The African Capacity Building Foundation (ACBF) has extended an US$3m grant to the African Union (AU) in support of its 3-year capacity building program, which aims to build and enhance capacities within its Commission for the implementation of the continent’s development programs.
The AU’s program, set to be implemented over three years (2015-2017) aims mainly to strengthen institutional capacity to ensure that partnerships and collaboration between the Commission, AU organs such as the NEPAD Policy and Coordinating Agency, Pan African Parliament (PAP) and strategic partners contribute to the successful implementation of the continent’s development programs.
Since the inception of the AU and despite remarkable progress made in advancing Africa’s development agenda, further progress is being hampered by capacity weaknesses and gaps within the Commission.
Supporting the strengthening of institutional capacity within the Commission is thus crucial to the success of Africa’s development programs.
“Through partnerships such as the African Union and ACBF, there is a shared responsibility to achieve results and develop a critical mass of Africans to deal with capacity development issues at national and regional levels,” said Prof. Nnadozie, ACBF’s Executive Secretary. He, further more added: “this signing does not come at a better time than today as the AUC prepares to implement its 3rd Strategic Plan and Agenda 2063 as well as review of the post-2015 Development Agenda. We are happy to pursue our close collaboration with AUC to make the implementation of this project a resounding success and contribute to the capacity development in Africa.”
From her part, Dr Dlamini Zuma, Chairperson of the African Union, expressed appreciation to the long historical partnership and support from ACBF. She acknowledged their commitment to the continent and for accepting the responsibility of bringing their capacity into the discussions around implementation of Agenda 2063.
“The Commission relies not only on the grant support, but also on the expertise and capacity that ACBF is able to bring into the discussions, as we look at the initiatives on implementation of Agenda 2063” she stated.
“It is important for Agenda 2063 that we look at division of labor between the RECs and AU so that efforts are not duplicated”, added the Chairperson of the African Union.
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.
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.
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.