31st Mar 2014 13:16
LONDON (Alliance News) - Botswana Diamonds PLC Monday said its pretax loss narrowed slightly in its first-half as expenses fell and announced that the budget has been agreed for its 2014 development budget.
The diamond miner, which is yet to produce any revenues, said its pretax loss narrowed to GBP206,000 for the six months ended December 31 from GBP259,000 in 2012.
The company said the majority of its savings came from a 13% fall in administrative expenses to GBP222,000 from GBP256,000.
Botswana Diamonds said its joint venture with major diamond producer OAO Alrosa is progressing, with the first phase of work on the PL117 block completed ahead of schedule, and that the budget for 2014 has been agreed at USD1 million.
The company also noted that joint venture discussions are ongoing with potential partners for the Gope region where Botswana Diamonds and Alrosa have identified three targets.
Botswana Diamonds shares were down 4.8% to 2.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Botswana Diam