Botswana Diamonds Reports $388,000 Loss

(IDEX Online News) – Botswana Diamonds plc has announced its interim results for the six month period ended December 31, 2015, which showed that the miner lost £274,000 ($388,000).

Botswana Diamond chairman John Teeling, said that the losses were due to depressed global diamond market and a lack of investor interest in exploration companies. He argued that markets were still developing outside of the US and Europe, with burgeoning middle classes in South America, Asia and part of Africa likely to drive trade in the future. Teeling said that the current downturn in the Asian markets was a blip, especially with forecasts that demand will soon outstrip supply.

Teeling acknowledged that it was difficult for explorers to raise capital, but expressed contentment and confidence in the 50/50 partnership that Botswana Diamonds has with ALROSA. He said that despite the inhospitable conditions in the Kalahari Desert, ALROSA geologists and geophysicists remained convinced that their technology and expertise will provide encouraging results in the Gope Region.