De Beers puts finishing touches to sales plan

Mining MX - Sandton,South Africa
Governments in the African countries in which De Beers operates has put pressure on the 45% Anglo American-owned company to sell more diamonds domestically ...

Botswana: New Miss Botswana Pledges to Make a Difference

AllAfrica.com - Washington,USA
Standard Chartered Bank has opened a diva account for her with a deposit of P2, 500. During her reign, Kgomotso will also be receiving monthly allowance of ...

Financial scandal rocks Botswana's banking sector

A number of stakeholders in the Botswana financial market are calling for the withdrawal of Standard Chartered Bank's trading licence following revelations that the was involved in shady foreign currency trading. ......
Botswana - http://news.traveliac.com/blogs/Botswana/

CIC Energy launches coal-to-liquids studies for Mmamabula

Toronto-listed CIC Energy Corp has begun a feasibility study, as well as a detailed market study, into a proposed coal-to-liquids project in Botswana, at the company's Mmamabula coal project, the firm said on Wednesday.
Mining Weekly - Home - http://www.miningweekly.co.za

CIC launches coal-to-liquid feasibility study

CIC Energy changes CEOs and launches a feasibility study into making gas and liquid fuel from its massive coal deposits in Botswana.
Miningmx: Headline News - http://www.miningmx.com/

CIC Energy announces commencement of coal-to-hydrocarbons feasibility study

Canada NewsWire (press release) - Toronto,Ontario,Canada
Other Corporate News In other corporate news, CIC Energy is pleased to announce that the Government of Botswana has approved the Environmental Impact ...
See all stories on this topic

Standard in R2.4bn home loan deal with partners (Dec 10, 2007)

Standard Bank has concluded a R2.4-billion home loan securitisation issue to help three financial institutions meet their Financial Sector Charter obligations.

This is a first for the South African market.

The Siyakha Fund (meaning we are building ), comprising R2.4-billion worth of low-income housing loans established by Standard Bank, has been structured as a private placement and issued to Liberty Life, Old Mutual and Investec Bank.

They will each receive equal portions of the issue.

Standard Bank’s Kennedy Bungane said: “This transaction is the first securitisation in South Africa of low-income housing loans, a new innovation for the South African debt capital markets.

“It is a landmark transaction in terms of utilising securitisation technology as a mechanism to enable financial institutions provide funding in respect of low income housing and thereby gain charter points.”

On conclusion of the charter in October 2003, Standard Bank committed to help those charter co- signatories whose business models precluded them from being able to directly provide housing finance to lower-income individuals to meet their charter obligations.

“Standard Bank is in the process of fulfilling its charter commitment to provide housing loans to the lower-income market.

“This has allowed us to package our surplus low-income housing loans and offer them to our charter partners,” said Bungane.

In the four years since the charter’s inception , Standard Bank has provided housing finance of R10.7- billion to the low-income housing market .

The target for the industry is R32-billion in low-income housing loans by 2008.

Botswana Investors Now Account for 15% Share in African Diamonds (12/11/07 15:12)

Investec Group Limited of Botswana purchased more than 7.5 million shares in African Diamonds, representing 10.09 percent of the issued share capital. Botswana based investors now hold more than 15 percent of the company, according to African Diamonds.

John Teeling, chairman of African Diamonds, said, "Over 10 percent of African Diamonds is a significant commitment and is very positive news for our shareholders insofar as knowledgeable investors on the ground in Botswana see value in our shares."

Botswana holds the "best diamond exploration address in the world" and Orapa (diamond mine) is the "best street," Teeling said. "African Diamonds intends to be a significant diamond industry player in its own right in Botswana."

Stillwater investors prevail in lawsuit

ou may have missed the article in The Moscow Times, but former directors of Stillwater Mining Co. have lost a lawsuit to some disgruntled investors.

On Monday, Bloomberg News Service picked up the story, apparently first printed in Russia, that investors who sued Stillwater officials for a breach of fiduciary responsibility five years ago have won a $2.6 million settlement.

According to Stillwater's last annual report, in 2002 some investors sued company officials in a Delaware Chancery Court and in federal courts in New York and Montana over "misleading statements about the company's financial performance" and its ore reserves. The New York District Court case was moved to Montana.

Negotiated settlement

On Dec. 7, Delaware Chancery Court Judge Stephen Lamb approved a negotiated settlement of $2.6 million, plus $50,000 in attorney fees.

"Plaintiffs achieved what they set out to achieve," Lamb said, according to the Bloomberg report.

The Delaware Chancery Court is a special court in Delaware that focuses on corporate matters with the authority to issue declaratory judgments and temporary injunctions. A federal judge in Montana also must approve the settlement.

The majority of stock - nearly 55 percent - in the Billings-based Stillwater Mining Co. is owned by Norilsk Nickel of Moscow. Norilsk bought controlling interest in the only U.S. producer of platinum and palladium in 2003. The precious metals are primarily used for jewelry and in catalytic converters for cars and trucks.

The Russian mining giant is the world's largest producer of palladium and nickel and a leading producer of platinum and copper. And the corporate partner to Stillwater Mining may be undergoing big management changes.

Last February, news reports said that one of Norilsk's two top investors, Mikhail Prokhorov, offered to sell his shares in the mining company to the other top investor and executive, Vladimir Potanin. Other reports speculated that outgoing Russian President Vladimir Putin may try to renationalize Norilsk Nickel as he consolidates control of oil and gas and other mining assets.

Premium price

Last June, after a fight with a Swiss-based company, Norilsk Nickel paid a premium price of $6.4 billion for LionOre, a Canadian nickel and gold producer that also operates in Botswana, South Africa, and Australia.

Stillwater Mining operates two Montana mines, the original at Nye and a second along the East Boulder River. The company was named as a "nominal defendant" in this investor lawsuit and no damages were sought, so the company issued no press release or U.S. Securities and Exchange Commission announcement about the settlement.

"The only reason I knew about it is it appeared on this clip service that we are trying out," said Dawn McCurtain, Stillwater Mining's marketing and investor relations officer. "I wouldn't expect to see this appear first in Moscow (and then) through Bloomberg."

Stillwater Mining isn't financially responsible for the settlement, McCurtain said.

"It actually comes from the insurance company," she said.

Investors who owned stock between April 20, 2001, and April 1, 2002, are eligible for part of the settlement, according to Bloomberg. No further details about the names of the former directors or how to apply for a settlement were immediately available.

"The entire litigation proceedings haven't been completed yet," McCurtain said. "When they are, information will be released on what to do next."

Stillwater Mining reported $613 million in sales in 2006. The mining stock has had a volatile ride this year, hitting a 52-week high of $16.47 on April 26 and a low of $7.93 on Aug. 16.

SMC, which trades on the New York Stock Exchange, closed at $10.34 on Tuesday, 48 cents off the opening price.

Modubule against liberalisation of power supply ( 11 December, 2007)

Some parliamentarians have questioned the logic behind governments proposal to liberalise the electricity supply sector to include independent power distributors who will depend on the Botswana Power Corporation (BPC) infrastructure.

Commenting on the electricity supply amendment bill last week, the MP for Lobatse, Mr Nehemiah Modubule rejected the proposal, saying it will not enhance competition because the competitors will be forced to use (BPC) infrastructure.

Mr Modubule argued that the main reason behind the proposed liberalisation is to prepare BPC for privatisation, adding that his party is opposed to the privatisation of public enterprises, especially those that are offering essential services such as power and water.

