RAPAPORT… Botswana Diamonds has raised the funds needed to continue
operations, and expects to hold its first sale by the fourth quarter.
The company, which has struggled with challenges that hit
its bottom line, had questioned its
ability to continue as a going concern. It had previously recorded losses due to currency fluctuations, an impairment charge, and the cost of buying Alrosa out of a joint venture.
The GBP 250,000 ($311,737) the miner raised
through a sale of shares will help it continue exploration in Botswana and further the
bulk-sampling program at its Thorny River project, it said last week.
Image: A rough diamond. (James St. John)
Botswana Diamonds to Start Selling by 4Q
The Bottom Line
- Botswana Diamonds raised GBP 250,000 ($311,737) through a share sale to fund ongoing operations.
- The company aims to hold its first diamond sale in the fourth quarter after overcoming financial challenges.
- Funds will support exploration and bulk-sampling at the Thorny River project in Botswana.
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