Sunday 20 December 2009
Saturday 19 December 2009
Friday 18 December 2009
Botswana Central Bank Reduces Benchmark Interest Rate (Update1) - Bloomberg.com
Botswana Central Bank Reduces Benchmark Interest Rate
The central bank cut its benchmark interest rate for the first time since August as inflationary pressures eased. “Prospects for the level of inflation being sustained within the 3 to 6% objective range during 2010 remain good,” according to the Gaborone-based Bank of Botswana. “Accordingly, the bank has reduced the bank rate by 1% to 10% with immediate effect.”
The central bank cut its benchmark interest rate for the first time since August as inflationary pressures eased. “Prospects for the level of inflation being sustained within the 3 to 6% objective range during 2010 remain good,” according to the Gaborone-based Bank of Botswana. “Accordingly, the bank has reduced the bank rate by 1% to 10% with immediate effect.”
Botswana’s inflation rate dropped to 5% last month from 6.9% in October, the Central Statistics Office said on December 16th 2009. Further price increases should be contained by excess industrial capacity, lower commodity prices and weak labor market conditions, the central bank said.
Botswana is the world’s largest diamond producer. Demand for the gems has slumped amid the global economic recession, and the International Monetary Fund expects the southern African nation’s economy to contract 10.3% this year.
“There is an improvement in economic prospects as the world economy recovers from the recent deep recession,” the central bank said. “The sustainability of the global economic recovery depends on normalization of the global financial system, as well as a smooth and coordinated exit from the policy stimulus packages that the advanced countries undertook to support economic activity.”
The central bank last cut its benchmark interest rate on Aug. 25, lowering it by half a percentage point.
Botswana backs African Diamonds deal
Lucara has completed the buy-out of De Beers from the AK6 diamond discovery in Botswana following the approval of the Botswana government, which was brokered by African Diamonds, which is headed by John Teeling.
Lucara, a part of Lundin Group, takes over De Beers' 70.3% stake in AK6. African Diamonds currently holds a 29% stake and Lucara intends to take up an option to increase its interest to 40% in early 2010. African Diamonds says construction of the diamond mine is expected to begin in mid-2010, with a start-up date in late 2011.
Lucara, a part of Lundin Group, takes over De Beers' 70.3% stake in AK6. African Diamonds currently holds a 29% stake and Lucara intends to take up an option to increase its interest to 40% in early 2010. African Diamonds says construction of the diamond mine is expected to begin in mid-2010, with a start-up date in late 2011.
Thursday 17 December 2009
Olympia Capital unveils new business strategy for SA
Olympia Capital Holdings Limited announced the acquisition of the Yokota brand name and the manufacturing plant belonging to Natural Wooden Products Limited from the liquidators of Plush Products in South Africa.
The deal is part of Olympia’s new business as it seeks to increase its presence in the South African market. Olympia Capital Holdings Chief Executive Michael Matu said the company had already acquired a 74% stake in Plush Products as part of the regional expansion strategy in 2006.
Olympia Capital Holdings owns 100% in Dunlop Industries Limited (Kenya), a 49% in Avon Rubber Limited (Kenya), 13% of Heri Limited (Kenya), and 53% in Olympia Capital Corporation. Olympia Capital Corporation holds 100% in Kalahari Floor Tiles (Botswana), which owns Gaborone Enterprises Limited.
Wednesday 16 December 2009
ABN AMRO launches banking system in Botswana
ABN AMRO launches banking system in Botswana
To strengthen its presence in Africa, ABN AMRO ID & JG launched its OLYMPIC Banking System in Botswana a few days after the bank obtained its license. The International Diamond and Jewellery Group's business unit for the financing of the diamond industry, ABN AMRO, opted to deploy the OLYMPIC Banking System with a multi-entity configuration to support its activities in various countries including Botswana.
To strengthen its presence in Africa, ABN AMRO ID & JG launched its OLYMPIC Banking System in Botswana a few days after the bank obtained its license. The International Diamond and Jewellery Group's business unit for the financing of the diamond industry, ABN AMRO, opted to deploy the OLYMPIC Banking System with a multi-entity configuration to support its activities in various countries including Botswana.
BSE shines as Letshego stages surprise share price surge (Prof Malema 02.12.2009 9:28:13)
"“This was a clear case of profit takings,” Garry Juma, an analyst at Motswedi Securities, said Monday as BIHL, Chobe Holdings were snarled in a fog of profit taking� as the year approaches festive season.
“We are likely to see (this sort of) mix trading� in the four weeks to the end of the year,” he added."
“We are likely to see (this sort of) mix trading� in the four weeks to the end of the year,” he added."
Tuesday 15 December 2009
Monday 14 December 2009
Indices: RDCP is highest climber - The Botswana Gazette
RDCP (Property developer) was the highest climber at the end of last week, pushing on 2.4% to reach a new all time high of P0.42 on increased buying. Investors are currently excited about the Masa Centre, which RDCP is currently developing. The Masa Centre will be a jewel in the group’s property portfolio and the first mixed use development in Botswana.
Engen bounced to winning ways, pushing on 1.4% to P0.365 since some investors view the current lower price as a favorable entry point.
Sefcash pulled on 1.1% to P0.01425, while IAMGOLD added 0.9% to P0.098 thebe, buoyed by relatively firmer gold prices on the international market.
