Firestone Diamonds plc: 14,673 carats of diamond sold by tender in Botswana, for gross proceeds of approximately $1.6 million

Philip Kenny, CEO of Firestone Diamonds, commented: “The successful completion of our first tender is a major milestone for Firestone and marks the completion of our transition into one of only three listed junior kimberlite producers worldwide. We are very pleased that the prices achieved for both Liqhobong and BK11 production were higher than expected, and we believe that further price increases will be achieved for production from both of these mines in 2011.”

I can fix BMC, says Tombale

Not only are his leadership skills and experience at his advantage, half of the board members who were believed to be at the heart of the problems at the state abattoir have been shown the door, after it was established that they were doing business with BMC, engaging in serious cases of conflict of interest.

Speaking in an exclusive interview yesterday, Tombale outlined his mission and expectations. "I can say half of the old board members are no longer there.

With my leadership skills, I should be able to manage the board, because I know what is expected of a board. As CEO you manage both the employees and the board," he said.

Careful not to ruffle feathers unnecessarily during the hour-long interview, Tombale however accused the media of blowing the situation out of proportion in that the recent reports have alarmed the customers both at home and abroad.

He said the media reports had also instilled a sense of uncertainty among BMC employees and local farmers, but things are beginning to stabilise.

"You guys should know that your reports are not local anymore as they are read across the world. So they really put pressure on us," he said.

No job losses from shell pull out-CA

"On completion these two companies will become part of Vivo Energy, joining the eleven companies that have previously transferred. The final countries that are included in this transaction will transfer to Vivo Energy later in 2012, subject to local regulatory and legal approvals," said Vivo.On final completion of the complete transaction Vivo Energy will operate more than 1300 retail stations across Africa under the Shell brand and will have access to around 1.2 million cubic metres of storage.

MVA Fund crowned best company to work for

Deloitte recognised both FNBB and MVA Fund for achieving a mean-score in excess of the standard of excellence threshold.
In an overall statement, Deloitte said despite the threat of a double dip recession, many organisations were unaware of the gap between "the attitudes and desires of their employees and the talent strategies and practices they have adopted".
"The reality is that rising levels of workforce disengagement combined with increasing turnover intentions, which have built up slowly but steadily during the recession, may in fact impact companies across the very business units that they are relying on to drive growth and innovation," the global financial advisory firm said.
The statement continued: "To compound this situation even further, the general sentiment amongst employees we have surveyed suggests that their employers are not doing a good job at implementing their talent strategies."
Project director, David Conradie said the survey had become an "empirically validated measure of employee experience," adding that many long term participants had incorporated its results into the human capital strategies.
"From an initial benchmarking exercise, now companies get very rich, valuable and granular level detail about their employees and how they view them as employers," he told the Deloitte SA blog.
"At first companies came in interested in how they compared against the market but there has been a shift over the years and many have found this survey to be a successful inclusion in their broader human capital initiatives."
Representatives of this year's survey winners will meet at the annual conference to be held on November 15 at Monte Casino in Sandton, Johannesburg.

Personal Banking - Bancassurance - Tshidiso Funeral Plan - Standard Chartered Bank Botswana

Tshidiso Funeral Plan

Coverage

This is a stand-alone policy

• There is no investment portion.
• Provides life cover for the immediate and extended family.
• It covers the following persons:
  1. Main Life Assured
  2. Spouse
  3. Max of 6 children
  4. Max of 4 parents
  5. Max of 15 extended family members

Features

• Minimum Total premium of P80.00
• Flexible levels of cover
• Equal number of units per group
• Minimum Cover of P10 000.00 for main life
• Covers up to 27 family members
• Transferable to a covered adult member (not Child)
• Automatic premium update of 5% OR optional 10% update.
• Benefits update at 60% of premium update.
• In-built premium waiver on death or disability of main life
• 10% cash back benefit every 5 years
• No medical underwriting

Limitations

• 6 months waiting period on natural deaths.
• No waiting period on accidental death.
• 24 months waiting period on waiver of premium on natural death and disability benefit
• Policy ceases at age 65 if not transferred
• No loans or encashment.
• The waiver of premium on death and disability benefit applies to the main life only
• Waived benefits are payable to the date at which the main life assured would have reached the age of 65.

Waiting Periods

From the date of joining and this applies to the main life assured and any COP that may be added to the policy.

• Increases in cover.
• Reinstatements.

Cash Back Benefits

• Payable every 5 years if policy is in force at the time and W.O.P is not in effect.
• Equals 10% of the premiums paid over the 5 year period (excluding policy fee).

Waiting Periods

• After age 50 before age 65
• Can choose any adult member of the policy
• No changes to the benefits or premium.
  1. Failure to transfer, the policy ceases at age 65 of the main life assured.

Former Botswana Prez Festus Mogae Praises Rawlings

Mr. Mogae said he was convinced that the forthcoming Presidential and Parliamentary elections in Ghana would be peaceful, stating that he had no sense of ‘trepidation’ about the conduct of the process.

“We must agree to disagree in peace,” he stated in a meeting with President Rawlings at his Ridge office on Monday.

The former Botswana leader commended President Rawlings for helping to institute the Fourth Republican constitution, submitting to it twice and handing over after his mandate had expired.

President Mogae who was leader of Botswana from 1998 to 2008 is in Ghana to deliver a lecture on Credible Elections and Governance in Africa under the auspices of the Center for Democratic Development (CDD) on Tuesday, October 9.

Botswana fuel under security escort

While government is leaning on oil companies to increase their rail imports, a snap survey last week suggested a continuing reliance on road transport. "At the moment, the situation is more or less the same because oil companies are receiving fuel by road, road tankers continue to load from the depots in Republic of South Africa under escort," the EAD statement read.

"We will be able to have a complete picture of the levels of use of road and rail by the end of the month, as new diverted rail deliveries are only just beginning to arrive."

The department said by April, 4.3 percent of the country's annual fuel imports were coming via alternative routes through Mozambique and Namibia. "The goal is to have this amount increased to at least double. Efforts to procure fuel from alternative routes by the oil companies are well underway," the statement said.

Meanwhile, weekend media reports from South Africa painted an increasingly dark picture of the strike by South African drivers. Business Day quoted trade union leaders as saying they intended to intensify their actions to force a concession from employers.

"We are talking to our members in the ports and rail sectors to join in a secondary strike. Import and export at ports will be shut down," South Africa Transport and Allied Workers' Union secretary-general Zenzo Mahlangu was quoted as saying.

Australian Copper Producer With Mines in Botswana Eyed by China

Australian copper producer Discovery Metals Ltd., which has mines in Botswana, is being eyed for acquisition by Chinese private equity firm Cathay Fortune Corp. for A$830 million ($848 million).

The Chinese firm, which currently controls 13.7 per cent of the ordinary shares of Discovery Metals, offered A$1.70 a share in cash for the remaining stock that it does not own yet in Discovery. The bid, which is 17 per cent higher than Discovery's closing price on Oct. 3, would mean that Cathay Fortune would take up 75 per cent of the copper producer, while the China-Africa Development Fund the remaining 25 per cent.

