Giyani Metals Corp, the Canadian mining company with mining assets in Botswana has raised 23 million Canadian dollars intended to fund development of its Kanye manganese project.
Giyani Metals Corp announced at the company’s June 2022 annual general meeting that the funding is intended to advance development of Kanye K.Hill manganese project, which is scheduled to become the next large scale producer of High-Purity Manganese Sulphate Monohydrate (HPMSM).
HPMSM is a material used by battery manufacturers for the expanding electric vehicle market, according to the company. HPMSM is extracted from raw manganese after processing. Giyani Metals Corp stated that Kanye K.Hill manganese project and other two projects developed by the company in Otse and Lobatse has battery amenable manganese which can produce HPMSM.
The company stated that the K.Hill project has access to good rail and road connections, sufficient water supply and reliable power connectivity and added that the route to export market is already available. “The route to market shows that there are five seaports accessible by rail and road with cost effective shipping to Asia, Europe and North America,” said the company.
The company estimated that development of the Kanye manganese project into a mine needs USD118 million and added that once operational the envisaged mine may start giving return on investment within 3 years after production. The company also noted that they are planning to produce 40 – 115kt per annum of High Purity Electrolytic Manganese Metal during the expected 10 years project life of the planned mine. It stated that mining method to be used is open pit mining and added that no blasting is required during mining of the manganese.
In the recent update, Giyani Metals Corp CEO Robin Birchall stated that through its manganese assets in Kanye, the company intends to become one of Africa’s producers of HPSM used by battery manufacturers for the expanding electric vehicle market.
The company stated that it is developing the Kanye manganese mine through its wholly-owned Botswana subsidiary Menzi Battery Metals (Pty) Limited. “We continue the work to cement our position as a premium supplier of a critical battery material with the ongoing feasibility study work currently on track for completion in Q3 2022,” said Birchall.
Recent projections by Canadian research company shows that the market for HPMSM could grow fourteen times by 2030, as major motor companies are looking forward to use manganese based batteries for battery electric vehicles. The company CBM Group stated that the motor companies intends to produce around 8 million battery electric vehicles in 2022 and have additional150 million battery electric vehicles by 2030.
The company has noted that for some electric vehicles are likely to use battery packs that require around 100kg high purity manganese. The company noted that the huge projected need for high purity manganese could result with shortage manganese and HPMSM.
Commenting on the projections, Giyani Metals Corp recently expressed confidence that the Kanye manganese project is well positioned to leverage the growth in manganese and HPMSM demand by the battery electric vehicle market.
The mining company added that sales of electric vehicles using battery, as a percentage of the total fleet sales are forecast to continue increasing, reaching almost 30% by 2030 and over 70% by 2040. “The longer-term outlook is strengthened by stimulus programs targeting clean energy initiatives, such as the ban on the sale of internal combustion engine vehicles in California by 2035,” said the company.
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The recent study on youth entrepreneurship in Botswana has identified difficult access to funding, land, machinery, lack of entrepreneurial mindset and proper training as serious challenges that continue to hamper youth entrepreneurship development in this country.
The study conducted by Alliance for African Partnership (AAP) in collaboration with University of Botswana has confirmed that despite the government and private sector multi-billion pula entrepreneurship development initiatives, many young people in Botswana continue to fail to grow their businesses into sustainable and successful companies that can help reduce unemployment.
University of Botswana researchers Gaofetege Ganamotse and Rudolph Boy who compiled findings in the 2022 study report for Botswana stated that as part of the study interviews were conducted with successful youth entrepreneurs to understand their critical success factors.
According to the researchers other participants were community leaders, business mentors, Ministry of Trade and Industry, Ministry of Youth, Gender, Sport and Culture, financial institutions, higher education institutions, non-governmental institutions, policymakers, private organizations, and support structures such as legal and technical experts and accountants who were interviewed to understand how they facilitate successful youth entrepreneurship.
The researchers said they found that although Botswana government is perceived as the most supportive to businesses when compared to other governments in sub-Saharan Africa, youth entrepreneurs still face challenges when accessing government funding. “Several finance-related challenges were identified by youth entrepreneurs. Some respondents lamented the lack of access to start-up finance, whereas others mentioned lack of access to infrastructure.”
