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Botswana Diamonds records loss

Botswana Diamonds (BOD) has recorded an operating loss of approximately US$1.6 million (£1.05 million) for the year ended June 30, 2014, up from approximately US$748,000 (£477,908) a year ago.

The AIM listed exploration outfit has attributed the loss to the ongoing exploration in the Orapa area as the company aims to discover another mine in the area. BOD said the total comprehensive loss for the year stands at £1,025,403 worse than £ 518,245 in 2013.

 The company said the funds raised in 2013 and 2014 funded all of the exploration to date with cash remaining to cover some if not all of next year’s programme, according to preliminary results for the year ended 30 June 2014.

The company Chairman, John Teeling said the coming year will be an important test of the Alrosa/BOD strategy. During 2014, a BOD/Alrosa team conducted two extensive fieldwork programmes and a 4 hole drilling programme on Block 117 in the Orapa region. The drilling programme was an excellent test of the Alrosa technology.

 Two of the four holes intersected kimberlite veins, two found basalt. A reasonable but not great result. Further work is being carried out on the drilling results but we are unlikely to drill further on that licence as the targets look small.

“The work done to date and the extensive analyses being conducted by Alrosa will identify targets which we will drill to test if they are diamondiferous kimberlites,” Teeling said in a statement accompanying the results.

“The programme is not yet agreed but I will be surprised if it does not include a double digit number of drill holes. Our joint venture with Alrosa is a 50/50 heads up which means we pay our share”. He said focus has now turned to the 5 licence block PL206 to PL210 covering 1,357 sq km of highly prospective ground. These licences were identified as prospective by Alrosa almost two years ago.

Botswana Diamonds applied in 2013 and waited a year for the award. A number of Category 1 targets are contained on this ground. A major fieldwork programme was carried out in September/October this year by a team of 8 Russian geologists supported by BOD geological team.

“We will agree a budget for 2015 which will include, drilling and more fieldwork to better pinpoint drilling locations.”

“We have a very strong and experienced team in BOD. We, as principals, tasted success in Botswana in the 2000s and have partnered with Alrosa, the biggest diamond producer and the most successful discoverer of diamonds. Our joint team has been working together for two years. 2013 was spent gathering data in Botswana, sending it to St. Petersburg where proprietary analytical techniques were used to select targets in the Orapa area,” added Teeling.

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
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.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

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.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

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.

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