On the downside, Olympia tumbled by 15.4% to P0.55, followed by African Copper which lost 11% to P0.65 and FNBB which ended the week 5.7% weaker at P2.50 as investors continue to take in profits. Other losses were in Discovery Metals down 3.4% to P2.85, Letshego which has been on an upward trend for the past three weeks finally succumbed to profit taking, losing 3.1% to P15.50. Insurance giant BIHL lost another 2.6% to P11.40 also on profit taking, while Sechaba finished 0.2% softer to close at a new 52-week low of P12.98 thebe after the company released a tepid set of interim results.
Engen bounced to winning ways, pushing on 1.4% to P0.365 since some investors view the current lower price as a favorable entry point.
Sefcash pulled on 1.1% to P0.01425, while IAMGOLD added 0.9% to P0.098 thebe, buoyed by relatively firmer gold prices on the international market.
On the downside, Olympia tumbled by 15.4% to P0.55, followed by African Copper which lost 11% to P0.65 and FNBB which ended the week 5.7% weaker at P2.50 as investors continue to take in profits. Other losses were in Discovery Metals down 3.4% to P2.85, Letshego which has been on an upward trend for the past three weeks finally succumbed to profit taking, losing 3.1% to P15.50. Insurance giant BIHL lost another 2.6% to P11.40 also on profit taking, while Sechaba finished 0.2% softer to close at a new 52-week low of P12.98 thebe after the company released a tepid set of interim results.
Gadifele Shashane is the Standard Chartered Millionaire! - Lifestyle - Sunday Standard
One second you could almost hear a pin drop as the attendants lapsed into silence. And then seconds later, they would all burst into uncontrollable chatter and nervous laughter. The finalists had been whittled down to 10 from an initial 538 contestants, who had all entered the Standard Chartered Bank million maker draw launched on the 3rd of October. Customers were required to simply maintain a minimum average balance of P1,000.00 per quarter and earn a chance to win P1,000,000.00. The winner, who resides from Palapye, said she had invested more than P375, 000 in her account. This calls to why she grabbed the whole P1 million. She was overwhelmed, and she ran short of words. All she said was, “God never disappoints.”
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Business Place receives cash injection as it becomes envy of SADC - Business - Sunday Standard
The original sponsors of The Business Places this week showered the organisation with a series of cheques that amounted to approximately two million Pula. Owner of Motor Centre and board Chairman of The Business Place, Satar Dada pledged P500,000.00. Citizen Entrepreneurial Development Agency (CEDA) also pledged P500,000.00 for the next three years while also offering training and mentorship to the clientele of the business place. Kgalagadi Breweries Limited, (KBL) contributed P400,000.00 to the development of young local entrepreneurs. Barloworld and Investec, both pledged P300,000.00 a piece. The University of Botswana revealed that the university is able to provide human resource assistance and full commitment to The Business Place from the chancellor.
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World Bank takes active interest in Botswana ::
After more than two decades of inactivity, the World Bank is resuscitating Botswana’s borrowing from the international lender with vigour. In its bid to opening up its lending to Botswana, the bank in June 2009 approved Botswana Country Partnership Strategy (CPS) for 2009/13 entailing a 100% cost sharing limit which the bank may finance. While continuing to emphasise borrower commitment and ownership of individual projects, the bank would retain the option of financing up to 100% of project costs. However, specific arrangements would be determined for individual projects, taking into account project specific considerations. In practice, the bank’s financing share in many projects is expected to be less than 100% given government contribution and other donor participation,” states the CPS.
Botswana is in need of a more competitive and dynamic private sector that can generate more employment and to make this a reality, skills development must be more responsive to the needs of the labour market. Given Botswana’s scenario, the World Bank will support the government’s efforts to enhance public sector management, to fight HIV/AIDS and improve education outcomes, to increase competitiveness by investing in critical infrastructure and to improve the effectiveness of environmental programmes.
Botswana is in need of a more competitive and dynamic private sector that can generate more employment and to make this a reality, skills development must be more responsive to the needs of the labour market. Given Botswana’s scenario, the World Bank will support the government’s efforts to enhance public sector management, to fight HIV/AIDS and improve education outcomes, to increase competitiveness by investing in critical infrastructure and to improve the effectiveness of environmental programmes.
Thursday 10 December 2009
FIRESTONE DIAMONDS TO COMMENCE COMMERCIAL MINE DEVELOPTMENT AT BK11 BOTSWANA PROJECT
Firestone diamonds plc plans to start development of commercial mining operations on its Botswana BK11 kimberlite, about 20km southeast of Debswana's Orapa Mine and 7km northwest of Debswana's Letlhakane Mine. The primary objective of this work was to recover a sufficiently large parcel of diamonds in order for a high-confidence diamond valuation to be obtained and to allow a mine development decision to be made, said the company. Excellent progress has been made, and grade and diamond quality from material processed from the bulk sampling trench have met the company's expectations. With revenue estimates of $16 per tonne and with low operating costs in the Orapa area of approximately $6.50 per tonne, mining of the KW area at BK11 is expected to produce annual revenues of approximately $24 million per annum at operating margins of 60 percent. Finally, an additional inferred resource of 6 million tonnes of kimberlite containing approximately 200,000 carats has been identified between 120 and 250 meters. Limited sampling has been carried out on this part of the resource, and further work will be undertaken as mining progresses.