He said the government should have created an electricity supply regulatory body before it proposed amendments to the electricity supply law.

Mr Modubule appealed to the government to ensure that electricity connections were affordable, saying they were currently far beyond the means of ordinary people.

He also complained that people who apply for connections at new places that do not have electricity facilities are required to pay huge sums of money to purchase transformers, but that subsequent applicants are not required to contribute towards reimbursing the first applicant.

He said the ownership of the transformer purchased by the BPC consumer is not for that individual but is the property of the corporation.

Mr Modubule proposed that the government should absorb the costs of connecting electricity to houses and allow customers to pay the costs in installments.

Mr Mephato Reatile of Ngwaketse West said he supports the bill. He, however, questioned the criteria that the corporation uses to determine connection fees, adding that in some cases the cost of connection was higher than the value of the house being connected.

For his part, Mr Nonofo Molefhi of Selebi-Phikwe East also supported the proposed amendments. He expressed hope that the electricity cooperation between South Africa and Botswana would include other projects.

He suggested that the government should collaborate with the Botswana Development Corporation to identify investors who could embark on projects of the magnitude of Mmamabula and then later sell shares to local entrepreneurs as a means of citizen economic empowerment.

Mr Molefhi said he was worried that some Batswana sell their licence stakes without appreciating the benefits that they could get in the long term.

He urged the government to bear the costs of connecting people to ensure that electricity was accessible to the majority of the population.

Another MP who supported the bill is Mr Isaac Mabiletsa of Kgatleng East. He urged the government to ensure that Batswana had shares in important projects such as the Mmamabula coal mine and power station by facilitating their entry into big business ventures.

He requested the minister of minerals, energy and water resources to explain how the proposed project would impact on the unemployment and on what the revenue accrued from the project would be used for.

He proposed that the government should draft laws to compel big companies to enter into joint ventures with locals in order to empower them economically.

He said it was regrettable that Botswanas economy was by-and-large controlled by foreigners.

Stanbic Wins "Emerging Markets Bank of the Year" Award

11 December 2007

Stanbic Bank Botswana, a subsidiary of Standard Bank, has won The Banker's prestigious 'Emerging Markets Bank of the Year Award 2007'.

The accolade, presented at the annual Banker Awards dinner, held in London on 28 November, acknowledged the banking group's commitment to playing a key role in the financial services sector of several developing countries.

Stanbic Bank Botswana got the accolade after surpassing the P2 billion in their loans and advances utilization this year. In addition, the property division of the Standard Bank Group has just concluded the purchase of the premises of Stanbic Bank Botswana Head Office, in Fairgrounds.

Craig Bond, Chief Executive of Standard Bank Africa said: "These awards and achievements are a tribute to the strength of the group. Not only is Standard Bank the largest bank in Africa, but it is also both Pan-African and global in its reach and expertise. We believe that the combination of these attributes holds the key to developing a world-class banking sector in many of the emerging markets of Africa within the foreseeable future."

The Standard Bank group is particularly active in Africa, where efforts are focused on enhancing their portfolio of retail, corporate and investment banking services.

Standard Bank's contribution to the African nations where it has an established presence also resulted in the group receiving several country awards during The Banker awards ceremony - notably South Africa, Lesotho, Malawi, Mozambique, Swaziland and Zimbabwe.

Bond added: "The recognition inherent in these awards is most gratifying as it underscore's Standard Bank's position of being an African bank, run by Africans, to the benefit of the continent as a whole."

As one of the world's most established financial services groups and the largest banking group in Africa in terms of assets, earnings and market capitalization, Standard Bank currently operates in 39 countries across the globe.

The group has representation in 18 countries in Africa, including Botswana, and 21 on five other continents, including the key financial centres of Europe, the Americas and Asia. In Africa alone, the group has more than 1 000 points of representation.

A full range of banking, investment and lending products and services is offered to entities ranging from multinational corporations to individual income earners and their families.

These latest accolades build on an array of awards afforded Standard Bank for its activities in emerging markets. The list includes being named the leading banking group in sub-Sahara Africa in this year's The Top 1000 World Banks list. It placed 106th overall, up twelve places from the 118th spot in 2006. The annual rankings, published by The Banker and Financial Times, provide a comprehensive listing of the world's leading commercial banks based on Tier 1 Capital. The research and evaluation criteria include an assessment of banks' strengths worldwide, as well as diverse performance indicators - such as growth in real profits, profits on capital and return on assets.

Botswana: FNB Launches Firstplus

11 December 2007

First National Bank of Botswana (FNBB) has launched the FirstPlus Campaign, which brings an innovative array of products and services from the bank.

The package for the new products which FNBB launched under the FirstPlus campaign are the are the FirstCardPlus (FirstCard), e-Plus (Electronic Banking), MortgagePlus (Home Loans), ChequePlus (Cheque Accounts), Savings Accounts - SavingsPlus, and WesBank - WheelsPlus.

Bomolemo Selaledi, Head of Marketing and Communications said her bank is now going to the market with an array of solutions that have been bundled and packaged to meet a specific and growing need, proven through recent customer research feedback.

The integrated campaign will still maintain separate product identity and personality, though focusing on cross selling of the different single products as a bundled package, with the main purpose being not only sell the product or service sought by a customer, but also offer other value added features and products from other product houses and retail branches.

FNBB chief Danny Zandamela explained that, this approach meets the stated needs of FNBB customers as regards greater information regarding the products of the bank and their applicability to the needs of various clients. Furthermore, the campaign increases our client's access to our large and varying suite of products and value-adds, ensuring that we respond to client requests coming out of customer satisfaction research, thereby continue building enduring and rewarding relationships.

The campaign will be visible nationwide through a mass media roll out.

IAMGOLD Intercepts Westwood Mineralization at Depth (Dec 05, 2007 13:47 ET)

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2007) - IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG)(NYSE:IAG)(BOTSWANA:IAMGOLD) is pleased to announce results from 5 drill holes of the ongoing drill program at the Westwood project, an advanced stage exploration project located within the Company's Doyon mine property in the Abitibi region of Northern Quebec.These results include intercepts of the Zone 2 extension at a vertical depth of approximately 2.3 kilometers in hole R14281B-07, which is 800 metres deeper than mineralization previously intersected. This hole was specifically planned to test the depth potential and includes 10.0 metres averaging 11.5 grams per tonne (g/t) gold and 5.0 metres averaging 23.0 g/t gold. These results are significant given the depth of the known 3.3 million ounce resource previously delimited which is less than 1.5 kilometres.The first hole east of the Bousquet Fault, hole R14404-07 also intercepted the Zone 2, a 3.0 metre intercept averaging 10.2 g/t gold and narrow massive sulphide mineralization, a 2.0 metre intercept of 3.6 g/t gold, 5.0% zinc, within the Westwood horizon.These higher grade intercepts and intercepts at depth may have significant impact on the strike length and have potential to substantially increase the total Westwood resource."These results are some of the best to date on the Westwood project. With the increasing gold grades at this depth we are very encouraged that Westwood could become a world class deposit," commented Joseph Conway, President & CEO. "The acceleration of this project in 2007 will continue in 2008 and the results to date continue to confirm that Westwood will be IAMGOLD's future in Northern Quebec."Significant intersections from this drilling campaign can be found in Table 1 with a longitudinal section of Zone 2 shown in Figure 1. These holes represent 7,050 metre of drilling since September 1, 2007 for a total of 25,000 metre of drilling this year.In January 2008, valuation drilling on Zone 2 will begin. This will involve the drilling of a 400 metre by 400 metre block or panel, to demonstrate the continuity of the deposit. In addition, work will continue on the southern exploration drift toward the mineralized zones, which will be reached in the first quarter of 2008.