Sub-Saharan Africa Seeks Affordable, High-Quality Mining and Oilfield Water Treatment Chemicals, Says Frost & Sullivan

"Direct linkages between suppliers of water and wastewater treatment chemical suppliers and end users, without relying on middle-men, can reduce the likely bottlenecks which could result from delays in the supply chain," said Zingoni. "The direct link with suppliers enables end users to obtain treatment chemicals which are customised to be able to treat the water and wastewater used and discharged by the mines and oil wells."

Linkages between local producers and distributors with international corporations will, moreover, enable access to well-developed technologies. Proximity to end users will also be important in order to provide effective support services.

"Price and quality will be the key considerations for end users in the SSA markets," concluded Zingoni. "The provision of high-quality products and services at affordable prices will also help companies establish brand loyalty and capture market share."

Africa needs China's positive investment, says Botswanian expert

"I don't agree that China's investment in Africa is something to do with 'new colonialism' or 'pillage of natural resources.' It is more economic rather than political," Jefferis said.
It is a natural response of capital to the chances of market, he said.
Recent years saw rapidly growing economic activities between China and Africa, and statistics show trade volume between China and Africa stood at 166.3 billion U.S. dollars in 2011, up 83 percent from 2009.
And in 2011 China's direct investment in Africa jumped 60 percent to 14.7 billion dollars from 2009.
Jefferis said African countries need investment to improve their infrastructure and markets for their natural resources.
"China's demand for commodities has reversed the long-term decline in global commodity prices -- to Africa's enormous benefit. Export volumes are up -- but export values are up even more," he said.
Jefferis said Africa has benefited from Chinese-led commodity "super-cycle" by exporting expensive commodities and importing cheap goods.

Ormil Energy expands Botswana petroleum portfolio

Ormil Energy (ASX: OMX) continues to expand its Botswana petroleum acreage with the award of a new exploration licence covering 23,700 square kilometres in the Ngamiland and Central districts.

Botswana's Uranium Prospect

"We are privileged to have a team that includes some of the best metallurgists in the world working on optimizing our metallurgical processing and this result is a credit to them," he added.

Iron ore find rekindles railway need

In July this year Dr Michiel de Wit, president of Tsodilo Resources, a junior miner listed on the Toronto Stock Exchange in Canada, got up at the Capital Resources annual meeting on the mining sector in Gaborone and said that his company had found "more than a billion tonnes of high-grade iron ore" in northern Ngamiland, not far from Shakawe in northwest Botswana.

DEF Presents $75K Check to Botswana Top Achievers Program

The funds were the result of a ''Salute to Botswana, Diamonds Empower Africa'' event held in Washington, D.C., this past June co-hosted by DEF and the Embassy of the Republic of Botswana. Phyllis Bergman, DEF board president, reaffirmed the importance of the event.

''Botswana is a shining example of the positive impact diamonds have on communities when good governance is coupled with wise management of natural resources. Not only does Botswana manage is natural resources well, it also embraces its most important natural resource, its youth, through the Top Achiever Program. This mirrors the mission of DEF and we are thrilled to contribute to this amazing program,'' Bergman said.

Sandvik appoints Pilot Crushtec exclusive territory distributor

“These are territories we can practically reach at this moment. If there are opportunities further north in Africa, we would look into Kenya, Rwanda, Burundi, but that is only in the future,” Pilot Crushtec CEO Sandro Scherf said.

Pilot Crushtec would take over the regional distribution of Sandvik’s full range of mobile crushing and screening products, facilitating the company’s entry into valuable new markets.

Scherf said that this was “without doubt an onwards and upwards decision”. “Some of our customers are looking for a larger range of equipment, including increased crushing capacities, and we are giving them exactly that.”

By sizing up its range in terms of products and increased output capacities, the new agreement meant that the 20-year Pilot Crushtec and Terex Finlay strategic alliance has now been ended.

“It would be functionally impossible for the company to carry both ranges, but strategies are already in place to cater for current users of Terex Finlay products,” Scherf noted.

Swaziland Consults With Botswana On Diamond Laws

"We consulted with Botswana because we know that this country is one that is moving and developing its mining in a way unlike the rest of Africa where resources are simply shipped out," he said.  "Botswana helped in the drafting of the legislation and policies for diamond mining. We invited Botswana as one of the stakeholders we consulted with in the process of updating our policy framework."

Ntshalintshali explained that until 1997, Swaziland used to have an open cast diamond mine, which closed when its operator found the costs of going underground unviable. The regulatory framework and KPCS membership are designed to pave way for the revival of diamond mining activities, said the report.

"We had laws but they became outdated and did not take the prevailing environment and international trends into account," explained the engineer. "We thus had to review these, starting with consultations with the various stakeholders from the public to the industry and others. Botswana came in during these consultations."

Botswana Stock Market Commentary – Week Ending October 5, 2012

Turnover came in at BWP 40.9m in the three day trading week owing to the independence holidays on Monday and Tuesday. Trading was boosted by a block trade of 26m Letshego (flat, BWP 1.40) shares yesterday. Letshego generated 90% of market turnover. Choppies (+1.7%, BWP 1.83) was the lead gainer and New African Properties (-2.3%, BWP 2.10) the lead decliner. The domestic index closed 0.4% firmer at 7,415.

The shortage of fuel surfaced in Gaborone this week as the on-going strike by majority of unionized truck drivers in South Africa hit distribution lines to Botswana. A snap survey of filling stations in the city revealed that most did not have petrol products whilst diesel was also running out. Fuel shortages are reported to have started last Friday. Botswana sources nearly all of its petrol from South Africa with 60% entering the country via and the balance through rail. A report by the ministry of minerals energy and water resources released last week however shows that fuel retailers are increasingly switching to rail.

SPGC hosts Stanbic Bank golf tourney

Banks do not often go to areas where the economy is troubled. It (bank's move) goes to show that there is still hope for the economy of Selebi-Phikwe," said Moitlhobogi, a golfer of note. A golfing teenage sensation Leroy Pearmain, who appears set to dominate the golfing scene for sometime after managing to win an overall gross at the recent Phakalane Independence tournament, will be in the thick of things once again.

Recently, Stanbic Bank sponsored two golf tournaments - the Botswana Investment and Trade Centre (BITC) and Botswana Golf Union (BGU) prizes amounting to P50, 000 and P40, 000 respectively.

AB flights to infuse tswana culture

Guest speaker President Ian Khama summed it like this: "It is not just  just about Tourism ... it is more about the country and its diverse economic landscape; its culture and heritage; governance structures; exports and more importantly its people...it is about the citizens of that country, incorporating the civil society, the private sector, rural and urban based institutes in varying sections... it  is not just about the logo and tag-line: it is about who we are and what we stand for... A brand is a promise and we should all live up to the promise and fulfil it".

Botswana's consumer inflation slowed to 6.6% year-on-year in August

Reuters reports that Botswana's consumer inflation slowed to 6.6 percent year-on-year in August, its lowest in more than two years, compared with 7.3 percent in July, the Central Statistics Office said.

Stanchart profits dip on higher expenses

"The increase in operating expenses is attributed to our accelerated investment as the bank spends on service delivery training and customer channels. During the period, the bank opened a new branch at Airport Junction Mall. We also opened a 24-hour full service call centre - the only one in the market," said the bank in a statement that accompanied the results.

Driven by a healthy 11 percent rise in interest income as the loan book grew by 8 percent to P4.5 billion, Standard Chartered's operating income rose from P419 million to P433 million.  Loans and advances to other banks rose significantly from P129 million to P920 million.

