The Board of Directors of Shumba Energy have announced the execution of a binding Memorandum of Understanding (MoU) between Shumba Energy and Basil Read Mining (BRM).
Basil Read Mining is part of the Johannesburg Stock Exchange listed Basil Read Holdings Limited Group (BRH), a leading construction and surface mining company in Southern Africa. BRH is an integrated service provider with a proven track-record and advanced expertise in construction, roads, developments and contract mining.
According to a statement released by the Board, Shumba Energy has partnered on technical mining operations specifically with Basil Read Mining to provide contract mining solutions for Shumba Energy’s coal projects in Botswana. Meanwhile BRM specialises in surface contract open pit and opencast mining, which includes drill, blast, load, haul and dump, material handling, in-pit water management, mobile plant maintenance and management services to the mining, quarrying and construction industries.
In addition, BRM will assist Shumba Energyby providing inputs for mine design, scheduling and mine planning, infrastructure development, operations and project management, surveying and optimization services across Sub-Saharan Africa. For his part, Alan Clegg, Chairman of Shumba Energy, commented, "It has been our clear stated intent to select a few strategic operational partners to support our operational business model of using specialised outsourced services to execute our projects. I am very pleased with the foundational nature of this MoU which is the first building block of what we hope will be a long-term relationship with the Basil Read Group.
This MoU is significant as it demonstrates the promised tactical execution of our plans presented to shareholders and entry by Shumba Energy into a new phase of preparation for execution and ultimately start-up of its formal mining operations for thermal coal production and market entry.
This is designed to ensure earliest possible revenue streaming from our developed thermal coal assets in Botswana to cover the companies baseline overhead operating costs without further significant capital raising just for this purpose and to move actively towards having the ability to fund required equity for further development of its projects.” Shumba Energy is an energy development company based in Botswana and listed on the Botswana Stock Exchange and the Stock Exchange of Mauritius.
Shumba Energy has over the last couple years progressed from an exploration company to a development company and sits on over 4.5 billion tonnes of thermal coal in-situ. As a major industry player, Shumba Energy’s mission is to satisfy the growing energy demand in the SADC region as a result of chronic power shortages.
For Shumba Energy “Powering the Future” means addressing chronic power shortages head-on and supplying energy to affected southern African countries in a sustainable and cost-effective manner. Established in 2011, Shumba Energy now owns a significant portion of advanced energy projects in Botswana and is uniquely positioned with its strategy to develop energy projects that are unaffected by the volatility of global commodity price
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.
The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.
In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.
Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.
China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.
Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.
On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.
According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.
The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.
Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.
According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.
The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.
Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.
Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana. The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.