The researchers stated that in Botswana entrepreneurship is not yet perceived as a field or career of choice by many youth “Participants in the study emphasized that the many youth are more of necessity entrepreneurs, seeing business venturing as a “fall back. Other facilitators mentioned that some youth do not display creativity, mind-blowing innovative solutions, and business management skills. Some youth entrepreneurs like to take shortcuts like selling sweets or muffins.”
According to the researchers, some of the youth do not display perseverance when they are faced with adversity in business. “Young people lack of an entrepreneurial mindset is a common challenge among youth in business. Some have a mindset focused on free services, handouts, and rapid gains. They want overnight success. As such, they give up easily when faced with challenges. On the other hand, some participants argue that they may opt for quick wins because they do not have access to any land, machinery, offices, and vehicles.”
The researchers stated that most youth involved in business ventures do not have the necessary training or skills to maintain a business. “Poor financial management has also been cited as one of the challenges for youth entrepreneurs, such as using profit for personal reasons rather than investing in the business. Also some are not being able to separate their livelihood from their businesses.
Lastly, youth entrepreneurs reported a lack of experience as one of the challenges. For example, the experience of running a business with projections, sticking to the projections, having an accounting system, maintaining a clean and clear billing system, and sound administration system.”
According to the researchers, the participants in the study emphasized that there is fragmentation within the entrepreneurial ecosystem, whereby there is replication of business activities without any differentiation. “There is no integration of the ecosystem players. As such, they end up with duplicate programs targeting the same objectives. The financial sector recommended that there is a need for an intermediary body that will bring all the ecosystem actors together and serve as a “one-stop shop” for entrepreneurs and build mentorship programs that accommodate the business lifecycle from inception to growth.”
Botswana Housing Corporation (BHC) is said to have recorded an operating surplus of P61 Million, an improvement compared to the previous year. The housing, office and other building needs giant met with stakeholders recently to share how the business has been.
The P61 million is a significant increase against the P6 million operating loss realized in the prior year. Profit before income tax also increased significantly from P2 million in the prior year to P72 million which resulted in an overall increase in surplus after tax from P1 million prior year to P64 million for the year under review.
Chief of Finance Officer, Diratsagae Kgamanyane disclosed; “This growth in surplus was driven mainly by rental revenue that increased by 15% from P209 million to P240 million and reduction in expenditure from P272 million to P214 million on the back of cost containment.” He further stated that sales of high margin investment properties also contributed significantly to the growth in surplus as well as impairment reversals on receivables amounting to P25 million.
It is said that the Corporation recorded a total revenue of P702 million, an 8% decrease when compared to the P760 million recorded in the prior year. “Sales revenue which is one of the major revenue streams returned impressive margins, contributing to the overall growth in the gross margin,” added Kgamanyane.
He further stated professional fees revenue line declined significantly by 64% to P5 million from P14 million in the prior year which attributed to suspension of planned projects by their clients due to Covid-19 pandemic. “Facilities Management revenue decreased by P 24 million from P69 million recorded in prior year to P45 million due to reduction in projects,” Kgamanyane said.
The Corporation’s strength is on its investment properties portfolio that stood at P1.4 billion at the end of the reporting period. “The Corporation continues its strategy to diversify revenue streams despite both facilities management income and professional fees being challenged by the prevailing economic conditions that have seen its major clients curtailing spending,” added the CEO.
On the one hand, the Corporation’s Strategic Performance which intended to build 12 300 houses by 2023 has so far managed to build 4 830 houses under their SHHA funding scheme, 1 240 houses for commercial or external use which includes use by government and 1 970 houses to rent to individuals.
BHC Acting CEO Pascaline Sefawe noted that; BHC’s planned projects are said to include building 336 flat units in Gaborone Block 7 at approximately P224 million, 100 units in Maun at approximately P78 million, 13 units in Phakalane at approximately P26 million, 212 units in Kazungula at approximately P160 million, 96 units at approximately P42 million in Francistown and 84 units at approximately P61 million in Letlhakane. Emphasing; “People tend to accuse us of only building houses in Gaborone, so here we are, including other areas in our planned projects.”