Hana discovers more copper in Ghanzi
Hana Mining based in Vancouver, Canada and listed on the TSX (Toronto Stock Exchange) Venture Exchange and the Frankfurt Exchange views Botswana as a very favourable area for conducting business. The company commended the Botswana government support for developing mining diversification. The company recently announced completion of 14 new RC drill holes at its Ghanzi copper-silver project in Botswana which extends total mineralisation in the Company's current focus area, Banana zone. Hana Mining CEO Marek Kreczmer said that the findings would increase the overall resource to 80 - 100m tonnes. The highlights of the drilling results show that four new holes in the South Limb extend mineralised strike length by 600 metres to 1.8km. Ten new holes in the Southwest fold represent new mineralised strike length of 1000 metres in an area never tested by any type of drilling. The South Limb results show continuation of mineable grade copper/silver mineralisation trending south from previously released results. The Southwest results show lower grade, near surface mineralisation over large widths (16 to 48 metres) and at shallow dip. The main copper minerals in the Southwest fold are malachite and chalcocite in contrast to other areas which are mainly bornite and chalcopyrite. In June 2009, Hana Mining announced that its drilling results showed an inferred resource of 2.9 billion pounds of copper and 51.5 million ounces of silver at its Ghanzi Copper-Silver sediment-hosted copper-silver deposit similar to the vast Kuperschiefer deposit in Poland.
Wednesday 9 December 2009
RMB investor guide: Botswana | Moneyweb
According to this report, the mining sector would be a good place for investors to look for opportunities. The report states that the mining industry accounts for almost 42% of Botswana's GDP, and is the single biggest contributor to economic growth. However it says that there is potential for diversification from the mining sector, which will improve GDP growth in the long term. This resonates what the current President, Seretse Khama Ian Khama stated in the state of the nation address. RMB stated that, "the surprise discovery of natural gas and other minerals unique to the area including the country's extensive coal reserves are options for future diversification". Other attractive sectors include tourism and financial services. They account for 11% and 10% of GDP respectively with tourism development focusing mainly on the high-end of the international market. Botswana developed a market oriented monetary policy in the 1990s in order to expand financial sector development and be competitive with other African developing countries. RMB said the country has relaxed interest rates and exchange controls with commercial banks having the freedom to determine their own deposit and lending rates. The support from government to develop the financial sector is the reason for an influx in international commercial banks in the country.
Impact Minerals starts maiden drill programme for uranium in Botswana
Impact Minerals Limited (ASX: IPT) has kicked off the first of its drill programme to test several large uranium targets at the Lekobolo Prospect, located within the Botswana Uranium Project. Impact’s Botswana Uranium Project covers 350 km of the strike extensions of rocks that host many significant uranium deposits throughout southern Africa, including Kayelekera in Malawi and Letlhakane in Botswana. The large Letlhakane Project is owned by A-Cap Resources Limited which has reported an Indicated and Inferred Resource of 344 Mt at 152 ppm using a 100 ppm cut-off for 116 Mlb of uranium oxide in deposits hosted by near-surface calcrete and by Karoo Group sedimentary rocks."
Tuesday 8 December 2009
Mmegi Online :: De Beers Bailout Unavoidable - PHK
"The Minister of Minerals, Energy and Water Resources, Pontashego Kedikilwe says Botswana is compelled to rescue De Beers from its debt because the failure of the world's biggest diamond producer will have devastating consequences on the economy of this country."
Monitor sister publication, Mmegi, first reported last week that the three shareholders of De Beers, one of whom is the government of Botswana, have reportedly agreed in principle to rescue the diamond giant from debt by injecting up to US$1 billion (P6.5 billion) into the company through share placing.
If Botswana decides to take the offer, then it will increase its 15 percent stake depending on how much other shareholders, Anglo American (45 percent) and the Oppenheimer family who owns 40 percent put forward.
Monitor sister publication, Mmegi, first reported last week that the three shareholders of De Beers, one of whom is the government of Botswana, have reportedly agreed in principle to rescue the diamond giant from debt by injecting up to US$1 billion (P6.5 billion) into the company through share placing.
If Botswana decides to take the offer, then it will increase its 15 percent stake depending on how much other shareholders, Anglo American (45 percent) and the Oppenheimer family who owns 40 percent put forward.
Saturday 5 December 2009
Standard Bank named African Bank of the Year
In addition to becoming a full-service financial services firm domestically, Standard Bank also has ambitions to enter other emerging markets, particularly those with links to Africa.
Saturday 28 November 2009
SA move costs Botswana jobs
South Africa's resoluteness regarding an export incentive scheme for textile manufacturers is forcing Botswana's largest textile company to close its doors in December 2009. About 5 000 jobs will be lost at Caratex Botswana, one of the neighbouring country's major earners of foreign exchange, when the company ceases trading at year-end according to its current managing director and owner Craig Chow. Chow said the decision had been taken because of the procrastination in arriving at a decision about the export incentive scheme. Ever since March manufacturers in the Southern African Customs Union (Sacu) have been in the dark as to which products would finally qualify for the scheme.
SA move costs Botswana jobs
South Africa's resoluteness regarding an export incentive scheme for textile manufacturers is forcing Botswana's largest textile company to close its doors in December 2009. About 5 000 jobs will be lost at Caratex Botswana, one of the neighbouring country's major earners of foreign exchange, when the company ceases trading at year-end according to its current managing director and owner Craig Chow. Chow said the decision had been taken because of the procrastination in arriving at a decision about the export incentive scheme. Ever since March manufacturers in the Southern African Customs Union (Sacu) have been in the dark as to which products would finally qualify for the scheme.
