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KGK Diamonds opens high- tech cutting, polishing factory


KGK Diamonds announced the opening of a new, high- tech diamond cutting and polishing factory in Botswana this past Thursday. The new factory is a 1000 sq m facility in Gaborone which incorporates the latest diamond cutting technologies and has a staff complement of 55 Batswana and 35 expatriates.


The company intends to increase the workforce to 150 by the end of 2016. It is also investing in skills developing and training for its workers in all aspects of the diamond cutting and polishing process. They were initially granted a Botswana cutting and polishing licence in March 2013 and in the intervening period they have also focused on undertaking the necessary steps to inaugurate the factory, with the help and support of a variety of local agencies.


They initially imported rough diamonds from its international operations in January 2015 to start the training of workers ahead of the factory opening. KGK and the Kothari family have a rich history in gems, diamonds and the jewellery industry over the last 110 years since the business was started. They have the experience across the diamond value chain and are involved in all aspects of the pipeline from rough diamond trading, diamond polishing, jewellery manufacturing and retailing.


KGK are the Sightholders of the De Beers Group of Companies and have Sights in three locations; Botswana, South Africa and internationally. They are also long term contract holders of Alrosa and Rio Tinto Diamonds. They have an established international and supplies diamonds to all the major diamond consuming markets throughout their network of offices. The factory was officially opened by Minister of Minerals, Energy and Water Resources Kitso Mokaila.


Navratan Kothari, Chairman of the KGK Group said they have long held the ambition to open a cutting and polishing factory in Botswana to add to their portfolio of factories. “In Botswana we have been made to feel welcome and look forward to being a good corporate citizen here”, he said.


They promised that even though it has been a challenging period for the diamond industry in recent months, they look ahead to better times on the horizon. With the opening of KGK factory, this is a very positive step for the domestic industry in Botswana.  

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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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