Some intersections from these holes have been released previously.
Qualified Person / Quality Control NotesThe drilling program was carried out by IAMGOLD employees, under the supervision of Ms. Nicole Houle, Geologist - Doyon Division. Ms. Houle is a qualified person (as defined by National Instrument 43-101) with more than 20 years of experience in mine and exploration geology. IAMGOLD has established an Analytical Quality Assurance Program to control and assure the analytical quality of assays in its gold exploration. This program includes the systematic addition of blank samples, reject and pulp duplicates and internal material references (the "standards") to each batch of samples sent for analysis. Blank samples are used to check for possible contamination in laboratories, field duplicates allow the quantification of overall precision while standards determine the analytical accuracy. Samples were sent for assaying to Doyon's internal laboratory as a primary laboratory. Samples were assayed by fire-assay according to industry standards.Cautionary Note to U.S. InvestorsThis press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of IAMGOLD, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from IAMGOLD's expectations are disclosed under the heading "Risk Factors" and elsewhere in IAMGOLD documents filed from time-to-time with the Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.

BDC gets land back (07 December, 2007)

PARLIAMENT - Certain portions of the Selibe Phikwe Central Business District (CBD) will revert back to the Botswana Development Corporation (BDC) after the 50 year fixed period state grant expires.
The Assistant Minister of Finance and Development Planning Mr Duncan Mlazie told Parliament that BDC holds a 50 year fixed period state grant on lots 2592 and 2593 in the Selibe Phikwe CBD.
He added that BDC holds these properties through its 100 per cent owned subsidiary, Commercial Holdings (Pty) Ltd.
Mr Mlazie said BDCs 50 year grant on the properties will expire in 2023, and the corporation intends applying for a further 50 year fixed period state grant from then on.
Should the application for a further 50 years be granted, the corporation will favourably consider the request for extensions by businesses that currently hold the lease with it, said Mr Mlazie.
The MP for Selibe Phikwe West Mr Kavis Kario had asked the assistant minister whether it is correct that certain portions or the entire Selibe Phikwe CBD have to revert to the BDC in 43 years from the date of registration of the title deed most of which were registered around 1980 thereby giving business in CBD only 15 years within which to operate Kario also wanted to know the implications of these conditions for the future of these businesses.

Loss of diamond licence could cost Anglo American $500m

THE UPCOMING expiry of a key diamond licence in Botswana could wipe more than $500m (pounds 285m) from Anglo American's profits, according to City analysts. ...

Stanchart profits up 20 percent

Standard Chartered Bank Botswana has released a healthy set of financial results for the first three quarters of the year ended 30 September 2007, in which profit after tax increased by 20 percent in comparison with the previous period. ...

MRI BOTSWANA LIMITED on SHIBUI

MRI BOTSWANA LIMITED. INDUSTRY: Medical Equipment Rental and Leasing COUNTRY: Botswana. contact information & quickview courtesy of WorldVest Base ...

Venture Partners Botswana

.. Entrepreneurs (Pty) Ltd, Cabling for Africa (Pty) Ltd, Delta Dairies (Pty) Ltd, Botswana Telecommunication Corporation, Fabulous Flowers (Pty) Ltd. ...

Investec takes a big stake in African Diamonds

Investec Botswana, the fund management outfit, recently acquired a big stake in African Diamonds Plc, making Batswana to be the proud owners of 15 percent ...

Investec Asset Management Botswana Retirement Funds Conference

Investec Asset Management Botswana, in conjunction with the Botswana Pensions Society, hosted the second retirement funds conference in Gaborone last week. ...

Govt approves coal mine study

Republic of Botswana - Gaberones,BotswanaGABORONE - The government has approved the CIC Energy Environmental Impact Statement (EIS) for the power station and mine for the Mmamabula Energy Project. ...See all stories on this topic

Standard Chartered Bank - The Huffington Post

... of the bank in Botswana which came with an enviable array of benefits. Speaking at the same occasion, the Chairman of Standard Chartered Bank in Botswana, ...

nzx.com NZX: First NZ Capital Securities Limited - StartAid

NZX: First NZ Capital Securities Limited ... Bhutan, Bolivia, Bosnia Herzegovina, Botswana, Brazil, Brunei, Bulgaria, Burkina Faso, Burma, Burund, Cambodia ...

Botswana smelter restarts after six-week repair

LionOre Mining International Ltd. Said it gained approval from the government of Botswana to start building a $620-million nickel refinery that it. ...

African Diamonds wins 3 exploration licences

Hemscott - London,UKLONDON (Thomson Financial)
African Diamonds PLC said it won three exploration licences close to the Orapa region in Botswana. ''We have stated publicly ...See all stories on this topic

Olympia Capital Holdings ltd — Fri, October 26 2007 ~ Nairobi ...

Olympia Capital Holdings has a 53% stake in Olympia Capital Corporation which is ... Olympia Capital Corporation (OCC) has once again become a subsidiary of ...

Discovery Metals Limited - Drilling Report | Regulatory News ...

Discovery Metals Limited - Drilling Report ... Prospect within Discovery Metals Limited's (AIM:DME) 100%-owned Maun Copper Project in northwest Botswana. ...

Market News - Discovery Metal Limited

Company, Discovery Metals Limited. TIDM, DME. Headline, Drilling Report ... Metals Limited's (AIM:DME) 100%-owned Maun Copper Project in northwest Botswana. ...

FURN - Furniture Mart Botswana Limited - Google Finance

Furniture Mart Limited retails domestic furniture and electrical appliances through its network of stores in Botswana, Namibia, Zambia and South Africa. ...

IAMGOLD Signs Option for Sale of Sleeping Giant

Trading Markets (press release) - Los Angeles,CA,USA
TORONTO, ONTARIO, Oct 09, 2007 (MARKET WIRE via COMTEX) -- IMG | charts | news | PowerRating -- IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX: ...
See all stories on this topic

AfricanSelect | Innscor Africa Limited - INNSCOR: Stock quote and news

Sefalana Holding Company Limited. Botswana SEFALANA, 12 Oct. Close (BWP), Chg, Vol '000, Cap (Mil). 34.00, 0.00, N/A, 544. Chobe Holdings. Botswana ...

AfricanSelect | Standard Chartered Bank Botswana Limited ...

Standard Chartered Bank Botswana Limited. Botswana STANCHART, 16 Oct. Close (BWP), Chg, Vol '000, Cap (Mil). 26.00, 0.00, N/A, 7490 ..

TheLion.com - Turnstar Holdings Limited (TURN)

Turnstar Holdings Limited (TURN). Quote | Charts | AIO Message | Blogs | Earnings Est. | Ratings | SEC Filings | Major Holders | Insiders Trades | Options ...

Botswana government grants copper project 25-year mining licence

The government of Botswana has granted African Copper a 25-year mining licence for its 100%-owned Dukwe project, allowing the company to accelerate. ...