In an attempt to manage liquidity, in a market that has to deal with an extra P5 billion due to the central bank's open market operations interventions, Standard Chartered Bank say they have taken a strategic decision to cut down on deposits.

The Bank of Botswana late last year moved to constrain Bank of Botswana Certificates (BoBCS) to P10 billion from as high as P15 billion in 2010,stressing their cost and the need for banks to innovate "alternative bankable projects."

"Deposits from non-bank customers reduced by 19 percent to P7.3 billion, as a result a strategic action to manage excess liquidity and reduced margins. On the other hand corporate and institutional deposits in the first half of the year recorded a 31 percent decrease. The intervention of the central bank late last year resulted in excess liquidity and up to a 200 basis points reduction in rates," read the statement.

AFR tests coal export route with 1,000 tons

The export arrangement with Botswana Railways also illuminated the way for other players in the local 212 billion tonne coal sector to the lucrative Indian and Chinese markets. In a webcast last week, AFR managing director, Frazier Tabeart said the company was evaluating a 1, 000 ton trial shipment in order to "study the optimisation of current rail and port capacity". "We believe that currently, there's a real opportunity for Botswana to become an exporter of coal in the short term," he said.

"We did a successful trial shipment of coal to Maputo and we are looking at how that route can be improved from an operating efficiency point of view." AFR and other advanced coal sector players view Mozambique as the gateway to lucrative Chinese and Indian exports, the two economies being the world's most voracious consumers of the energy mineral.

By ramping up its trial shipment from 25 to 1,000 tonnes, AFR hopes to gradually test the logistics and infrastructure in place for expanding its exports through Mozambique, ahead of the commencement of commercial mining operations at Sese.

Besides the coal export project, Tabeart said tenders for advanced studies on a 1.5 million ton per annum (Mtpa) coal mine had been awarded, with final delivery of the Bankable Feasibility Study due by the end of March next year. The 1.5 Mtpa coal mine is part of the Sese Integrated Power Project, and will fire the initial 300-megawatt power station, for which AFR recently signed a non-binding Memorandum of Understanding with a regional power offtaker.

Bank of Botswana : Inflation falls to 6.6 percent in August

In August, headline inflation, as measured by the Consumer Price Index (CPI), fell to 6.6 percent from 7.3 percent in July. Inflation decreased in several commodity groups, including: food (from 8.0 percent to 7.8 percent); housing water, electricity, gas and other fuels (from 7.4 percent to 6.8 percent); furnishing, household equipment and routine maintenance (from 7.4 percent to 7.1 percent); transport (from 11.1 percent to 7.6 percent, where a fuel price increase in August 2011 fell out of the calculation); and miscellaneous goods and services (from 1.5 percent to 1.1 percent). However, this was partially offset by higher inflation for: clothing and footwear (from 6.1 percent to 6.6 percent); recreation and culture (from 5.1 percent to 5.7 percent); and restaurants and hotels (from 6.5 percent to 6.8 percent). Inflation remained unchanged for alcoholic beverages and tobacco (7.1 percent), health (6.4 percent), communication (0.6 percent) and education (6.4 percent).

NOCAL Warned Oil Expert Wants Botswana’s Steps Followed

The director of the International Growth Center (IGC), Paul Collier has admonished the Government of Liberia through the National Oil Company (NOCAL) to follow the positive examples of the Southern African state of Botswana in order to succeed from oil deposits.

Mr. Collier, who is currently in the country at the invitation of NOCAL, told a cross-section of entrepreneurs and business executives yesterday that it is important to institute necessary policies that Botswana used in driving her economy to a better standard other than following others that currently face crisis in handling their natural resources.

He stated that in order for Liberia to be successful in the equitable distribution of its oil wealth to all its citizens, NOCAL needs to prioritize the building of private sector capacity, instituting better rules governing the oil sector and continued engagement with local business by developing them.

“Oil is a signal for attracting investment to the country and if you manage its deposits well, you will attract investments from all around the world.”

“You have to put in place the best policies that will govern the sector and implement those policies,” said Mr. Collier.

Implications of exporting to SA

According to the South African Chamber of Mines, "Assuming growth rates of between three and five per cent, the coal used by 2030 - when estimates suggest electricity demand is likely to peak at 75 000 megawatts - together with coal dedicated to future use by power stations either operating or under construction in 40 years' time, amounts to a staggering 30 billion tons, about half of the country's reserves". Even with the growth of the new coal fields in the Waterberg, one can well understand why South Africa would want a supply agreement with Botswana. For many years, President Khama and his predecessor President Festus Mogae, had tried to convince the South African government to allow Botswana to export electricity. CIC Energy, the owner of Mmambula coal deposit until it was sold to Jindahl Steel last week, had long had a business model where it would generate electricity to a power hungry South Africa. Initially, the plan was for a 3,000MW power station which was not going to be acceptable to Eskom.

Shortage of milk looms in Botswana

"The government has found a market for Zone Seven cattle in South Africa. The cattle will be slaughtered at the Francistown Botswana Meat Commission (BMC) abattoir. Before proceeding to the abattoir, the cattle will be quarantined at Sefophe Artificial Insemination (AI) camp," said Molebatsi. The Assistant Minister said the restocking exercise in Zone Seven is still suspended due to drought and it is expected to commence when the conditions improve later in the year. Furthermore, Molebatsi advised farmers to plough more sorghum and beans in the coming ploughing season. He noted that maize is not a good choice because it is not heat resistant.  The Assistant Minister also informed residents that government has increased the price of beans to P700 per 50 kilograms.  He said that it is high time Botswana became independent in food supply. Molebatsi encouraged residents to utilize the government programme of cluster fencing like other villages in Kgatleng. He explained that farmers will be assisted with a fence and a borehole. He pointed out that Batswana must be aware that such programmes only run for a certain amount of time and they must take advantage of them while they still exist.

Botswana, Nigeria oil deal gathers pace

On Wednesday, executives from Spring Well Trade and Investment challenged Trade and Industry Minister, Dorcas Makgato-Malesu to fast-track the proposed P70 million dry port at Walvis Bay in Namibia, as well as lay the necessary policy framework. “We have done the due diligence and we have put together MoUs with oil majors from Nigeria which we have presented to our ministers, but are still struggling to get answers,” the firm’s CEO, Brian Rengasamy told a meeting of Botswana and Nigerian businesspeople. “We urge the minister to look at this because the trade is available but the logistics are not conducive. “We were quite restive with (Botswana ambassador to Nigeria, Clifford Maribe). The concession for the dry port has not been developed and the Trans Kalahari highway, which is the best, is not being fully utilised.”

Rengasamy and company chair, Jackson Nyamambi told Business Week that their due diligence indicated that seaborne oil products from Lagos to Walvis Bay could take nine days, compared to the 21 days and above to Durban, through which nearly all of Botswana’s fuel enters.

“As business, we can do all the business side and create a supply chain, but government must do its responsibility which is infrastructure development and corridors so that there’s a platform for business to trade and invest,” Rengasamy said.

Botswana beef is not marketed globally- Agric Hub

Fitt suggested that Botswana beef should be sold on a special market.

"The beef in Botswana has so many end-market opportunities to enable it to be sold more on the differentiated high-value niche markets.

