer companies languish at or ...