Botswana Diamonds Looking to Enter Zimbabwe

Botswana Diamonds is in talks to begin exploration work in Zimbabwe after a previous project in the country failed to materialize, management said last month.

“Zimbabwe has excellent potential to be a significant diamond producer,” chairman John Teeling commented December 8 in the company’s annual results announcement. While a joint venture with UK-based Vast Resources “came to nothing,” the company is “now actively involved in discussions on a possible entry,” Teeling added. “Whether this happens or not will depend on the ground offered and on the joint-venture terms.”

Botswana Diamonds is focused on exploration projects across Botswana and South Africa, and does not register revenue yet. Its net loss widened to GPB 716,430 ($863,467) for the fiscal year that ended June 30, 2022, compared with GBP 557,499 ($671,920) a year earlier.

Image: Rough diamonds. (Shutterstock)