It is so because the high-value niche markets have high prices which will enable growth in the beef industry of this country," he said.

He said the country must sell its beef on the world stage market, as this will enable it to have a wider range of buyers. "European Union (EU) markets remains a key target, but market diversification will be essential for both product and geographically based needs, which include product consistence such as type or size, year round volumes, quality and others," he said.

Fitt further said the domestic market already has the same size as export market thus this represents a key growth opportunity for communal farmers in particular on the domestic market, which is expected to double in the next 20 years.

"Botswana has a population of two million people, and approximately three million cattle, which gives the country a live cattle export opportunity," he said.

SA plays power games with coal

Zuma is reported to have said that "the bilateral agreement on energy would make meeting energy demands easier for both countries". The grades, types and, most importantly, prices of coal to be exported are not known, but the agreement will strengthen the commercial and energy ties between the countries and, depending on the coal grades to be sold, might solve one of the Botswana coal industry's most intractable problems – what to do with its middlings, the waste from the washing of coal that is necessary to get it up to export quality.

LifeGem - Michael Jackson's Diamond Hair

LifeGem, a company that creates high-quality diamonds from carbon extracts, will convert Michael Jackson's hair into diamonds. The strands of hair, obtained during the shooting of Jackson's 1984 Pepsi commercial, were purchased by jewelry collector John Reznikoff from Ralph Cohen, executive producer of the Pepsi commercial.

 

Reznikoff contacted the Chicago-based diamond company and requested that it turn Jackson's hair into diamonds. "The provenance and authenticity of this lock of hair is impeccable, including the highly publicized video showing the original owner of the hair using his Armani jacket to extinguish Jackson's hair when it caught fire," Reznikoff stated.

 

Reznikoff has worked with LifeGem in the past to create diamonds from strands of hair from Beethoven, which were sold at about $240,000 per diamond. The company expects to produce approximately 10 diamonds from Jackson's hair.

Sarin Ships Diamond-Measuring System to Botswana

Sarin Technologies, a Singapore-listed company that specializes in the evaluation and measurement of diamonds, announced that it has shipped its Galaxy 1000, a system designed to scan and map internal inclusion in rough diamonds, to a new service center in Botswana.

 

The center, which is located in the rough diamond trading hub of Gaborone, is the eighth such facility that Sarin has opened. It operates service center in India, Belgium, Russia, South Africa, and Namibia.

 

Gaborone is gaining a reputation as a growing destination for rough diamond traders, particularly after De Beers announced that it would relocate there from London.

 

“With this new service being offered in Botswana, our customers there too will gain an unprecedented view into the internal features of the diamond, thus truly optimizing the value realized by the stone’s owner,” Sarin CEO Uzi Levami said.

Botswana Diamonds Stock Offering to Boost Africa Explorations

Botswana Diamonds announced that it has conditionally raised £1.51 million British through the selling of its shares to the public.

The company announced that it had issued an aggregate of 37.75 million new shares at a price of £0.04 per share.

The infusion of cash will enable the diamond company to pour more investment into its diamonds exploration projects in Botswana, Cameroon, and Zimbabwe. Botswana Diamonds has zeroed in on a remote region in northeastern Botswana and it is about to launch the second stage of its exploration program in Cameroon, where a bulk sampling on previously identified palaeoplacer conglomerates will determine whether there is a presence of diamonds.

The firm is also awaiting the go-ahead to begin mining for diamonds in Chimanimani and Marange in Zimbabwe.

"The strong support we have received for the placing is a further vote of confidence in Botswana Diamonds' strategy,” said John Teeling, the chairman of Botswana Diamonds.

Indian company to invest in coal mine in Botswana

"In Botswana, Jindal Steel aims to produce about 2.5 million metric tons of coal from the mines to run the proposed 300 megawatt power plant. The company also plans to look at exporting coal from Botswana and work on 'evacuation' facilities in the next five years," said Maroo.

Zizabona can turn around SADC power trade decline

The African Development Bank, the Development Bank of South Africa, the French Development Agency and Stanbic Bank of Botswana have reportedly pledged to fund the Zizabona interconnector. The agreement, signed and ratified by the four countries in 2008 is worth US$224 million. About US$67 million of equity finance is needed, with US$157 million required for debt financing.

 The French Development Agency will provide about US$40million, the Development Bankof South Africa will provide US$50 million and the African Development Bank will meet about 40% of the debt financing.

Consultations with financiers are expected to be conducted in October or December 2012, with intended financial proposals due by March 2013.

When fully operational, the Zizabona will, among other things, make it possible for Namibia to import power directly from Zimbabwe. Currently electricity from the Hwange power station is being routed to Namibia through South Africa.

The project is also expected to help decongest the existing transmission corridor that passes through Zimbabwe.

Letshego bullish on H1 results

“This led to the use of accumulated tax reserves that were approved by shareholders in the prior interim financial period, and resulted in a higher profit after tax base in that period”, a cautionary statement from the company reads.

The company says that the interim results will incorporate the results of Micro Africa Limited (MAL) from 1 June 2012 being the date of the finalisation of this transaction but will not have any significant impact on the profit before or after tax results for the interim period.

MAL is an established company that has been operating in Kenya since 2000 with subsidiaries in Rwanda, South Sudan and Uganda and an associated company in Tanzania. Its operations entail the provision of secured and unsecured personal, SMME and Group loans.

Last year the company introduced products involving the perfecting of security, over the counter cash handling for loan transactions and mobile banking technology. The company has a current loan book in excess of P52.1 million, 21 branches and a customer base of over 17,000.

At the same time Letshego’s loan book shot past the P3 billion mark earlier this year following its increase in its African footprint. The company has also diversified its revenue streams away from its traditional cash cow market in Botswana.

Meanwhile BusinessPost understands that the operations of the Central Registries continue as normal and collections remain at historical levels through the deduction at source basis.

The Government’s central registry announced in September last year that it will no longer be the intermediary for collection and payment of credit between civil servants and corporates such as micro financers, which included among them, Letshego. However, the government was later to suspend the move citing reasons of ‘consultation’.

Industry sources say the Botswana Stock Exchange (BSE) listed entity’s which now offers macro loans of up to P200,000 over a five-year period collects at least P66 million per month in loan repayments from government employees who constitute 95 percent of its customers.

Letshego has operations in 11 African countries in Southern and Eastern Africa including in Botswana, Mozambique, Namibia, Swaziland, Tanzania, Uganda and Zambia and has indicated plans to expand into other regions.

Lucara Reports Excellent Karowe Sales Results

Mr. William Lamb, CEO of Lucara, noted, "We are pleased with the results of the third sale of Karowe diamonds. The excellent value obtained confirms the high quality of the Karowe production. This is especially significant in the current depressed state of the rough diamond market. The success of the sale complements the ongoing successes at Karowe. For the month of August, design capacity through the process plant was achieved, exceeding our forecast. Infrastructure projects previously reported remain on track and are also contributing to the advances being made on the mine."

The Company expects carat production at Karowe to meet or exceed the previously published forecast for 2012. To ensure consistency of sale parcels, the Company has decided to hold fewer sales of larger sales volumes over the remainder of the year. It is anticipated that two more sales of Karowe diamonds will take place in 2012 with the next sale being held in November.