Tuesday 24 November 2009
Atlas Copco opens office in Botswana
"The establishment of Atlas Copco in Botswana is expected to help the country diversify its economy through the mining and construction sectors, as well as strengthening the manufacturing sector. Speaking at the official opening of Atlas Copco on Thursday, the Assistant Minister of Trade and Industry, Ms Dorcas Makgato-Malesu said her ministry was prepared to support the South African company as it settles and establishes itself in Botswana. My ministry is committed to provide a conducive environment for you to grow as you help us diversify our economy, she said."
Monday 16 November 2009
Botswana to add 250 MW via integrated gas, coal bed methane plants
In his most recent State-of-the-Nation address, President Seretse Khama Ian Khama said the project involved the development of an integrated 250 MW open-cycle gas turbine and coal bed methane power plant fed by substations situated at Orapa for 90 MW and the Mmashoro area for 160 MW.
Non-mining sector beat recession - Khama
Khama said the nation would be counting on newly created Hubs in Agriculture, Education, Diamonds, Innovation, Health and Transport for diversification of the economy. He said a general presentation by the Hubs was made to the private sector in the latter part of 2008, while another presentation and update would be made shortly. ' I also expect all the Hubs to engage the private sector on a sector specific basis from time to time. There will be an opportunity for the private sector to invest in the infrastructure development of the Innovation Hub early next year, in keeping with our policy of Public-Private Sector partnership', Khama told the HLCC.
Debswana pumps P3.5bn into Cut 8 project
"Styled Cut 8, the critical stay-in-business project is one of a number by which Debswana aims to sustain its revenue streams and ensure the continuity of shareholder returns into the latter part of the next decade."
Wednesday 11 November 2009
Botswana Telecom Expands Mobile Network With Ceragon
Ceragon Networks Ltd. (NASDAQ and TASE: CRNT), a leading provider of high-capacity wireless backhaul solutions announced that Botswana Telecommunications Corporation (BTC) selected their advanced solutions for upgrading its nationwide wireless backbone as well as the backhaul network of its cellular subsidiary beMobile. Ceragon solutions will enable BTC to support rapid subscriber growth and meet its service expansion plans. Equipment orders related to this deployment top $1.5 million.
With Botswana's high mobile phone penetration-rates in Africa, BTC offers voice and data services supported over its mobile network. Ceragon’s FibeAir(R) solutions that support high speed wireless transmission, will enable the BTC to continue to offer its growing customer base high-quality and disturbance free service delivery as part of the Rural Services Improvement and Expansion project that BTC has signed with Botswana Telecommunications Authority. Deployments are already under way and are expected to be completed by the end of 2009.
"In order to succeed in the dense telecom market of Botswana, it was important for us to select a backhaul solution that will ensure high quality service delivery at a competitive price," said a BTC spokesperson.
Watch out ORANGE (BOTSWANA)
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With Botswana's high mobile phone penetration-rates in Africa, BTC offers voice and data services supported over its mobile network. Ceragon’s FibeAir(R) solutions that support high speed wireless transmission, will enable the BTC to continue to offer its growing customer base high-quality and disturbance free service delivery as part of the Rural Services Improvement and Expansion project that BTC has signed with Botswana Telecommunications Authority. Deployments are already under way and are expected to be completed by the end of 2009.
"In order to succeed in the dense telecom market of Botswana, it was important for us to select a backhaul solution that will ensure high quality service delivery at a competitive price," said a BTC spokesperson.
Watch out ORANGE (BOTSWANA)
Lucara to Acquire AK6 Diamond Project From De Beers.
Lucara to Acquire AK6 Diamond Project From De Beers.
Lucara Diamond Corp. (TSX VENTURE: LUC) entered into a Sale Agreement to acquire a 70.268% interest in Boteti Exploration (Pty) Ltd. ("Boteti"), which holds a 100% interest in the AK6 advanced diamond development project located in the Orapa (largest diamond region in the world) of Botswana from from De Beers Prospecting Botswana (Pty) Limited ("De Beers").
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Lucara Diamond Corp. (TSX VENTURE: LUC) entered into a Sale Agreement to acquire a 70.268% interest in Boteti Exploration (Pty) Ltd. ("Boteti"), which holds a 100% interest in the AK6 advanced diamond development project located in the Orapa (largest diamond region in the world) of Botswana from from De Beers Prospecting Botswana (Pty) Limited ("De Beers").
Monday 2 November 2009
Thursday 29 October 2009
Monday 26 October 2009
IAMGOLD Increases 2009 Production Guidance
Assumptions used in the updated 2009 guidance include an annual average price of gold and fuel at $935 per ounce and $60 per barrel, respectively. All dollar amounts are expressed in US dollars, unless otherwise indicated.
Thursday 22 October 2009
Mmegi Mobile :: UK equity firm starts African expansion in Botswana
A private equity firm focussing on micro-finance and telecommunications will soon open an office in Gaborone as part of its expansion into the African continent.
The UK's Ariya Capital, a private equity firm specialising in sustainable investments in frontier markets, says it has already sourced manpower for the project that will see it join the few private equity firms that already operate in Botswana."
