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

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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