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LONDON (Alliance News) - Botswana Diamonds PLC Friday said its pretax loss was broadly flat in the first half of the financial year as it continues to explore two areas in Botswana in search for diamonds.
The miner, which does not currently generate any revenue, reported a GBP161,000 pretax loss in the six months to the end of 2015, broadly flat from the GBP166,000 loss a year earlier as a fall in administrative expenses was offset by a small impairment.
The company is currently conducting exploration work in Botswana, drilling two licences in the Orapa area of the country, PL 210 and PL 260, after which the company will begin drilling licenses in the Gope area, as announced earlier this week.
"We are serious explorers in Botswana. Our partnership with Alrosa is working well. The current programme is the fourth in the field. Each session improves the understanding of the geology of the Kalahari," said Chairman John Teeling.
"Our partner remains convinced that their technology and expertise can see through the overburden to discover what is below. Drill holes are the only real way of discovering this. With three separate drill programmes in the coming weeks we have high hopes of positive news," he added.
Botswana shares were up 7.4% to 0.940 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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