Mineweb - RSS - African Diamonds expects big Botswana mine by end-2009

Mineweb - RSS - African Diamonds expects big Botswana mine by end-2009
African Diamonds has applied for a mining lease for the massive AK6 diamond mine in Botswana. The mine is due to start production in 2009 and is expected to ...

SA MINISTER BUYELWA SONJICA ADDRESSES DIAMOND CONFERENCE PARTICIPANTS

Tacy - Ramat Gan,Israel
... strong diamond industry infrastructure and she commended the progress made in diamond cutting and polishing activities in Botswana, Namibia and Angola. ...
See all stories on this topic

INTERVIEW-African Diamonds sees big Botswana mine by end-2009

Reuters UK - UK
African Diamonds is developing the mine in a joint venture with De Beers, which is 45 percent owned by Anglo American (AAL.L: Quote, Profile, Research). ...
See all stories on this topic

CIC Energy Project Update

Canada NewsWire (press release) - Canada
CIC Energy is a TSX/BSE-listed company engaged in the advancement of the Mmamabula Energy Project, a planned power station and integrated coal mine in ...
See all stories on this topic

AllAfrica.com - Washington,USA
Three-time African footballer of the year, Abedi Pele of Ghana will visit Botswana next month as part of the Stanbic Bank 2008 African Cup of Nations ...
See all stories on this topic

We want to be no less than Antwerp, Jerusalem, Mumbai - Mogae

Mining Weekly - Garden View,South Africa
Debswana, the Botswana government-De Beers joint venture company, owns a 15 % of De Beers, in which the London-listed Anglo American plc has a 45 ...
See all stories on this topic

Botswana Aims To Rival Major Diamond Cutting Centers, Says President

Diamonds.net - New York,NY,USA
Botswana is looking to rival the major diamond cutting and polishing centers of Belgium, Israel and India, as the manufacturing sector in the Southern ...
See all stories on this topic

Major Companies of Africa South of the Sahara 2008

Avis Botswana Car Rental. 00116. Avis Rent-A-Car Botswana. 00116. Bamangwato Concessions Ltd. 00123. Bank Gaborone. 00117. Bank of Baroda (Botswana) Ltd ...

Sefalana Holding Company Limited (Exchange: BSE Ticker: SEFALANA) [africanselect.com]

Law firms enter tussle for lead rights issue advisor

Business Daily Africa - Nairobi,Kenya
Acquisitions in the southern African market through its Botswana subsidiary, Olympia Capital Corporation and the setting up of new plant in Nairobi are ...
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Botswana smelter restarts after six-week repair

Canada's LionOre Mining International said this week production at the BCL smelter in eastern Botswana had resumed after the smelter was shut down for six weeks to repair a leaky boiler tube.

By Martin Czernowalow
Published on 20 Mar 03 - 0:00

Canadian miner buys Botswana nickel mines

Canada’s LionOre Mining International said it had agreed to pay $75,9-million for Anglo American nickel mining interests in Botswana.

By Unknown
Published on 08 May 02 - 0:00

Botswana nickel smelter shut after boiler leak

Canada's LionOre Mining International said the BCL smelter in eastern Botswana, which processes concentrate from LionOre's Tati Nickel mines into matte, had been temporarily shut after a leak in a boiler tube.

By Martin Czernowalow
Published on 05 Feb 03 - 0:00

Ramp-up planned at Botswana's Tati Nickel

International nickel and gold producer LionOre yesterday said that it has established, a low capital cost plan to increase production from the current design capacity of 12 500 t to 14 500 t of payable nickel a year at Tati Nickel, in Botswana.

By Liezel Hill
Published on 16 Sep 05 - 0:00

Company Announcement: Tati Nickel mine employs DSE as main fabricator

Attached please find a press release on: A close working relationship between DSE and Dowding, Reynard & Associates (DRA) ensured sufficient fabrication capacity to meet the needs of LionOre South Africa’s fast-track Tati Nickel 12 mtpa DMS project in Botswana.

By Creamer Media Reporter
Published on 13 Aug 07 - 8:43
Relevancy: 90%

Aviva seeks Botswana Stock Exchange listing

WA Business News (subscription) - Northbridge,Western Australia,Australia
South Perth-based energy company Aviva Corporation Ltd plans to list on the Botswana Stock Exchange by the end of November, the company has announced. ...
See all stories on this topic

Letshego release Interim results

The consumer finance group released its interim results for the nine months ended 31 July 2007. Interest income firmed 15.5% to P134.1m driven by solid book growth with net advances rising 58% to P625.5m. The net interest margin trimmed to 89.5% compared to 94.7% in the same period last year. Fee and commission income which is comprised of joining fees for the Legal Guard insurance product, arrangement fees for the executive loan product, and commission and administration fees from credit life insurance increased to P33.0m from P15.7m the previous period. Other operating income increased 32% to P2.8m.Expenses were up considerably on the back of start-up and operational costs incurred in the group’s regional expansion activities. Staff costs rose 69% to P25.8m while other operating expenses were up 55% to P21.5m.Net income for the period increased 15% to P88m producing basic EPS of 58.4t versus 50.9t for the same period last year. Botswana was the major contributor to revenue and profitability. Swaziland contributed P9m in pre-tax profits while all the other African operations reported losses, the biggest being a P2m loss in Tanzania. The group has secured a US$7.5m facility and it is in negotiations for a further US$50m facility. An interim dividend 14.0t per share was declared payable on 2 November 2007

CIC Ventures Into Gas Production

Tuesday, October 16, 2007; Posted: 11:28 AM

Francistown, Oct 16, 2007 (The Voice/All Africa Global Media via COMTEX) -- SSL | charts | news | PowerRating -- CIC Energy is conducting a feasibility study into the construction of a coal gasification plant in Botswana. The plant, if it were to be constructed, could produce about 80 000 bbl per day. This feasibility study poses threats to Sasol, which may soon have a regional competitor in synthetic fuels in the near future.

CIC Energy, which is developing the Mmamabula Energy Project 50 km north of the South African border, in Botswana, will be an integrated power station and coal mine, the first phase of which is expected to deliver 2 400 MW by 2012. Pieter du Toit, CIC Energy's Vice President for Coal To Liquids (CTL) and a former Sasol employee, says the idea to do something more with the vast coal reserves the company owns has been in development for months.

The Mmamabula coal fields are expected to yield at least 2,2bn t of coal, just over half of which will be used to feed Mmamabula, which ultimately is planned to produce at least 4 800 MW of electricity for 40 years. This will leave the company with more than 1bn t of coal. This surplus is being considered as a feedstock for a CTL plant. Du Toit said CIC Energy is in discussion with an undisclosed energy major which licenses gasification technology to study how the Mmamabula coal reacts to its licensed processes. CIC Energy has also commissioned a London-based energy research group to do a comprehensive study of what products would be best suited to the markets of Southern Africa. It is also exploring which products may best be exported.

He said anything from methanol and urea to liquid petroleum gas is being considered for export. Once the study is completed, CIC Energy will be better placed to decide what sort of plant it will build. Dov Girnun, CIC Energy's Vice President for project development, revealed that there have been initial discussions with the Botswana government about the construction of a large CTL plant.

Du Toit said the costs Sasol expects to incur with its planned Mafutha plant which is between US$6bn and $8bn, are in line with the costs CIC Energy may incur. Girnun explained that the relationship CIC Energy has with the Botswana government is "brilliant", with company executives enjoying regular access to the country's top administrators.