About Lucara

Lucara is a well positioned emerging new diamond producer. The Company has an experienced board and management team with extensive diamond development and operations expertise. The Company's two key assets are the Karowe Mine in Botswana and the Mothae Project in Lesotho. The 100% owned Karowe Mine is in the production. The 75% owned Mothae Project is currently in the trial mining stage.

Qualified Person

Mr. Anthony George, P.Eng., a mining engineer and Lucara's V.P. Development, is the Company's Qualified Person pursuant to NI 43-101 and has reviewed the technical contents of this news release.

Mount Burgess Mining pinpoints strong zinc lead anomaly in Botswana

The north-east trending geochemical soil anomaly has returned values of up to 236 parts per million zinc and 117 parts per million lead.

The anomaly may represent a parallel repeat of the Kihabe synclinal fold structure in this SEDEX style mineralised area.

Mount Burgess Mining is planning further geochemical soil sampling in the area, south of the Kihabe Resource, once current bush-fires have burned-out.

Soil sampling will be extended northeast to join up with a previously sampled area which resulted in delineation of the geochemical anomaly over what has now been drilled to produce the Nxuu Resource, 7 kilometres to the east of the Kihabe Resource.

Kalahari Copperbelt yields first mine

The new mine targets production of 36,000 tonnes of the base metal per year over a projected 15-year lifespan. It will also pump out 1.1 million ounces of silver per year, being the first large-scale extraction of the precious metal in Botswana's history. Speaking at the launch near Toteng, Khama noted that while the area's copper and silver mineralisation had been known since the 1970s, it was with Discovery Metal's arrival in 2005 that exploration moved to production.

"I ardently hope that the continuing exploration activities will yield positive results (and) I am excited by such prospects because if results are positive and economic to justify development, it means greater benefits for the nation," the President said.

"The development of the Boseto Copper Project brings opportunities for residents of Ngamiland to shift focus to trading in some sectors that the mine in their area would support."

Khama said while the Australian junior miner had become the first to tap into the Kalahari Copperbelt's potential, there were other potential mining projects "not far from this area."

One such project is being developed by New Hana Mining which holds prospecting licences for copper and silver covering 10,653 square kilometres, including the flagship Banana Zone. The Canadian firm recently completed a preliminary economic assessment on the Banana Zone.

Another explorer, Australian firm, MOD Resources, holds licences covering about 10,000 square kilometres of the copperbelt and recently identified 100 kilometres of priority areas for its exploration programme. At Friday's launch, a beaming Discovery Metals' chairman, Gordon Galt said commissioning and ramp up activities were progressing well with a view to strong and sustainable cash flows into the future.

"I'm delighted that the Boseto Copper Project has been officially opened and to be able to report to our shareholders that we have kept our promise and brought this fantastic asset on stream, on time and within budget," he said.

"This will allow us to fully develop the potential value in the new copper frontier that is the Kalahari Copperbelt."

Aviva Corporation chairman describes sales of Kenyan assets as a good outcome - Proactiveinvestors (NA)

He added that in Botswana, consultant Earthtec’s Environmental and Archaeological Impact Assessment for the Mmamantswe Coal Project had not identified any major impediments to the project’s development.

Aviva’s exploration licences for its coal project were also renewed for a further two years and it will continue to consider adding to its coal portfolio in Botswana.

Botswana’s Government had also presented in January 2012 the outcome of the Coal Road Map Review that the company believes provides many positives for the development of Mmamantswe.

Additional Diamonds Discovered in Cameroon | 4-Traders

The directors of Botswana Diamonds are pleased to report that two additional diamonds have been recovered from the on-going sampling programme on the Libongo palaeoplacer project in Cameroon.
 
The current exploration programme involves collecting a 100 tonne sample from each of three areas previously found to have palaeoplacer rock, in order to ascertain if the rock is diamondiferous.  The ultimate objective is to assess whether a deposit similar to the adjacent Mobilong deposit being mined by CNK of Korea exists.
One of the diamonds, a 0.25 carat near gem quality stone, was recovered from a stream flowing through the sample area.  The second, a 1.3 carat industrial quality diamond, was recovered from the crushed sample. The programme is expected to be completed within weeks.
 
John Teeling, Chairman, commented: "This is further evidence that our Libongo licence ground contains diamond bearing rock similar to that being mined close by, and that this project has the potential to deliver value to our shareholders. "The next steps are to undertake a bulk sample to identify grade per tonne and value per carat and to run a scoping study on the feasibility of the project."

Ex-BHP CFO to replace Carroll at Anglo?

Vanselow's Diamond Angle
What would Vanselow's appointment mean for De Beers? From a De Beers perspective, an Anglo American CEO from a mining company that also had a diamond portfolio can only be advantageous. He was involved in all major decisions about BHP Billiton's diamond division during the financial crisis years. He was CFO when the company adopted the unique marketing model that links the BHP Billiton rough diamond-pricing mechanism used in the long-term sightholder contracts to tender prices. He was also actively part of the decision to put the Ekati diamond mine on the market and for the company to withdraw from diamonds altogether.Again, it would be good for De Beers if Anglo American were to have a CEO who is quite familiar with both the challenges of diamond mining and of diamond marketing. There have been suggestions that Anglo American had been looking at a partial purchase of the Ekati mine and maybe, Vanselow as CEO of Anglo American, might suggest that the company takes another look at that opportunity. He would know Ekati from the inside out.

Botswana Consumer Bank International Graduate Programme, Standard Chartered Bank with Milkround.com | The Times Jobs

The Consumer Bank International Graduate Programme is an 18-month broad-based programme designed to equip you with the knowledge and skills to quickly move into a leadership position. Whether it’s leading a team, running a budget or delivering transformational change for our customers, we expect you to lead as soon as you graduate.

To prepare you for a demanding role as a leader we’ll teach you everything you need to know about retail banking – from how to identify and mitigate risk to product innovation, to aligning the operations of the business behind our strategic intent. By teaming you up with our best senior leaders, you’ll build the breadth of skills necessary to run the business, shape our agenda and lead diverse teams in some of the world’s most dynamic markets.

Entry Requirements

To apply you must have:

• A Master’s degree, any discipline.
• The legal right to work in the country for which you are applying.
• Fluency in English; a second language is considered beneficial.

If you’re a natural leader driven to succeed and comfortable being a little out of your depth, visit our website for more information about the programme and the opportunity to apply.

STANCHART'S Chandra is banker of the year

"The BIOB plethora of activities provides a forum for banking members and guests to interact on matters of mutual interest and to come up with harmonized strategies to ease the intricacies and iron out any differences we may have in providing banking services," she said BIOB's mission is to promote and develop professionally qualified and competent bankers in Botswana, primarily through a process of training examinations and continuing professional development programmes.

Since its establishment in 1991, the BIOB has been the educator, enabling citizen employees of financial institutions to gain practical knowledge and professional skills and consequently, be able to play a more dynamic role in the banking industry.This year's ceremony was held under the theme, "Stop Fraud." First National Bank Botswana (FNBB) CEO Lorato Boakgomo-Ntakhwana highlighted that financial institutions should safeguard and build the security and integrity of Botswana's financial system:

"Botswana's financial institutions have fully supported the call to combat fraud by engaging in activities such as creating awareness, training staff to identify suspicious transactions and inter-sharing best practices with local as well as international law Enforcement Agencies," said Boakgomo-Ntakhwana. These combined efforts; she noted are critical to promoting legitimate economic activity and growth.

