Botswana Diamonds Reports $512,000 Operating Loss for 2015‎

(IDEX Online News) – Botswana Diamonds incurred a loss during the year of £372,502 ($569,400), following exchange rate fluctuations. Earnings per share (EPS) also dropped to $0.25, from the previous year’s $0.87p.

The company’s net assets rose slightly to £6,248,932 ($9,536,757), up from £6,186,858 ($9,441,935) for the year ended June 30, 2014. The company’s loss after taxation was £339, 529 ($512,658), down from £948,610 ($1,449,906) a year previously.

“These conditions represent a material uncertainty that may cast doubt on the group’s ability to continue as a going concern,” the company said in a statement.

Botswana diamonds also said that it was impossible to predict whether financing efforts would be successful, but that the directors were confident they would be able to raise additional finance.

Botswana Diamonds has interests in 27 licenses in Botswana. Of those, 14 are located in the Orapa and Gope areas, a joint 50-percent venture with Russian miner, ALROSA, called Sunland Minerals. Botswana Diamonds wholly owns three licenses, and the remaining 10 licenses in the Kalahari are operated by BCL (a Botswana-owned copper and nickel miner), where Botswana Diamonds holds a 15-percent interest.