Given the huge and growing demand for liquid fuels in South Africa, CIC Energy is optimistic about the future of the project. Du Toit said by mid-2009 the bankable feasibility study will be completed and the company could be in a position to begin construction. The engineering, procurement and construction phase would take at least four years, and the ramp-up and commissioning would take another year to

18 months. Girnun says the company is under no illusion about the complexity of a project of this scale and will look to develop the plant in partnership with an established technology and energy partner.

African Diamonds sees big Botswana mine by end-2009 - Topix

African Diamonds Plc has applied for a diamond mining lease for a one-million -carat-a-year mine in Botswana and is due to start production by late 2009. ..

Acquisitions Still Strategy At Stanbic - MD

Stanbic Bank will continue with its strategy to acquire other banks in the market if the opportunity arises.. Stanbic Deputy Managing Director ...
Inform - http://www.inform.com

African Diamonds sees big Botswana mine by end-2009

Mon 15 Oct 2007, James Macharia

JOHANNESBURG (Reuters) - African Diamonds Plc has applied for a diamond mining lease for a one-million -carat-a-year mine in Botswana and is due to start production by late 2009, Managing Director James Campbell said on Monday.

Botswana is the world's biggest diamond producer by value, and several other junior companies are prospecting in the southern African country.

"This is the world's next big diamond mine," said Campbell, a former official at the world's top diamond producer De Beers on the sidelines of a junior miners exploration meeting.

"Very few large diamond mines are being put on the table."

The AK6 mine would initially produce about 600,000 carats yearly, and ramp up to one million in three years, he said. African Diamonds is developing the mine in a joint venture with De Beers, which is 45 percent owned by Anglo American.

Some $175 million is the initial investment in the mine, and its operating costs would be $8 per tonne, with revenues estimated at $30/tonne, Campbell said.

The AK6 deposit -- near De Beers' massive Orapa mine, which is the world's second largest with output of 17 million carats a year -- was first discovered by De Beers in 1969 and later abandoned, but was revisited in 1998 using new technology.

Campbell said the mining lease application on the AK6, which has an inferred resource of 11.4 million carats, was lodged at the end of September, and he hoped the process of negotiating the lease would take about up to six months.

Orapa is one of four large operating diamond mines in Botswana, which produced 35 million carats last year.

DiamonEx, which is gearing up to launch production early next year, Firestone Diamonds and Tawana Resources are other firms exploring for diamonds in Botswana.

Campbell said African Diamonds is also exploring in the north east region of Botswana, where it was evaluating the AK8 mine and was hoping to find other economically viable mines.

He said diamond exploration was being pushed by the strong retail demand for diamond jewellery, which is growing at 6-7 percent yearly, with supply growing at only 2-3 percent a year.

He said with the long lead times required to develop mines, the upward pressure on rough and polished prices was rising.

"There is a growing gap between supply and demand, particularly in the larger better quality goods, while we are seeing few large primary diamond resource discoveries," he said.

"There's talk of exploration and the next big find being in Canada but nothing has come of it, and there's also talk of exploration in Angola, but anything big there is at least 15 years away from being realised."

Campbell said his firm would later this month launch a gold and diamond operation in the West African nation of Sierra Leone, to be run by a sister company, West African Diamonds, which would mine old diamond dumps.

He said the mine would churn out alluvial diamonds as a by-product, with gold being the main output as the dumps are located in gold-rich green stone belts.

African Copper’s Mowana Mine on target to start production in early 2008

Godfrey Ganetsang, 14.10.2007

Mowana Mine General Manager, James Arthur, said at a recent ground breaking ceremony that they were on target to start production in early 2008 as the mine continues to achieve milestone after milestone in the long and tedious process that has led to the establishment of the mine.Speaking at the celebration to mark the ground breaking of a construction site on which the mine will build an initial 50 housing units and a recreational center, the General Manager said that they had engaged an independent group as the developers of the project and they hoped to have completed the 50 housing units and associated developments within a 10 month period. Mowana Mine, he said, would continue to be committed to working with the community, adding that the presence of the chiefs from the two villages of Mosetse and Dukwi, members of the public and government representatives was proof of their transparency and commitment to consultation. The mine has was recently engaged both villages of Mosetse and Dukwi caught in a bruising crossfire involving a dispute over the naming of the mine. this after a war of words erupted between the neighbouring villages of Mosetse and Dukwi. This culminated in the adoption of a more neutral name of Mowana Mine after complaints by the people of Mosetse that the name Dukwi Mine was more favourable to their counterparts from Dukwi village.‘”We will continue to keep an eye on the progress of this project and we have communicated with our contractor to ensure that consultations and cordial relations with our hosting community remain a priority,” said James Arthur.To mark the commencement of the project, the general manager planted two mowana trees at strategic points at the site, one with the Dukwi chief and the other with the Mosetse chief.It was an especially touching moment for Scotland-Australian born James Arthur, especially since they do not have such trees in their native Scotland

African Copper has engaged Stocker Fleetwood-Bird to act as lead with Sands Civil Services undertaking the construction works under the design of NMA Consulting Engineers. “The assistance of the Mosetse Brigades, the leaders of the community as well as the regulatory authorities have been instrumental in enabling the project to proceed smoothly thus far and we appreciate all of their efforts,” commented Harry Fleetwood-Bird. “The main contractor will employ in the region of 75 people from the local community. Further construction specialists from the region will add to the total workforce which we expect to peak at 200 people.”The Mowana Mine is one of two mining operations that form the portfolio of African Copper, a tri listed international exploration and development company whose other interest lies in the Matsitama Project, which contains a large number of prioritized exploration targets. African Copper copper holds a 100% percent stake in the rights to these two properties.Last year, the Botswana government granted African Copper a 25 -year mining license for the Mowana Mine operations. The license stipulated a 3 percent royalty payable to the Botswana government, which has no stake in the mine’s operations. This marked the beginning of more concerted efforts to keep the targeted date of commencement of production on schedule and a floatation concentrator at the mine has already been designed for a 300 tones per day throughput, producing 44 million pounds of copper concentrate annually at full production. Initial production is expected to be from open pit, followed by underground mining of sulphides.In May this year, African Copper signed a 5 year mining contract with Moolman Mining. The contract included mobilization and demobilization of the mining fleet which is expected to consist of 3 face loading shovels, and twenty six 100-tonne haul trucks at full contingent. Mobilization of resources began in July 2007 and is expected to take up to 12 months.Currently, Moolman has 126 scrapers in operation on site to facilitate the pre stripping of the surface material. This will enable the stockpiling of 180 000 to 210 000 tones of material prior to the commissioning of the 1 million -tones -per -year concentrator which is now under construction.In June 2007, anticipation was once again heightened by the results of a comprehensive updated material resource estimates for the Mowana Minemine, presented by consultants Caracle Carade Creek International Consulting (CICC), which declared 1717 000 meters of drilling as compared to previously released results of October 2006.African Copper Chief Executive Officer, Joseph Hamilton, recently announced an ambitious expansion program that will see the Company looking to expand operations into other metals and into neighbouring Southern African countries after production has started at their Mowana Mine. Hamilton was quoted as saying that African Copper is hoping to use the expertise gained at the Mowana mine’ open cast operation to launch expansionary takeovers in Zimbabwe, Zambia and Congo.It is expected that initial production at the Mowana mine, which lies 120 km north west of Francistown, will commence in the first quarter of 2008 and annual production is expected to have escalated to 20 000 tones by the end of 2008. The mine is said to have the capacity to double production in the next three3 years.