Stanbic Bank launches Agribusiness

“Stanbic Bank is committed to the agricultural community of Botswana. It is our hope that Agribusiness will assist in growing and developing the agriculture industry and help it to reach its full potential,” concluded Mr. Makubate.

Competition in micro-lending industry fast increasing, says Letshego MD

Letshego Holdings, the Botswana Stock Exchange-listed consumer lender, was established in 1998 and has since evolved to become a fully fledged financial services company with a strong foothold in other African markets, including Mozambique, Namibia,Swaziland, Tanzania, Uganda, Zambia and most recently South Sudan.

Reduce inequality for longer growth

Mmegi: "The experts consulted with local fiscal, monetary and private sector players as well as other stakeholders in June, producing two reports detailing its assessment of economic issues in Botswana. In the second of these reports, a "selected issues" note released last Friday, the IMF experts said the gap between the rich and the poor continued to be wide, despite the expansion of welfare programmes and economic growth over the years.

"Botswana has been able to sustain high economic growth for the past five decades and is considered to be one the best performers in sub-Saharan Africa," the IMF researchers said. "However, not all of Botswana's policies promoted inclusive growth and human development in a broad-based manner.
"Poverty and inequality remain high, and the shortcomings of labour market policies are evident with an unemployment rate of about 18 percent. "Botswana's income inequality is one of the highest in the world especially when compared with other high middle-income countries.""

'via Blog this'

Firestone Satisfied With Recent Diamond Tender

Christie's Images	Enlarge
The Vivid Diamond

Diamond company Firestone says it is content with the results of their most recent sales of diamonds mined in Lesotho, calling them 'encouraging', Mining Weekly reported. The twin tenders, which were conducted in Gaborone, Botswana and Antwerp, Belgium, secured per-carat prices for Firestone's diamonds that were higher than prices from previous tenders.

Zimbabwe To Float Tender For Gas Exploration In Lupane

Industry experts say Hwange holds vast deposits of coal-bed methane gas, some of it estimated to be 95 percent pure methane - hidden between the area and neighbouring Botswana.

Energy and Power Development minister Elton Mangoma said US$12 million has been set aside for the quantification of the gas in Lupane.

"We are going to float a tender this month for the quantification of gas in Lupane to enable us to decide what sort of plant to put there.

"We hope that the documents will come back by October and between December 2012 and January 2013 we should have completed the exercise," he said.

He said work to set up the appropriate plant will start in the first quarter of 2013.

"The quantity of deposits will also determine what the gas will be used for. The first priority is power generation. If there is more we can use it to manufacture fertilizers as well as pumping it to people's homes for domestic use," Mangoma said.

STANBIC SUPPORTS Y-CARE

The Voice: This is not only an opportunity to raise funds and generate goodwill, but a team building exercise allowing our staff to interact amongst themselves and networking with other participants,” said Ruth Modisane, Stanbic Bank’s Public Relations Manager.

Standard Chartered launches new online banking service

Business Today News: "Our corporate clients in Botswana, Zambia, Uganda as well as a number of other international markets in our footprint, will have immediate access to these product innovations, without incurring setup costs or installation delays -- all via our secure online banking portal," Kwame Asante, Standard Chartered's Head of Transaction Banking for Botswana told media on Tuesday.

Letshego to open a bank in Namibia

The company executives last week confirmed that a banking license application was submitted to the Central Bank of Namibia in December last year. Namibia’s gross domestic Product (GDP) is valued at P84, 258, 230.84 and has a household debt of close to P18, 879.10 with a domestic debt as a percentage of GDP standing at 20.9 percent as at December last year.

Namibia has a population of 2, 147, 585 people and out of the 729, 000 formally employed, 88, 814 of them are employed by the government. Letshego, whose branches stand at 11 in Namibia started its operations in the neighbouring country in 2008 and currently has 37, 946 customers reflecting into a 43 percent market penetration based on total government employees.

Standard Chartered Bank Botswana open Airport Junction branch

Tswana Times: "I have also been informed that the Bank is looking to support the agriculture sector more extensively, by providing financing across the value chain to include not only institutions such as BMC, but also the farmers themselves," said Matambo.

Stanbic Bank Further Increases Involvement in Agricultural Sector

“Stanbic Bank is fully committed to making every effort to cultivating Botswana’s agricultural potential to the greatest extent.

Standard Bank Africa CEO visits

Botswana Gazette: Newson explained that, "Our key differentiator is people who are passionate about our strategy, wherever in the world they are based. With the bank turning 150 years in South Africa, we remain resolute and committed to Africa and I am taking this message to staff and customers. I also want to assure the key stake holders that Botswana is one of our key focus countries, and so this visit is a very important tour for me."

Govt dumps Sinohydro

The Minister of Infrastructure, Science and Technology (MIST) Johnnie Swartz announced yesterday that a 14-day notice of termination served to Sinohydro, expired on Wednesday. Initial completion date for the terminal expansion was scheduled for May 2010. Earlier this year, Sinohydro had pledged to complete the project by end of June 2012, Swartz said at a press conference yesterday. The contract was also terminated because the ministry was dissatisfied with the contractor's performance, according to Christopher Nyanga, principal public relations.

Stanbic, Barclays, FNBB win banking awards

Mmegi: ""With strong resolve, our winners have not merely looked to protect their interests but to secure a solid future for their institutions, investors and, importantly, their customers."The media house said with the global credit market quivering from debt crises in developed markets, the awards paid tribute to institutions that are tackling the tough times with innovative strategies."World Finance has observed how investment banks turn away from turbulent markets and look towards the untapped opportunities of Latin America and Asia to secure growth," the statement reads. "Commercial banks and groups too have been seen to be working diligently to ensure their loan books are healthy and their position in the market and with customers is strong.

Stanchart opens at Airport Junction Mall

Mmegi: He noted that wholesale banking is also a very significant part of Standard Chartered business. "We intend to expand our customer base in this platform, we will bring the right financing and risk management solutions as well as providing appropriate cash management and trade finance that suits their requirements," he said.Standard Chartered Bank is one of few institutions in Botswana offering competitive terms for invoice discounting and purchase order financing which allows customers greater flexibility in meeting their business obligations. "We understand the challenges of the SME sector and recognise the importance the segment plays in spurring economic activity and growth, and we will continue to find innovative ways to support our customers," said Lekaukau.

Stanbic gets Euromoney Award

Zambia Daily Mail: The award includes the financing of the US$80-million for African Rainbow Minerals’ Konkola North copper project in Zambia and more than US$180million for the Boseto Copper Project in Botswana.