The UK's Ariya Capital, a private equity firm specialising in sustainable investments in frontier markets, says it has already sourced manpower for the project that will see it join the few private equity firms that already operate in Botswana."
Wednesday 21 October 2009
Monday 19 October 2009
Botswana’s Khama Must Wean His Country Off Diamond Dependence - Bloomberg.com
"Khama, whose Botswana Democratic Party won 45 of the 57 seats in parliament in the Oct. 16 general elections, is presiding over an economy that will contract 10.3 percent this year, according to the International Monetary Fund, because of a slump in demand for diamonds caused by the worst global recession since World War II."
Sunday 18 October 2009
Botswana Ruling Party Claims Victory in Elections (Update1) - Bloomberg.com
"Oct. 17 (Bloomberg) -- Botswana’s ruling party, which has governed the world’s biggest diamond-producing nation for more than four decades, claimed victory in parliamentary elections, as electoral officials continued counting ballots."
Botswana Sept inflation quickens to 7.0 pct yr/yr | Reuters
"JOHANNESBURG (Reuters) - Botswana's consumer inflation quickened to 7.0 percent year-on-year in September from 6.1 percent in August, the Central Statistics Office said on Thursday."
Mining - Hong Kong investment firm eyes Botswana for uranium | Moneyweb
"As China's hunger for resources at home increases, China Growth Minerals (CGM) has been mandated to invest in mineral projects across the world and it is doing so. CGM is eyeing Botswana's numerous uranium deposits. It has reached an agreement to acquire 6.34% or 5.92m shares of Australia's Impact minerals."
UPDATE 1-African Copper resumes concentrate shipments | Reuters
UPDATE 1-African Copper resumes concentrate shipments | Reuters: "UPDATE 1-African Copper resumes concentrate shipments"
Wednesday 8 July 2009
The reality behind Africa's 'blood diamond' trade - December 11, 2006
The reality behind Africa's 'blood diamond' trade - December 11, 2006: "But the system is hardly flawless, even in the U.S. In September the U.S. Government Accountability Office found that Customs and Treasury officials were only haphazardly enforcing the system, leaving companies to monitor themselves. Last year about 300,000 more carats were exported from than imported to the U.S. - which produces no commercial diamonds itself. Representatives from all 71 countries met last month in Botswana to try to tighten loopholes and squeeze out nonmembers. 'There are fewer and fewer countries left that nonmembers can trade with,' says Sue Saarnio, the U.S. State Department's representative to the November conference."
Petra Forecasts a Further Recovery in Prices of Gems (Update2) - Bloomberg.com
Petra Forecasts a Further Recovery in Prices of Gems (Update2) - Bloomberg.com: "Petra rose 9.3 percent, the most in a month, in London trading. Gem prices will “slowly and gradually strengthen,” the St. Helier, Jersey-based company said today in a statement, after a rebound of about 25 percent in the market for so-called rough diamonds from lows reached earlier in 2009. Trading conditions remain “challenging” for now, Petra said."
Silobreaker: Fact Sheet for Imara Holdings Limited
Silobreaker: Fact Sheet for Imara Holdings Limited: "Imara Holdings Limited is a Botswana-based company. The Company is a holding company of a group of companies conducting stock broking, asset management and corporate finance activities for institutions and private clients. The Company has operations at Botswana, British Virgin Islands, South Africa and the United Kingdom. As of January 31, 2006, the Company acquired 69.27% of CF Africa Limited. The subsidiaries of the Company are Africa Investments Limited, Imara Capital Botswana (Pty) Limited, Imara Capital Limited, Imara Capital South Africa (Pty) Limited, Imara Asset Management Limited, Imara Asset Management (Pty) Limited (Botswana), Imara Asset Management UK Limited, Imara Botswana Limited and Imara Trademarks (BVI) Limited."
Mining industry of Botswana - Wikipedia, the free encyclopedia
Mining industry of Botswana - Wikipedia, the free encyclopedia: "The mineral industry of Botswana has dominated the national economy since the early 1990s. Diamond has been the leading component of the mineral sector since large-scale diamond production began 25 years ago. Most of Botswana’s diamond production was of gem quality, which resulted in the country’s position as the world’s leading producer of diamond by value. Copper, gold, nickel, and soda ash production also has held traditionally significant, though smaller, roles in the national economy. In 2005, mining accounted for about 38% of Botswana’s real gross domestic product (GDP), and more than 50% of Government revenues were derived from mining and mineral-processing activity. In 2005, the nominal value of minerals produced in Botswana exceeded that of 2004 by about 20% in terms of the United States (U.S.) dollar. Much of the increase was attributed to higher international mineral prices. Diamond, copper-nickel matte, and gold, in order of value, accounted for most of the increase.[1]"
Mmegi Online :: Investor confidence returning to markets-analyst
Mmegi Online :: Investor confidence returning to markets-analyst: "The Domestic Companies Index (DCI) has started the second half of the year on a winning streak with an improvement in volumes across the board, and according to an analysis by Motswedi Securties, this reflects an improvement in investor confidence in the market."
Sunday 5 July 2009
Mmegi Mobile :: Stanbic partners with Russian investment group
Mmegi Mobile :: Stanbic partners with Russian investment group: "Stanbic Bank Botswana's parent company, Standard Bank of South Africa, recently entered into yet another strategic partnership with Russian investment giant, Troika Dialog Group."