BOPA Daily News Archive

 

BOPA Daily News Archive

MAUN - The increased mining activities in Botswana will make a great impact in the growth of the economy, says the Deputy Managing Director of Stanbic Bank, Mr Leina Gabaraane.

Mr Gabaraane said the Mmamabule Coal Project and the expansion of the Morupule Power station are some of the projects that will contribute to Botswana's economic growth.

Speaking at a breakfast meeting in Maun, Mr Gabaraane said a major activity in the mining sector such as the Diamond Trading Company would also make the economy grow.

He said Botswana's economy slowed down in the last three years due to the diversion of development expenditure to social development programmes and the high inflation rate.

The meetings objective was to provide the clients with Botswana's economic outlook.

These economic activities are the things that we need to let our clients know and as a bank we obviously need to position ourself to be able to be the first lender to our clients, he said.

As a financial institution we need to continuously inform our clients because they need to make informed decisions.

The aim was also to interact with customers to understand their expectations.

Meanwhile, Stanbic Bank donated P31 250 to Junior Achievement Botswana during the meeting.

IAMGOLD Signs Option for Sale of Sleeping Giant

 

IAMGOLD Signs Option for Sale of Sleeping Giant

October 09, 2007: 08:30 AM EST

IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX: IMG) (NYSE: IAG)(BOTSWANA: IAMGOLD) is pleased to announce that an option agreement has been signed with Cadiscor Resources Inc. ("Cadiscor") granting them the right to purchase the Sleeping Giant Mine ("Sleeping Giant") after the completion of mining and processing for total consideration of up to CDN$7 million. Sleeping Giant is a 100% owned IAMGOLD producing mine located in the Abitibi region of Northern Quebec. Current estimated annual gold production is 50,000 ounces and it is expected to continue production through 2008.

In the deal reached with Cadiscor Resources, IAMGOLD will continue to mine and process reserves at Sleeping Giant until the end of its current reserve life at which time, Cadiscor will purchase the property and all the related infrastructure assets. Under the agreement, Cadiscor Resources will pay CDN$300,000 in cash and issue 600,000 common shares of Cadiscor and 1 million common share purchase warrants to IAMGOLD and upon exercise of the option to purchase Sleeping Giant, will pay CDN$5 million in cash or Cadiscor common share equivalent less the maximum allowable discount. In other parts of the agreement, IAMGOLD will also receive CDN$1 million in cash or Cadiscor common share equivalent after 300,000 tonnes of ore from any source are processed through the mill and will retain an NSR royalty on future production from Sleeping Giant.

"Cadiscor's key asset, the Discovery Project, located relatively close to Sleeping Giant in Northern Quebec, could greatly benefit from the acquisition of the Sleeping Giant assets and will ensure the continuation of opportunity in this region of Northern Quebec," commented Joseph Conway, President & CEO, IAMGOLD. "Our belief in the potential success of Cadiscor, its Discovery Project and exploration at Sleeping Giant, will benefit IAMGOLD shareholders through the equity position of Cadiscor acquired through this transaction. We are very pleased with this arrangement and wish Cadiscor Resources much success."

The agreement has been signed with the formal closing to occur within the fourth quarter. It is expected that the option should be exercised late next year but no later than April 1st, 2009.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources" , that the SEC guidelines strictly prohibit us form including in our filings with the SEC. U.S. investors are urged to consider closely the disclosure in the IAMGOLD Annual Report on Form 40-F. A copy of the 2006 Form 40-F is available to shareholders, free of charge, upon written request addressed to the Investor Relations Department.

Forward Looking Statement

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of IAMGOLD, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from IAMGOLD's expectations are disclosed under the heading "Risk Factors" and elsewhere in IAMGOLD documents filed from time-to-time with the Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.

All issuances and potential issuances of Cadiscor shares to IAMGOLD under the deal are subject to the approval of the Toronto Stock Exchange.

Please note:

This entire press release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through Marketwire's website at www.marketwire.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

Si vous desirez obtenir la version francaise de ce communique, veuillez consulter le http://www.iamgold.com/fr/accueil.html.

Contacts: IAMGOLD Corporation Lisa Doddridge Director, Investor Relations (416) 360-4710 or Toll Free: 1-888-IMG-9999 Renmark Financial Communications Inc. John Boidman (514) 939-3989 (514) 939-3717 (FAX) Email: jboidman@renmarkfinancial.com Renmark Financial Communications Inc. Henri Perron (514) 939-3989 (514) 939-3717 (FAX) Email: hperron@renmarkfinancial.com Website: www.renmarkfinancial.com

Daily Market Report For Friday 14th September 2007

https://www.fnbbotswana.co.bw/downloads/fnbBotswana/sharePrices/14sep07.pdf

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MASCOM/VISA Launch (21 April 2004)

The Governor of the Bank of Botswana will officially launch a world first Direct Mobile Top-Up service in Gaborone – Botswana on Wednesday, 21 April 2004.

The hi-tech filled launch will take place at the Gabarone International Conference Centre, Grand Palm Hotel at 1900.

The Governor of the Bank of Botswana, Mrs. Linah Mohohlo will officiate at the launch in the presence of three Cabinet Ministers – Mr. Jacob Nkate – Minister of Trade and Industry, Mr. Baledzi Gaolathe – Minister of Finance and Development Planning and Mr. Boyce Sebetela – Minister of Communications, Science, and Technology. Senior delegates from Visa International, Barclays Bank, First National Bank and Standard Chartered Bank will jointly support the event.

An innovative and exclusive mobile commerce solution named “PayM8” is intended to afford Mascom pre-paid subscribers the ability to purchase airtime directly from their Mobile Handsets and is set to revolutionalise virtual recharge concepts the world over. “This is just the beginning for Mascom and it’s Botswana Banking partners whom will make Mobile Commerce a reality in Botswana” says Mr Andrew Springate, CEO of JHI Commerce, the developers of the technology.

The national launch event culminates years of effort in developing a technology that is Certified by Visa and supported by all the Visa card issuing banks in Botswana. “It is truly amazing what can be achieved when organisations as powerful as Mascom, Visa Inetrnational, First National Bank, Barclays and Standard Chartered cooperate on a project such as this” says Mr. Jose Antonia Ferreira, CEO of Mascom.

Mrs. Maureen Williams, Visa International Botswana Country manager explains; “Visa is pleased to be supporting it’s member banks in Botswana in delivering new value added services to it’s card-holders, and leading the African Renaissance through the use of new technologies such as Mobile phones”.

Mascom proudly serves 70% of the Mobile market in Botswana where currently 90% of the top-up is provisioned through pre-printed ‘scratch-cards’ and paid for in cash. The Mascom Direct Top-up service that uses “Verified by Visa” technology will allow Visa card-holders to purchase Airtime using their Botswana issued Visa card as the means of payment. In the near future card-holders will be able to request the available balance on their Visa card, send money to other Visa card holders and even pay their bills directly from their Mascom phone.

JHI Commerce with their technology partners Radiospoor South Africa and Cardinal Commerce USA have developed the Visa certified solution under the guidance of Visa International and named the solution “PayM8”. The solution is intended to bridge the gap between non-Internet based Mobile phones and the Internet. “The Mobile phone is the PC of Africa. PayM8 brings the power of the Internet to everyone that owns a Mobile phone” says the Chief Technical Office of JHI Commerce.

