De Beers to Switch Its Diamond Trading Activities to Botswana From London

Bloomberg

“De Beers should benefit from a longer agreement as it removes the periodic disruption in having to wrestle with a new pact every five years,” Des Kilalea, an analyst at RBC Capital Markets Ltd. in London, said in an e-mailed note. “In a world with looming tightness in rough diamond supply, the certainty of a long-term agreement over the world’s largest source of rough is welcome.”

Botswana IT service performance poor

The main problem or challenge in Botswana is Wide Area Network (WAN) and Application service delivery. If for example you want to download a form from the Ministry of Trade and Industry website to register a company, you will be lucky to manage to download and print the form. It takes more than 10 minutes to buy the Government Gazette because the system is very slow. This is true with most government and parastatals IT systems, especially revenue systems, which normally involve serious authentication processes. I am not attacking any ministry or company here; I am just using them as examples. Standard Chartered Bank Botswana is also often affected by a high system downtime and it is likely that it is because of their WAN Service by BTC. So the government WAN, as well as WAN networks for the private sector, including banks and parastatals are not optimized to deliver optimum quality of service. This is proven by a high system downtime Batswana customers often experience. BTC is a monopoly in providing WAN services. However the problem does not lie only with BTC, companies and government need good network design if they are need increased performance of their networks and maximize use of their bandwidth.

The Recent Financial Crisis: Some Reflections on its Likely Financial and Economic Effects on Botswana

Before I conclude let me re-emphasise two points: (a) the need for a timely, accurate and sector specific data to examine the depth, scope and transmission mechanisms of the possible effects of the crisis on the Botswana economy. And (b) the focus of any policy must be to search best way possible to manage the transition rather than jump-start the economy, as is the case in other countries.

Botswana Stock Exchange`s biggest listing ever - Investment Insights

Moneyweb

Chief executive of Choppies talks to Moneyweb about the company's plans. (TRANCRIPT)

G4S plans share split to ease tradability

The Monitor: ""The ordinary shares have thus become too costly for acquisition by small investors resulting in reduced liquidity and tradability of G4S's shares," Mokgosana said. He added that the company's directors then proposed a ten-for-one sub division that is to be approved at the next extraordinary general meeting in September."

'via Blog this'

Impact sheds 40% to focus on Botswana exploration

Botswana Gazette: "“The sale of the Nowthanna uranium deposit has come at a good time for Impact and reflects the Company’s continuing primary focus on its highly prospective exploration assets for uranium and nickel-copper-PGE’s in Botswana in Africa,” said Dr Jones, adding that, “The consideration we will receive will be used to further accelerate our exploration programmes on the Botswana Uranium Project where a major drill programme is in progress and the Xade Nickel-Copper-PGE Project where a major airborne magnetic survey has commenced” he said."

Hunt begins for new DTCB boss

Mmegi: "'I will be retiring at the end of December 2011 after 42 years of service with the company,' McDonald said in a statement. 'These 42 years I have invested in the De Beers Group of Companies were of tremendous value and I look forward to spending time with my family.'"

Paragon Diamonds wins licence in Botswana

IBTimes: "The award of a new kimberlite prospecting licence in Botswana is a strategic step forward. In combination with our Lesothoan, Zambian and Tanzanian assets, it further strengthens the company's development into a kimberlite explorer and developer in Southern Africa"

Discovery Metals on track for copper mine

Discovery Metals on track for copper mine: "In addition to project and equipment finance, the banking syndicate will provide a $US25 million overrun and working capital facility plus hedging lines for both copper and silver production."

Diamonds.net - Lucara Says South Africa's Steel Workers Strike May Impact AK6 Mine Development

Diamonds.net - Lucara Says South Africa's Steel Workers Strike May Impact AK6 Mine Development

Second Take: Botswana mining

The world's premier mining and mining investment website Impact Minerals Limited [IPT] - Drilling Under Way on Botswana Uranium Project

Mineweb: "'These styles of mineralisation have only been reported by Impact in Botswana and the drill programmeis designed to test this potential for such new uranium deposits as well as deposits in Karoo sedimentaryrocks similar to those at the large Letlhakane Uranium Project about 150 km to the north' Dr Jones said.There are four priority drill targets, all located west of the town of Mahalapye."

National brand nears global recognition

The Monitor: "The Botswana Export Development and Investment Authority (BEDIA) says the national brand's path to registering as a trademark internationally, is proceeding seamlessly with approval expected to be granted by December."