Thursday 2 July 2009
allAfrica.com: Botswana: Trade Deficit Eases As Diamond Sales Pick Up (Page 1 of 1)
allAfrica.com: Botswana: Trade Deficit Eases As Diamond Sales Pick Up (Page 1 of 1): "Botswana's trade deficit has started to ease-off as diamond sales pick-up on the back of renewed hopes of an economic recovery."
Rants, Raves & Reviews: Olympia Capital Holdings Ltd - Cautionary Statement
Rants, Raves & Reviews: Olympia Capital Holdings Ltd - Cautionary Statement: "Olympia Capital Holdings Limited (OCHL) owns 51% of Olympia Capital Corporation Limited (OCC), a company listed on the Botswana Stock Exchange. In December 2006, OCC purchased 74% of Plush Products (pty) Limited (Plush)."
Botswana cuts bank rate as economy struggles
Botswana cuts bank rate as economy struggles: "Botswana's central bank cut its main lending rate by 150 basis points to 11,5 percent on Tuesday, citing the decline in global economic activity and weaker domestic output."
Tuesday 30 June 2009
Botswana Mining Report Q2 2009 - Agriculture, Farming & Raw Materials Market Report
Botswana Mining Report Q2 2009 - Agriculture, Farming & Raw Materials Market Report: "Exploitation of rich mineral reserves, especially diamonds, has been a significant driver behind Botswana’s rapid economic growth. Notably, the mining sector of Botswana contributes in double digits to the country’s GDP. Diamonds, along with copper and nickel, are the major focus areas in metal and mineral exploration, and earn more than three-quarters of the country’s export revenues."
Stock Market Quotes Business News Financial News investor news investors - Cardia Technologies' mining unit has promising uranium results in Botswana - Cardia Technologies
Stock Market Quotes Business News Financial News investor news investors - Cardia Technologies' mining unit has promising uranium results in Botswana - Cardia Technologies: "Cam Bow, Botswana based subsidiary of Cardia Technologies (ASX: CNN), holds 11 uranium and base metal prospecting licences."
Mmegi Online :: Chinese Burst Onto Botswana Mining Scene
Mmegi Online :: Chinese Burst Onto Botswana Mining Scene: "Statistics from the Department of Geological Services (DGS) indicate that 111 Chinese private entities currently hold exploration licences in Botswana, up from nearly zero four years ago."
IAMGOLD Confirms Option Agreement on La Arena and Equity Position in Mexican Silver Mines Ltd. - MarketWatch
IAMGOLD Confirms Option Agreement on La Arena and Equity Position in Mexican Silver Mines Ltd. - MarketWatch: "TORONTO, ONTARIO, Jun 29, 2009 (MARKETWIRE via COMTEX) -- IAMGOLD Corporation ('IAMGOLD' or 'the Company') /quotes/comstock/11t!img (CA:IMG 11.95, +0.12, +1.01%) /quotes/comstock/13*!iag/quotes/nls/iag (IAG 10.39, +0.09, +0.87%) (BOTSWANA: IAMGOLD) today announced it has acquired 8,024,511 common shares and 1,500,000 warrants of Mexican Silver Mines Ltd. ('Mexican Silver'), having had the same number of common shares and warrants of Rio Alto Mining Limited ('Rio Alto') immediately prior to the amalgamation with Mexican Silver announced on June 29, 2009."
Mmegi Online :: BCL IT Counted Among Top Finalists for Microsoft Awards
Mmegi Online :: BCL IT Counted Among Top Finalists for Microsoft Awards
Kolari Private Limited trading as Independent Management Consultants (IMC) has announced that it has been selected as a 2009 Microsoft Worldwide Partner Conference Awards finalist in Networking Infrastructure Solutions.
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Kolari Private Limited trading as Independent Management Consultants (IMC) has announced that it has been selected as a 2009 Microsoft Worldwide Partner Conference Awards finalist in Networking Infrastructure Solutions.
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Monday 29 June 2009
Sunday 28 June 2009
Wednesday 24 June 2009
Scope for another rate cut as Inflation slows
Another interest rates cut by the Bank of Botswana (BoB) is likely as inflation figures this week fell to single digits, for the first time in 14 months.
Monday 22 June 2009
NIOBIUM MILLING: Expansion, paste fill plant coming to Niobec
canadianminingjournal.com
"The directors of Toronto-based IamGold Corporation have approved a US$28 million mill expansion and the construction of a US$19.9 million paste backfill plant for the Niobec niobium mine near Chicoutimi."
"The directors of Toronto-based IamGold Corporation have approved a US$28 million mill expansion and the construction of a US$19.9 million paste backfill plant for the Niobec niobium mine near Chicoutimi."
Sunday 21 June 2009
Is South Africa a Bully in Sacu?
If South Africa chooses to play the role of the bully of the region, it could get in the way of southern Africa's integration into a unified African government in the long run. Perhaps, even as the African Union strives towards building a single continental government, the smaller nations should remain vigilant against bullying by regional middle level imperialist countries which want to gain economic advantage for their territories at the expense of the less advantaged economies.
Scope for Another Rate Cut As Inflation Slows
Another interest rates cut by the Bank of Botswana (BoB) is likely as inflation figures this week fell to single digits, for the first time in 14 months. On Monday, the Central Statistics Office (CSO) reported that annual inflation for the month of May fell from 10.2 percent to 8.4 percent. The last time annual inflation figures was under 10 percent was in March 2008 when it stood at 9.8 percent.