The “PayM8” solution is simple and most importantly safe to use, as the card-holders transaction details are safely transported and secured in a Visa certified environment.

“A technical test pilot phase has been running for two months with First National Bank customers with amazing success. Already more than Pula 100,000 worth or airtime has been sold directly to card-holders” says Denis Ivins of First National Bank of Botswana.

To enrol for the Mascom Direct 109, Visa endorsed Direct Top-up service, a customer needs to have a VISA Credit or VISA Electron card from any of the participating banks in Botswana (First National Bank, Standard Chartered Bank and Barclays Bank).

Customer dial free, “109” from their Mascom phone to register on-line and provide the following information:

• 16 Digit VISA Credit or Visa Electron Number

• Visa Card Expiry date

• National ID Number

• Select another new Passcode/PIN for the service.

Once the information has been verified, a customer can start buying airtime to the value of their choice.

The launch of the Mascom Direct Top-up service will offer Mascom customers more convenience and lower its distribution costs of Airtime, and increase data security. Customers will have convenience, utility and security. This service saves time, is simple to use and is always available.

Mascom as the first cellular operator in Botswana, is the torchbearer in harnessing the cellular technology in line with the national vision - A Long Term Vision for Botswana – Vision 2016. The organisation is truly living to its mission statement that reads: “To serve Africa by pioneering, developing and sustaining reliable and efficient high quality telecommunications of uncompromising world class standards and ethics” says Mr. Jose Antonia Ferreira, CEO of Mascom.


For more information, contact:

Mascom Corporate Information: Joao Perreira, Marketing Director of Mascom on +267 390 3396

Technical Information: Kerry Stephenson on +27 11 847 6100

Visa International: Maureen Williams or Zubier Shah on +27 11 483 4300

Or Barclays, First National or Standard Chartered Bank of Botswana.

Company Profile: Investec Asset Management Botswana (Proprietary) Ltd.

Primary SIC:

• Security Brokers And Dealers

Primary NAICS:

• Securities Brokerage

Description:

• Finance:Asset Management

FNBB Launches Business Banking Unit (Friday, September 28, 2007)

The First National Bank of Botswana (FNBB) has entered into agreements with the Local Enterprise Authority (LEA) and the Women in Business Association (WIBA) to promote business growth and development in Botswana.

The First National Bank of Botswana (FNBB) has entered into agreements with the Local Enterprise Authority (LEA) and the Women in Business Association (WIBA) to promote business growth and development in Botswana.

This was revealed at a breakfast meeting hosted by FNBB to launch its new business unit, Business Banking, at the Gaborone International Conference Centre (GICC) yesterday.

Delivering the keynote address, Tsholo Kokorwe, who will head the new specialised unit, said FNBB was responding to new and emerging businesses which are a compelling source of growth in Botswana and the rest of the SADC region.

"We are working very closely with other stakeholders who are keen to promote business development in Botswana," Kokorwe said.

"This is why we are so proud to inform you of the partnerships we signed with the two organisations, LEA and WIBA, as we seek to promote business growth in this country,"

She said it is evident that there is potential for growth in this sector: "This is so, especially given the extent to which the Botswana Government promotes diversification of the economy in order to reduce the current reliance on the diamond industry."

In addition to catering for established and new businesses, the FNBB Business Banking unit will identify customers' needs and offer solutions.

The unit will offer cheque accounts, foreign currency accounts, investment accounts, business loans and overdrafts, guarantees, trade finance, property finance, and vehicle finance through Wesbank.

Furthermore, Kokorwe said, "we have a range of electronic banking services, including the Business Internet Solution that enables transactions over the Internet at your convenience and inContact Pro.

"One of the added bonuses of FNB Business Banking is an initiative we will be launching shortly, known as the BIZnetwork."

The Chief Executive Officer of FNBB Danny Zandamela said the new business unit marks a milestone in the history of his bank and the strengthening of FNBB's relationship with the business sector in Botswana.

"This pioneering move to establish a Business Banking unit acknowledges the diversity of the Botswana economy,' he said. "We recognise the need for solutions that cater for specific segments and are proud to be offering a service tailored to the needs of new and emerging businesses, in addition to our usual diverse (product range)."

FNBB's introduction of a special business section comes shortly after another bank, Standard Charted, launched a special credit facility for small and medium enterprise (SMEs) a key feature of which is the elimination of collateral.

Stanchart said it was responding to widespread criticism that banks were reluctant to fund SMEs under the pretext that small businesses posed a higher risk of defaulting on loan repayments.

At the launch of the Stanchart facility, LEA said it would soon sign a Memorandum of Understanding with Standard Chartered to assist its (LEA's) clients.

It said it would present complete business plans to the bank for assessment, which would cover direct observations, surveys and interventions, if necessary.

African Diamonds Appoints CEO in Botswana ( 04.09.07)

African Diamonds plc, the AIM and Botswana-listed diamond exploration company, said on Monday it had appointed Ribson Gabonowe as CEO of its wholly owned Botswana subsidiary, Kukama. Recently, Ribson retired from his position of Deputy Permanent Secretary in the Ministry of Local Government. He also served as Director of Mines in Botswana, overseeing the administration of mineral licenses as well as involvement in negotiations of major mineral agreements for diamonds, copper/nickel, soda ash and coal. Ribson’s first assignment will be to work on the AK6 mining license application due to be submitted to the Botswana Government by the end of September 2007. African Diamonds, in joint venture with De Beers, has a number of prospects in Botswana and is developing the AK6 diamond mine.

More on this subject:

Production at AK6 Project in Botswana to commence in two years (20/05/07)

African Diamonds Awarded Two Licenses (02/08/07)

African Diamonds Announces Orapa Interim Diamond Valuation (01/07/07)

African Diamonds Appoints CEO in Botswana ( 04.09.07)

African Diamonds plc, the AIM and Botswana-listed diamond exploration company, said on Monday it had appointed Ribson Gabonowe as CEO of its wholly owned Botswana subsidiary, Kukama. Recently, Ribson retired from his position of Deputy Permanent Secretary in the Ministry of Local Government. He also served as Director of Mines in Botswana, overseeing the administration of mineral licenses as well as involvement in negotiations of major mineral agreements for diamonds, copper/nickel, soda ash and coal. Ribson’s first assignment will be to work on the AK6 mining license application due to be submitted to the Botswana Government by the end of September 2007. African Diamonds, in joint venture with De Beers, has a number of prospects in Botswana and is developing the AK6 diamond mine.

More on this subject:

Production at AK6 Project in Botswana to commence in two years (20/05/07)

African Diamonds Awarded Two Licenses (02/08/07)

African Diamonds Announces Orapa Interim Diamond Valuation (01/07/07)

African Copper Receives Licence Renewal for Over 3,500sq km of Matsitama Exploration Property in Botswana (Tuesday, September 18, 2007)

(TSX:ACU)(AIM:ACU)(BOTSWANA:AFRICAN COPPER) is pleased to announce that the exploration licence renewal application submitted by African Copper to the Botswana Geological Survey ("BGS") was accepted for the Matsitama Exploration Licences, adjacent to the Mowana Mine licences.

These four exploration licences (PL14/2004, 15/2004, 16/2004 and 17/2004), totalling 3,528 sq km (see Figure 1) represent approximately 88% of the original licence area granted in 2004 and allow African Copper to continue carrying out its aggressive exploration programs in the prospective Matsitama volcano-sedimentary fold belt. Including exploration licences surrounding the Mowana Mine, African Copper now maintains a land position of over 3,800 sq km in Botswana.