Letshego faces growth challenges

Guardian:

Botswana’s gigantic unsecured lending outfit –Letshego must prepare itself for a decline on growth due to market saturation and intensifying competition, a report from Stockbrokers Botswana revealed this week. Historically, the local market has contributed a large chunk of the Botswana Stock Exchanges (BSE) listed company’s revenue. “We are of the view that the Botswana market, which has been the group’s significant market over the years, is now reaching maturity and we expect growth to slow down going forward,” Stockbrokers said in a statement but did not give specific figures on how much Letshego’s performance would be affected financially.  The company offers loans to formally employed clients, mainly government workers. However, the report added that the addition of a promising unsecured lender-Bayport Financial Services-would exacerbate the Pan-African company’s woes. Bayport, which just like Letshego operates in several countries, has grown from one branch in May 2010 to the current ten, with further expansion planned. Like many micro lenders operating in Botswana, Letshego has since started paying Non-Bank Financial Institution Regulatory Authority (NBFIRA) annual levies, which are meant to finance regulation activities. Already the company has parted with 0,5 percent of its loan book for the 2011/12 financial year. Despite challenges in the economy, Letshego’s loan book increased to a historic P3 billion in the year ending January 2012, up by 32 percent when compared to previous reporting period. Botswana, as always, led loan book as it contributed 60 percent of net advances. Meanwhile, in an apparent move to deal with a decline in growth, Letshego has announced plans to enter into the banking area, which will allow it to be able to take deposits. It is still unclear whether it will also offer other services that mainstream commercial banks provide. The bank’s finance director, Colm Patterson, told a local newspaper that they have acquired a new system that will allow for the introduction of retail banking services.  A Botswana Investment and Trade Centre (BITC)-accredited company Letshego has branches in seven African countries including Botswana, Swaziland, Tanzania, Uganda, Zambia, Namibia and Mozambique.  More acquisitions have already been planned by the cash rich company, with a market capitalisation of P2, 7 million at the local bourse. The company is in the process of acquiring Micro Limited Africa (MAL), a financial company with centres in Rwanda, South Sudan, and Uganda and an associated company in Tanzania. Stockbrokers said the acquisition would further boost the company’s growth in the short to long term. In a statement accompanying the company results to January 2012, the company’s Chief Executive Jan Classen said they would tread carefully in their lending approach, since government has announced she will cut workers in the next three years.

STANBIC PROMOTES AGRICULTURE

The Voice: “Stanbic Bank is fully committed to making every effort to cultivating Botswana’s agricultural potential to the greatest extent. Exhibitions such as this, the Pandamatenga Farmers Show, serve as an important tool or avenue through which we can achieve this objective.  We, as Stanbic Bank, are very excited to have been on board,” said Kenneth Makubate, Stanbic Bank Head of Agribusiness.

Botswana in no hurry to start diamond auctions - PHK

Mmegi: While Botswana is not in a hurry to start her independent diamond auctions, she will hold an inaugural tender before the end of the year, Minister of Minerals, Energy and Water Resources Ponatshego Kedikilwe has said.In an interview with BusinessWeek on the sidelines of a recent mining conference in Gaborone, Kedikilwe said, close to a year after the signing of the agreement, government has not taken up  her share of the Debswana run on mine production that is to be sold outside the Diamond Trading Company (DTC) framework.

BLLAHWU, Stanchart launch loan partnership

Mmegi:The president of the Botswana Land Boards, Local Authorities and Health Workers Union (BLLAHWU) Goretetse Kekgonegile yesterday signed a contract with Standard Chartered Bank to officially launch a loan partnership between the union and the bank.

Botswana government urged to develop infrastructure to support coal activities

Canadian based CIC Energy mining outfit with a 2.4 billion tonnes coal deposit in Botswana has challenged government to develop infrastructure to support coal activities in the country. Mr Greg Kinross CEO of CIC Energy told delegates attending Botswana’s Resource Sector Conference that success of coal projects in Botswana depends on government commitment. He said that “We need government to play a facilitation role and I think it’s now happening through the establishment of the Coal Development Unit.” He added that “Botswana needs to move fast to take advantage of the growing Indian import demand for coal.” The lack of transport infrastructure, in particular railway lines, is one of the biggest challenges hindering progress in the country’s coal sector. Botswana is currently investigating the development of a railway line from Botswana to the Waterberg coalfield, in Limpopo, South Africa, and to a port in Namibia. An alternative high-speed heavy rail route going east from Botswana through Zimbabwe to a port in Mozambique is also under discussion. Botswana government needs 8 to 15 billion US dollars to build a railway line to either the east or west of the country to reach Mozambique and Namibia ports respectively. CIC’s projects at its Mmamabula coal field in the southeastern part of the country include plans to export Botswana’s coal, develop a domestic power plant of 300MW, an export power plant of 1200MW and a coal-to-hydrocarbons project, is optimistic the economic indicators now favour its projects. Mr Kinross said that “The climate is starting to change for a number of projects that we are involved in.” CIC is waiting a power take off agreement from South Africa government and hopes to utilise an improved coal rail system in South Africa to export its coal. Source – Xinhua

DTC relocation taskforce starts work today

Mmegi The committee's main task will be to facilitate the inter-dependent factors of the relocation ranging from security, transport and many others. Our first meeting will be on Tuesday where we are going to come up with the terms of reference for each member," said Diamond Hub coordinator Jacob Thamage in an interview with Mmegi, on the sidelines of the recently held Diamond Pitso.

Stanbic Clinches Morupule Financing Deal

The Monitor:""We worked tirelessly for two years now to position Stanbic Bank Botswana corporate investment banking as the intellectual capital of banking in Botswana. Securing this deal is proof of our efforts in this regard," added Tasha Ferreira the bank's executive director, corporate and investment banking."

Botswana - New Personal Loan Campaign

Botswana - New Personal Loan Campaign: "A Stanbic Bank Personal Loan can make it all happen with up to P250,000.00 and up to 60 months to pay."

Stanbic Bank Botswana donates to Camphill School

"“Stanbic Bank is very proud of its association with Botswana. It has been a very exciting 20 years for us in this market, and we only hope that we can continue to make a positive impact and move our communities forward. We began our anniversary celebrations by thanking our community for supporting Stanbic Bank and now it is our turn to show appreciation in a more meaningful way,” he concluded."

Statistics indicate 'decline' in poverty

According to Statistics Botswana, there has been a general decline in poverty incidence in rural districts, compared to urban districts. Incidences of poverty have to be looked at using persons living below the PDL. Kweneng East, Central Serowe/Palapye and Central Tutume have the largest number of persons living below the PDL.  The employment statistics was based on those who were aged 12 years and over and the average unemployment rate was estimated at 17.8 percent.

Momentum gathers as BITC takes shape

Mmegi: "If someone can fit into a position with a little help, we will assist in terms of upping their skills. If someone cannot fit and cannot be helped with upskilling, we will then follow what the labour laws require." The two parastatals are also expected to move from their current premises into a new BITC office currently being identified. Beside these, the CEO is expected to guide the harmonisation of systems and processes from the two organisations and have these fully functional by October 1, 2012.

Ex-employees accuse Debswana of unfair dismissal

Mmegi: The two had agreed to be redeployed within the company. However, they say that by March this year, Debswana told them that it had not found positions for them and terminated their contracts. A letter signed by a senior manager in the engineering department reads thus: "... a recommendation was made to retire you on medical grounds as you are not able to perform your contractual job and that the company has been unable to offer re-deployment at a lower level or similar position."

Planned power projects will beat Southern Africa’s energy blues

IOL | Business | Features: Southern Africa has abundant energy sources such as coal, hydro, solar and wind, many of which have yet to be developed. The biggest projects in the pipeline are:

BOTSWANA: Toronto-listed CIC Energy plans a 1 200MW coal-fired plant in Botswana. But the

Mmamabula Energy Project was suspended in 2009 pending a power purchase agreement with South

Africa. CIC also plans to develop a 300MW coal-fired plant at the Mmamabula coal field to supply

Botswana. Once financing is arranged, the estimated construction period is two years. Botswana will

issue a tender in 2012 for two, 300MW coal-fired plants to be built by independent producers. One of

the projects, due in 2015/16, will be an expansion at the existing Morupule complex where power utility

Botswana Power Corporation operates a coal-fired plant. The other plant, due by 2018/19, can be built

anywhere in the country.

