BOTSWANA Diamonds spent £113 904 (US$145 057) in exploration expenditure for the year ended June 30, 2023 as the explorer keeps looking for ventures that might be profitable.
The exploration and mining development company that holds licences in Botswana and South Africa, is focused on short-term production targets at Marange and advanced kimberlite pipe projects elsewhere, in partnership with Vast Resources.
The two companies would be exchanging past exploration information and forming a special-purpose vehicle to jointly develop the diamond potential of Zimbabwe.
Previously, Botswana Diamonds incurred expenditures totalling £58 815 (US$71 651) solely to explore new licences in Zimbabwe.
This came as it awaited the granting of a permit to Vast Resources to progress the Marange project, of which the miner was a party.
“We believe strongly that more deposits will be discovered in Botswana. But we are not blind to other opportunities,” the company’s chairman, John Teeling said in a statement accompanying the 2023 annual report.
“We continue to spend time and money in Zimbabwe, which is long known to have diamond potential. We have made some progress.”
The southern African nation’s history of diamond exploration and mining had all but vanished during President Robert Mugabe’s regime’s many years of economic isolation.
Following Mugabe’s demise, the appetite for investing in Zimbabwe has grown owing to the new government’s favourable stance toward foreign investment.
“Whilst in Zimbabwe, the company will continue to seek projects of potential commercial interest,” said James Campbell, Botswana Diamonds managing director.
Zimbabwe’s diamond industry has faced several challenges over the years, including allegations of human rights abuses and corruption.
In response to these issues, Zimbabwe established a new diamond policy in 2019 aimed at promoting transparency and accountability in the
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