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BDC Launches Kromberg and Schubert factory shell

Western Industry Estates, a 100% BDC subsidiary has recently completed the expansion of a factory shell housing Kromberg in Gaborone-West Industrial. The 36 million worth factory was officially launched on the 11th May 2017 by the Minister of Investment Trade and Industry, Honorable Vincent Seretse.


Kromberg and Schubert is an international player in electrical vehicle wiring. When giving his welcome remarks, BDC Managing Director Bashi Gaetsaloe emphasized on the importance of partnerships in business and hailed the Corporation’s partnership with Kromberg and Schubert.”I am very happy to announce that this 4100 sqm factory was delivered to Kromberg on time, quality and budget,” he said. Gaetsaloe highlighted that BDC’s strategic essence is to influence best practice processes, governance and partnerships to create and grow commercially viable businesses.


During his key note address Minister Seretse highlighted that the Government of Botswana continues to seek opportunities to grow the economy, and the key role of his ministry is to create wealth for Batswana and the country at large.“Standing today to launch this factory shell attests that Botswana has a chance to grow and penetrate the export trade market.

 

BDC has financed the expansion of the factory shell to allow Kromberg to operate here, hire Batswana and to export its products all over the world. As we are all aware of our relatively narrow revenue base which is largely based on minerals, we have a challenge in expanding the scope of our economic activities through diversification and export-led growth,” said the Minister


With its appetite to invest in Botswana, Kromberg and Schubert, which focuses on the development and production of complex wiring systems for the automotive industry, has created in excess of 2000 jobs for Batswana. The newly built factory on its own created about 400 additional jobs. The Minister urged BDC to continue delivering its own mandate as an investment partner and lender. He further reiterated that BDC, as an investment arm of government has a responsibility to operate on a commercial basis and earn a reasonable return from its lending’s and investments as it plays a critical role of private sector development.


According to the Minister, his ministry will continue to create a conducive environment for local and foreign investors that seek to do business in the country. The ministry will focus especially on those that have viable projects that use readily available and local resources including labour and bring in competent management to facilitate skills transfer and empower Batswana in business. The Minister further urged the parties to nurture the partnership so that it continues to grow and yields more results.

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Matsheka seeks raise bond program ceiling to P30 billion

14th September 2020
Dr Matsheka

This week Minister of Finance & Economic Development, Dr Thapelo Matsheka approached parliament seeking lawmakers approval of Government’s intention to increase bond program ceiling from the current P15 Billion to P30 billion.

“I stand to request this honorable house to authorize increase in bond issuance program from the current P15 billion to P30 billion,” Dr Matsheka said. He explained that due to the halt in economic growth occasioned by COVID-19 pandemic government had to revisit options for funding the national budget, particularly for the second half of the National Development Plan (NDP) 11.

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Lucara sits clutching onto its gigantic stones with bear claws in a dark pit

14th September 2020
Lesedi La Rona

Botswana Stock Exchange (BSE) has this week revealed a gloomy picture of diamond mining newcomer, Lucara, with its stock devaluated and its entire business affected by the COVID-19 pandemic.

A BSE survey for a period between 1st January to 31st August 2020 — recording the second half of the year, the third quarter of the year and five months of coronavirus in Botswana — shows that the Domestic Company Index (DCI) depreciated by 5.9 percent.

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Botswana Diamonds issues 50 000 000 shares to raise capital

14th September 2020
Diamonds

Botswana Diamond PLC, a diamond exploration company trading on both London Stock Exchange Alternative Investment Market (AIM) and Botswana Stock Exchange (BSE) on Monday unlocked value from its shares to raise capital for its ongoing exploration works in Botswana and South Africa.

A statement from the company this week reveals that the placing was with existing and new investors to raise £300,000 via the issue of 50,000,000 new ordinary shares at a placing price of 0.6p per Placing Share.

Each Placing Share, according to Botswana Diamond Executives has one warrant attached with the right to subscribe for one new ordinary share at 0.6p per new ordinary share for a period of two years from, 7th September 2020, being the date of the Placing Warrants issue.

In a statement Chairman of Botswana Diamonds, John Teeling explained that the funds raised will be used to fund ongoing exploration activities during the current year in Botswana and South Africa, and to provide additional working capital for the Company.

The company is currently drilling kimberlite M8 on the Marsfontein licence in South Africa and has generated further kimberlite targets which will be drilled on the adjacent Thorny River concession.

In Botswana, the funds will be focused on commercializing the KX36 project following the recent acquisition of Sekaka Diamonds from Petra Diamonds. This will include finalizing a work programme to upgrade the grades and diamond value of the kimberlite pipe as well as investigating innovative mining options.

Drilling is planned for the adjacent Sunland Minerals property and following further assessment of the comprehensive Sekaka database more drilling targets are likely. “This is a very active and exciting time for Botswana Diamonds. We are drilling the very promising M8 kimberlite at Marsfontein and further drilling is likely on targets identified on the adjacent Thorny River ground,” he said.

The company Board Chair further noted, “We have a number of active projects. The recently acquired KX36 diamond resource in the Kalahari offers great potential. While awaiting final approvals from the Botswana authorities some of the funds raised will be used to detail the works we will do to refine grade, size distribution and value per carat.”

In addition BOD said the Placing Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 23 September 2020.

Last month Botswana Diamond announced that it has entered into agreement with global miner Petra Diamonds to acquire the latter’s exploration assets in Botswana. Key to these assets, housed under Sekaka Diamonds, 100 % subsidiary of Petra is the KX36 Diamond discovery, a high grade ore Kimberlite pipe located in the CKGR, considered Botswana’s next diamond glory after the magnificent Orapa and prolific Jwaneng Mines.

The acquisition entailed two adjacent Prospecting Licences and a diamond processing plant. Sekaka has been Petra’s exploration vehicle in Botswana for year and holds three Prospecting Licenses in the Central Kalahari Game Reserve (Kalahari) PL169/2019, PL058/2007 and PL224/2007, which includes the high grade KX36 kimberlite pipe.

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