PPC sales slip, revenue up 8%

BusinessDay "Our results improved despite being tempered by weak demand in the Western Cape and Botswana, and fierce competition on cement prices in all our regions," PPC CEO Paul Stuiver said yesterday.

Galane Gold Ltd. Announces Fourth Quarter and Annual Financial and Operating Results for 2011 - Press Release - Digital Journal

Galane Gold Ltd. Announces Fourth Quarter and Annual Financial and Operating Results for 2011 - Press Release - Digital Journal: (Marketwire - April 30, 2012) - Galane Gold is pleased to announce its financial results for the fourth quarter and year ended December 31, 2011.


Fourth Quarter Highlights

-- Produced 15,554 ounces of gold at an average cash cost of $1,025 per ounce (before royalties);

-- Sold 16,203 ounces of gold at an average selling price of $1,674 per ounce; and

-- Working capital increased by $10.6 million to $19.2 million as at December 31, 2011.

2011 Highlights

-- Completed private placement of units of the Company (at CAD$0.80 per unit), with each unit consisting of one common share and one-half of one common share purchase warrant of the Company, for gross proceeds of $16.8 million (net proceeds of $14.9 million) on August 30, 2011;

-- Purchased 100% of the issued and outstanding shares of Gallery Gold Pty Ltd. ("Gallery Gold") from IAMGOLD Corporation on August 30, 2011 for an aggregate purchase price of $34.5 million (the "Gallery Acquisition");

-- Completed reverse takeover transaction with Galane Gold Mines Limited ("GGM") on August 30, 2011, whereby the former shareholders of GGM acquired control of the Company (the "Carlaw Acquisition");

-- Assumed operational control of the Mupane gold mine in the Republic of Botswana on August 30, 2011;

-- Produced 20,193 ounces of gold at an average cash cost of $1,039 per ounce (before royalties) during the period from August 30, 2011 (the date Gallery Gold was acquired) to December 31, 2011;

-- Sold 16,853 ounces of gold plus incidental silver at an average combined selling price of $1,697 per ounce; and

-- Increased working capital by $3.8 million to $19.2 million during the period from August 31, 2011 to December 31, 2011 after capital expenditures of $2.4 million.to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.

Cautionary Notes

Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: the Company's dependence on a single mineral project; gold price volatility; risks associated with the conduct of the Company's mining activities in Botswana; regulatory, consent or permitting delays; risks relating to the Company's exploration, development and mining activities being situated in a single country; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; mining tax regimes; risks arising from holding derivative instruments; the Company's need to replace reserves depleted by production; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; lack of infrastructure; employee relations, labour unrest or unavailability; health risks in Africa; the Company's interactions with surrounding communities and artisanal miners; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; development of the Company's exploration properties into commercially viable mines; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; and litigation risk. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Read more: http://www.digitaljournal.com/pr/686617#ixzz1tis1DtRq

Letshego Holdings Limited Selects TCS BaNCS Core Banking Platform

Letshego Holdings Limited Selects TCS BaNCS Core Banking Platform:The vision of LHL is to transform itself from a pan-African financier into a retail banking firm by expanding its financial services footprint. With the modularized and scalable TCS BaNCS solution, the Bank will be able to easily configure the solution for its specific lending needs, while also fostering innovation in the form of a range of retail banking solutions from the same platform. This multi-entity, multi-lingual and multi-currency solution will integrate all operational processes in the Bank in real-time, and manage increased transaction volumes, while its flexible configuration features will cater to the needs of a multi-country deployment. With this modern banking platform, LHL will derive a world-class, high-performance solution, enabling low Total Cost of Ownership (TCO). It will also provide for lean and efficient operations across Africa and consolidate disparate systems onto a single platform.

Broker Roundup Pt 2 including Ferrex, ENK, Firestone Diamonds, Plethora Solutions and Providence Resources

It follows a strategic review of the firm's operations and was oversubscribed, the firm said, adding the cash will also be used to repay debt, the ongoing costs of the BK11 in Botswana and for general working capital.

Stanbic foils P13 million cellphone banking fraud

Sunday Standard - Online Edition: “The fraudsters start by reporting that the customer’s cell phone sim card is malfunctioning or lost to the Mobile phone service provider (beMobile, Orange or Mascom), who will in turn verify the customer’s identity from the fraudster as they will have all the necessary documentation,” he warned.

Debswana raises boxing sponsorship to P85, 000

Mmegi: "The realisation of these achievements begins with provision of access to the right resources. As Debswana, we are delighted and humbled by this development, hence we decided to increase the sponsorship amount for this year's awards," he said.

Budget at variance with reality-report

Mmegi: "A subjective analysis by people who attended public consultations revealed a strong disdain for the figures presented by the Finance Minister (issues were the same across areas visited; city, urban villages and remote areas)," reads part of the report.

Zim Finance Minister Supports Regional Currency Idea

RadioVop Zimbabwe: "We are a growing economy," he told more than 500 international investors."Our economy is beginning to stabilise since we began using the United States dollar and the South African Rand. We are on the right path as a country and you must support us in our endeavours to make Zimbabwe the number one investment destination in Africa."

Debswana taps into 39 million-tonne treasure chest

Mmegi: That would secure Jwaneng up to 2033." The tailings dump was originally slated to be established in 2008, before the global recession interfered in 2009. Plans to resuscitate the project in 2010 were subsequently set aside, with Debswana opting to focus on its existing operations.

Good networks necessary for coal market

Mmegi: "There is therefore need to make sure that our costs are at the minimum," he said. Scott believes that for the Botswana to fully meet its coal export potential which has been estimated at 60 million tonnes per annum (Mtpa) upgrading of the current infrastructure is critical.

Galane Gold acquires Botswana exploration assets

JOHANNESBURG (miningweekly.com) – TSX-V-quoted Galane Gold has completed the acquisition of Northern Lights Exploration (NLE), giving it control over prospective gold areas in the Tati Greenstone Belt, in Botswana.

“Completing the acquisition of NLE is a significant milestone for Galane. Combining the existing Galane exploration tenements with those of NLE means that the company has a combined area of more than 1 200 km2 and control of what we believe is all prospective ground for gold exploration on the Tati Greenstone Belt,” CEO Philip Condon said in a statement.

Glen Valley horticulture gets a boost

Mmegi: Stanbic Bank Botswana this week joined forces with the Local Enterprise Authority (LEA) in a bid to bolster the development of the nation's Small Medium Enterprises sector.


Said Stanbic Bank Head of SME, Keletso Setimela, "We hope this donation will go a long way towards assisting with the development of the SME sector and horticulture in particular. This contribution is also an investment in our country as it promotes economic diversification in the country. Through such investment, competent horticultural entrepreneurs are developed and the nation's horticultural import bill is reduced. In addition, jobs are created in the horticulture sub-sector and the country's agricultural GDP is raised. In light of these, Stanbic Bank looks forward to the beginning of a long and fruitful relationship with LEA."