"We are very enthusiastic about the prospects for this licence area and are pleased that the BGS has allowed us to retain such a large percentage of the original land position," commented Joseph Hamilton, CEO. "This allows the Company to retain the best exploration targets in a contiguous package. Systematic exploration programs continue throughout the belt. We are very encouraged by the results of our exploration and remain confident that our efforts will result in further mineralisation that may support our operations at the Mowana Mine."

African Copper PLC

African Copper is a tri-listed (AIM, TSX, Botswana Stock Exchange) international exploration and development company. The Company is currently developing the Mowana Mine at the Dukwe Project in Botswana, southern Africa, and anticipates copper production in the first half of 2008. The Company's other interests are the 3,500sq km Matsitama exploration concession adjacent to the Mowana Mine property, which contains two known copper deposits and numerous base metal exploration targets. African Copper has approximately 139.6 million shares outstanding.

This press release contains or refers to forward-looking information, including statements relating to exploration results, potential mineralisation, exploration and mine development plans, future production, timing of the commencement of operations and estimates of market conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks arising from operating in Africa, uncertainties relating to the availability and costs of financing needed in the future, the possibility that future exploration results will not be consistent with the Company's expectations, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Alexander Forbes to De-List (10 July 2007)

Alexander Forbes Financial Services has devised a scheme to enable shareholders to re-invest in the firm when it ceases to be a public company on July 25 and subsequently de-lists.
The move follows reports that it is to be bought by a consortium led by Actis Capital, a South African private equity fund, for P8.4 billion (approximatelyP7.4 billion).

Peter Moyo, the South Africa-based Group Chief Executive Officer for the financial advisory firm, said there are perceptions that shareholders, including Allan Grapy, "will be running away from Alexander Forbes".

"Forty-eight percent of shareholders wanted a reinvestment option. We are going to list an instrument of quasi Alexander Forbes," Moyo said.

According to the South African financial press, the reinvestment option follows threats by shareholders that they will not sanction the buyout unless the company presents them with a reinvestment option.

The listed vehicle will hold 26.5 percent in the financial services company.

Moyo says the decision to sell Alexander Forbes also follows concerns over perceptions that the group's share price was going to go down.

"Then, there was a perception that most of the shareholders will sell. They thought the value of the company was at an all time low.

"It has nothing to do with the management or the reports; it is a pure investment decision," he said.

But Moyo assured the pension fund industry that after the de-listing, Alexander Forbes will not change the way it deals with its clients.

The group, which advises the pension fund industry, currently has R150 billion (about P132 billion) in assets under its management.

Apart from South Africa, the group is also a public company in Botswana and Namibia.

Past liaisons haunt Fund investigators (24 July 2007)

The South African company, Jacques Malan Consultants and Actuaries JMCA is already attracting suspicions, even before it can finish their investigation on the entire structures of the multibillion Pula Botswana Public Pension Fund, (BPOPF).

The Registrar of Insurance and Pensions Wilfred Mandlebe appointed JMCA recently to investigate BPOPF after a tender in which they beat three fellow South African companies, Gobodo Forensic Services and Ramathe Fivaz Forensic.

Industry players say that JMCA may not be objective in their findings because they have an interest in the Fund and have on many occasions tendered without success to provide service to BPOPF.

They tried in 2001 when BPOPF started but were beaten to the race by a local company- Actuarial Solutions, which has since been bought by Deloitte and Touché Assurance and Advisory Services. JMCA allegedly tendered again this year, and were once again beaten by Deloitte, who retained the portfolio.

Industry players say that JMCA’s earlier bids to BPOPF place them on a position that borders on a conflict of interest, including a likelihood of “sabotaging” other service providers, by virtue of having access to privileged information.

A member of JMCA management team, Joanna Legutko admitted that they have tendered three times for Asset Consulting services and once for Actuarial Services with BPOPF, because they regard BPOPF “a potential client.”

However, she said they had not “obtained any privileged information as a result of the tenders we submitted,” and that they are therefore not under a conflict of interest in the present investigation.

She admitted however that “a conflict may be possible in future, should the BPOPF go out to tender again. We may need to carefully consider which services, if any, we are able to tender for, and appraise the BPOPF of any conflict of interest that may arise,” she said.

Industry players like Deloitte & Touché Assurance and Advisory Services, who are the Funds Actuaries, and Alexander Forbes Asset Consultants are seen as JMCA’s potential competitors, and fear that the investigation may be targeted at them.

Legutko admits they do compete with these companies but defends their appointment on the basis that the firm chosen to investigate the BPOPF needs to have “considerable expertise in the field.”

“We do not generally compete with Deloitte & Touché, as they are not active in the South African market where we primarily operate. However, in Botswana we do provide the same services and would view them as a competitor. We also compete with Alexander Forbes in the Asset Consultant business,” she admitted.

She added: “We realise this is the case and, would be very careful about future tenders we might be requested to submit to the BPOPF, given as we will have previously evaluated the services of these competitors and therefore a conflict of interest is possible,” she said.
She explained that the investigation is being led by Mike Codron, an independent external Actuary, whose judgment, she said, is “particularly unaffected” by any issues of competition.
But BG News Investigations shows that Codron is a former employee of Alexander Forbes RSA, and has fallen out with the company after it was involved in “bulking” or “secret profits” in which they illegally took money from their clients’ bank accounts over the period 1996 to 2004. Alexander Forbes RSA has a subsidiary in Botswana.

According to Legutko, Alexander Forbes RSA has admitted that they acted incorrectly and has since put up a reserve of R500 million to repay clients. There is a dispute over the amount because Alexander Forbes is only prepared to repay the money, net of corporate tax, which would distort the position of the fund had the illegal transactions not happened.

“ Mr. Codron, acting on behalf of one of his clients, has disputed this and requests that the fund be placed in the same position that they would have been in but for the actions of Alexander Forbes. The Financial Services Board is on record to state that they agree with the position of the fund. That is the extent of the disagreement between Mr. Codron and Alexander Forbes,” said Legutko.

But the biggest blow is that JMCA along with over 20 parties, including Alexander Forbes, Sanlam and others, is involved in an ongoing lawsuit in South Africa involving improper handling of pension funds.

Legutko defends her organisation thus: “Our organisation has provided Consulting and Actuarial Services to clients for over 11 years. One of these clients, the Picbel Pension Fund, to whom Jacques Malan served as a consultant in 1996, is currently part of an investigation, which involves inappropriate movements of surpluses between pension funds. It is our view, and also that of our senior counsel, that our involvement was limited in this matter, and we have assisted the authorities with this investigation.”

She said in any case, the Registrar had been informed about this before he appointed them to investigate. Other queries leveled at JMCA are that they are allegedly conducting the investigations outside the Terms of Reference by investigating the Fund Service Providers, which conduct is not provided for in the Pension and Provident Fund Act.

It is alleged they are able to get away with this because at this stage, there is no legislation that governs the operations of the Retirement Fund Industry, as the structures of the Non Bank Financial Institutions Regulatory Authority Bill of 2006 are not yet in place. Alexander Forbes Botswana Managing Director, Paul Masie confirmed having been interviewed, but declined to comment on whether or not the interviews were procedural.