27th Mar 2015 09:05
LONDON (Alliance News) - Botswana Diamonds PLC Friday said its pretax loss for the first-half of the financial year narrowed as costs fell.
The diamond mining company does not currently generate any revenue, and reported a pretax loss of GBP166,000 for the six months ended December 31, narrowed from a GBP206,000 loss a year earlier as administrative costs fell.
"Resources in general and exploration in particular have suffered greatly in recent years. Share prices have been decimated - 90% plus falls. Investors have lost faith. Funding has grown increasingly difficult. But believers remain. Success will produce substantial returns," said Chairman John Telling.
The company is currently focused on its joint venture with Alrosa in the Orapa area of Botswana. The current work programme on the project is extending into 2015 over five licenses, and Botswana Diamonds said the results from the current work programme will define the next one later on in 2015. So far, Alrosa and the company have agreed a 2015 work programme for three of the licenses in 2015.
Botswana Diamond shares were untraded on Friday morning, last trading at 1.42 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Botswana Diam