China Trade Relations Improve
The trade volume between China and Botswana jumped from $145 million in 2007 to $360 million in 2008, the new Chinese ambassador to Botswana has said.
African Sun's Hotel On Schedule
The Gaborone-based hotel has 160 rooms and conference facilities with a total holding capacity of 400 people. A source privy to the discussions said the hotel will be ready in time for the 2010 World Cup soccer jamboree to be held in neighbouring South Africa in June.
Govt approves P245bln NDP10 Budget
The government has approved a P245.6 billion budget for NDP 10 as the country seeks to shake off the effects of the global financial crisis and press ahead with its development programme.
Investec Botswana
Following the subsequent sale of the securities business in a citizen empowerment transaction at the end of 2001, and the sale of the banking business in November 2003, Investec now operates only a focused asset management business in Botswana.
Discovery Metals Limited
Discovery Metals combines an attractive portfolio of mineral assets in Africa and joint ventures in Australia. Discovery Metals is focused on developing the Boseto Copper Project (100% owned) in north west Botswana and to create shareholder wealth through discovery and development of economic mineral deposits. The Company’s major asset and current focus is its Boseto Copper Project (100%) in north west Botswana. The company also controls the Dikoloti Nickel Project (85%) in north east Botswana. There are two smaller Australian projects which are joint ventured with the JV partners potentially earning into 51 percent equity.
Gold and Silver Fall Slightly on the Week
IAMGOLD’s (IAG) equity position in Oromin (OLE.TO), Mines Management’s (MGN) stockholder rights plan, and Excellon’s (EXN.TO) completed rights offering were among the big stories in the gold and silver mining industry making headlines Friday.
Friday 19 June 2009
Cash Injection In MCL
The Morupule B plant is the first major transaction involving Standard Bank and ICBC, which has a 20% stake in the former. The Standard Bank Group through SBB, experienced Global Markets, Debt Capital Markets and Project Finance expertise in Africa helped secure the mandate. When the two Banks signed a strategic partnership deal, one of their objectives was to participate in co-funding large infrastructure projects in Africa. This deal comes at a time when banks around the world are cutting back on international lending and concentrating on domestic markets in the wake of the global financial crisis.
IAMGOLD Announces Increased Production Guidance for 2009
- Full year gold production for 2009 is expected to be 910,000 to 920,000 ounces at an average cash cost(1) of between $460 and $470 per ounce
- Full year niobium production from the Niobec mine is expected to be 4,200 to 4,400 tonnes with operating margins of between $20 and $22 per kilogram
- Capital expenditures are expected to be $448 million for 2009 - Greenfields exploration expenditures remain forecast at $34 million for 2009
African Copper Plc ('ACU') and Zambia Copper Investments Limited ('ZCI') Term Loan Agreement Between ACU and ZCI
ZCI and ACU are pleased to announce that, on 18 June 2009, they entered into a new term loan facility agreement ("Term Loan Facility") to refinance the existing bridge loan facilities ("Bridge Loans") made by ZCI to ACU's wholly owned subsidiary Messina Copper (Botswana) (Proprietary) Limited ("Messina") and which were guaranteed by the African Copper Group. The Term Loan Facility will put ACU's borrowings from ZCI onto a more permanent footing. The principal terms of the Term Loan Facility are as follows:
Thursday 18 June 2009
Chobe Holdings move to mitigate downturn - Mmegi Mobile
Tourism operator, Chobe Holdings, has put measures in place to help mitigate the effects of reduced lead times, managing director John Gibson has said.
The company has been hit by a downturn soon after releasing a fair set of financial results. 'Whereas once lead times (time between booking and actual travelling) could be measured in years, we now face lead times of months and in some cases days,' Gibson has said.
Chobe recently posted positive results for the financial year ended February 28, 2009 when revenue increased by 45 percent to P124.6 million as compared to P85.9 million recorded in the previous year.
The company has been hit by a downturn soon after releasing a fair set of financial results. 'Whereas once lead times (time between booking and actual travelling) could be measured in years, we now face lead times of months and in some cases days,' Gibson has said.
Chobe recently posted positive results for the financial year ended February 28, 2009 when revenue increased by 45 percent to P124.6 million as compared to P85.9 million recorded in the previous year.
Natasa Mining is all cashed up with $55 million to invest - proactiveinvestors.com.au
Lightly traded Natasa Mining Ltd (ASX: NSN) has completed the acquisition of bonds with a face value of Botswana Pula 149.6 million in African Copper plc’s primary subsidiary, Messina Copper (Botswana) (Pty) Ltd (Messina) as well as other indebtedness owed to Natasa by the African Copper group.
Discovery Metals Limited (DML) - FirstGlobalSelect
Disco very Metals is focused on developing the Boseto Copper Project (100% owned) in north west Botswana and to create shareh o lder wealth through discovery and development of economic mineral deposits. The Company’s major asset and current focu s is its Boseto Copper Project (100%) in north west Botswana. The company also controls the Dikoloti Nickel Project (85 %) in north east Botswana. There are two smaller Australian projects which are joint ventured with the JV partners pote ntia lly earning into 51 percent equity.
Community Home-based Care plans 700km sponsored walk - Sunday Standard
Ko Kgotleng (KKCHBC), the community home-based care located in Gaborone West South, behind the Roman Catholic Church is planning a 777km sponsored walk.
The walk is slated to begin at the Ramatlabama Boarder, on the 21st of July and ends on 9th August 2009 at the Ramokwebana Boarder to raise funds for its needy clients."
The walk is slated to begin at the Ramatlabama Boarder, on the 21st of July and ends on 9th August 2009 at the Ramokwebana Boarder to raise funds for its needy clients."
Recent rally in oil prices explains recovery story - Investec - Sunday Standard
Crude oil prices collapsed last July as the largest economy in the world faced its worst recession ever as the housing bubble finally busted towards the end of 2007.
Aviva resists pressure to move to SA - Mmegi Mobile
Australian integrated energy company, Aviva, has resolved to locate its power station in Botswana, going against a request from Eskom to move the planned 1, 000 megawatt coal powered station across the border to South Africa.
Aviva, which is listed on the Botswana Stock Exchange, has a 90-percent interest in the Mmamantswe Project in eastern Botswana - an indicated 1.3 billion tonne resource. The company plans to develop an initial 1 000 MW power station using four-and-a-half million tonnes of coal per annum. In finalising various technical requirements for the project, Aviva last year began hunting for off-takers for the Mmamantswe Project. Last October, Eskom unconditionally qualified Aviva to submit a bid for the South African utility company's Independent Power Producer (IPP) Programme. However, to qualify for the IPP programme, which involves the supply of up to 4, 500 MW, producers had to be located in South Africa.
Aviva, which is listed on the Botswana Stock Exchange, has a 90-percent interest in the Mmamantswe Project in eastern Botswana - an indicated 1.3 billion tonne resource. The company plans to develop an initial 1 000 MW power station using four-and-a-half million tonnes of coal per annum. In finalising various technical requirements for the project, Aviva last year began hunting for off-takers for the Mmamantswe Project. Last October, Eskom unconditionally qualified Aviva to submit a bid for the South African utility company's Independent Power Producer (IPP) Programme. However, to qualify for the IPP programme, which involves the supply of up to 4, 500 MW, producers had to be located in South Africa.
Tuesday 16 June 2009
China's ICBC, Standard Bank sign Morupule deal
Government has committed P1.5 billion as part of equity financing for the $1,6-billion (P11.14 billion) Morupule B Power Station expansion project.
Furious big investors turn their guns on Anglo American chief - Times Online
“There are three reasons we sold: Cynthia, Cynthia and Cynthia,” one shareholder said. “It's nothing personal. We just don't think she has done a good job.”
Monday 15 June 2009
Sunday 14 June 2009
Friday 12 June 2009
Thursday 11 June 2009
Monday 16 February 2009
Stanbic named 'Bank of the Year'
The Stanbic Bank (Tanzania) Limited has been named as the 'Bank of the Year' for Tanzania at the Banker Awards of 2008 ceremony held in London recently, the bank's Managing Director, Mr Bashir Awale, has said. ...
Stanbic Bank named `Bank of the Year` for Tanzania
Standard Bank, the parent company of Stanbic Bank Tanzania has further been ... was also named `Bank of the Year` for Botswana, Congo, Lesotho, Malawi, ...
Domestic Companies Price Movement
Stanbic Bank Botswana Limited has today Friday 13th June 2008, listed three additional Notes on the BSE. The Notes,. which are part of the P2 Billion Note ...
The year Air Botswana stayed on terra firma
Stanbic Bank this year surpassed other commercial banks that have been operational in Botswana for donkeys years by the appointment of Leina Gabaraane as ...
Stanbic Bank: The best emerging market
Standard bank is best emerging market- bank in africa by sunday standard reporter: 26: p standard bank, trading as stanbic bank in botswana, ...
Stanbic to Join the 'Galaxy' At the ...
When listing three bonds on the Botswana Stock Exchange last June, former Stanbic Bank managing director Dennis Kennedy said the capital raised through the ...
Stanbic to join the 'galaxy' at the Diamond Park
Save for logistical delays, Stanbic Bank Botswana, is ready to open a branch at the Diamond Technology Park.
Stanbic Bank Zambia's MD Larry F Kalala: prudence is the key ...
Stanbic Bank Zambias MD Larry F Kalala: prudence is the key; Larry F Kalala ... trading under the name Stanbic Bank in Botswana, the DR Congo, Ghana, Kenya, ...
DiamonEx Limited
The Stanbic Bank, Botswana, repayment of which has been guaranteed by the. Government of Botswana, which will enable the Company to fund its operating costs ...
Domestic Companies Price Movement
Stanbic Bank Botswana Limited has today Wednesday 13th August 2008, listed the fourth Note from the P2 Billion Note. Programme approved by the BSE recently. ...
Bank of Botswana
Acquisition of Investec Bank by Stanbic Bank Botswana Limited · The Monetary Policy Implications of the Introduction of Value Added Tax (VAT) ...
Country Winning Investor Confidence
... stock exchanges of Botswana and Ghana topping other exchanges worldwide. In recent years, the listing of Stanbic Bank on the Ugandan stock exchange, ...
DiamonEx Diamond Miner Secures Botswana Government Support
... its Lerala diamond mine in Botswana last month, said on Wednesday it has secured a 10 million pula financing facility from Stanbic Bank in Botswana, ...
Standard Bank And ICBC Are African And Asian Leaders
Standard Bank, parent company of Stanbic Bank Ghana has further been recognized for its excellence in emerging markets winning ten awards, including the ...
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