Firestone Diamonds Listing on Botswana Stock Exchange

Firestone Diamonds Listing on BotswDiamondNe.ws: "Philip Kenny, Chairman of Firestone Diamonds, commented: “Firestone Diamonds is currently the only company selling diamonds by tender in Botswana, both from the BK11 Mine in Botswana and the Liqhobong Mine in Lesotho. We are very pleased to be able to offer Botswana-based investors the opportunity to participate in the growth that we expect as production from Firestone’s mining operations continues to increase and the shortfall in diamond supply continues to drive rough diamond prices higher.”"

Botswana Holds Off Unions, Keeps Top Africa Credit Rating, Moody’s Says

Bloomberg:

"The attitude to the strike “signals to us that the government is very serious about its budget strategy,” Lindow said. “The easy thing would be to give in."

"They’ve been hit hard by the crisis, but they’ve bounced back,” Lindow said. “They have ambitions to reduce very substantially the size of spending relative to GDP. That’s what we’re trying to ascertain, whether that will indeed happen and how soon."

BOTSWANA DIAMONDS IDENTIFIES POTENTIALLY DIAMONDIFEROUS ROCK LAYERS IN CAMEROON LICENSE

Tacy LTD: "Botswana Diamonds reports that its geologists have identified sequences of sedimentary rock layers in several localities in the east of its Cameroon diamond license. The AIM-listed miner holds an 85 percent share of the reconnaissance license, which lies immediately to the south and west of C&K Mining's Mobilong license area, where recent reports suggest that a very significant reserve of diamonds has been discovered and where a mine estimated to produce one million carats a year is reportedly coming on stream by 2012. "

Strike to undermine GDP forecast - economist

Mmegi Online "'The intended fiscal adjustment, aimed at bringing the budget into balance by fiscal year 2012/2013, is facing its most severe test yet,' Khan says in the report. 'An outright quarter-on-quarter contraction in non-mining GDP now looks plausible in the second quarter of this year, putting at risk our full year GDP growth forecast of 4.9 percent, despite an overall increase in government spending and a healthy rebound in diamond sales.'"

Fraudsters hit BSE investor and brokerage

Mmegi Online

Botswana’s Economy Is Back on Strong Growth Path on Gem Exports, IMF Says

Bloomberg

Botswana’s economy is “back onto a strong growth trajectory” due to a rebound in diamond exports and good government policies, the International Monetary Fund said. While inflation has accelerated there isn’t firm evidence of generalized price pressures in the southern African nation’s economy and the IMF supports the central bank’s neutral stance on interest rates, the Washington-based institution said in a statement on its website. The government must continue efforts to reduce its large state wage bill, it said.

The world's premier mining and mining investment website Exploration program finalized for Botswana coal projects & update on Kenya coals basin tender

Mineweb

Key Points:

• Initial exploration drilling program for Botswana finalised following receipt of report from the Company's independent South African consulting geologists
• 60 borehole drilling program to be completed in 2011 through two phase exploration drilling program to commence upon appointment of Botswana drilling contractors
• Exploration drilling to focus initially on the Serowe Thermal Coal Project with subsequent drilling to commence on the Kweneng Thermal Coal Project
• Tender documents received from the Kenyan Ministry of Energy for 4 coal concession blocks in the Mui Coal Basis with submissions due in July 2011

Emerging mid-tier South African focussed coal producer Continental Coal Limited (ASX: CCC) ("Continental" or the "Company") is pleased to provide an update on its planned exploration activities on its Serowe and Kweneng thermal coal projects in Botswana (together the "Projects") following receipt of the planned initial exploration and drilling programs for each of its projects from its independent geological consultants. The Company is also pleased to confirm that it has received a "Request for Proposals for Concession of Mui Coal Blocks" and the accompanying data and will be submitting its detailed proposal as required to the Kenyan Ministry of Energy in July 2011. "We are extremely pleased to have finalised our planned initial exploration program for our Botswana prospecting licenses and to be in a position of being able to commence work in-country very shortly. In addition, having now received the tender documents from the Kenyan Ministry of Energy we are busy preparing our submission to position ourselves to secure one of the 4 exciting coal concession blocks available." commented Continental's Executive Director, Jason Brewer. "It is very pleasing to be able to offer our shareholders such exploration upside in these highly prospective and strategically located coal regions, particularly coupled with export and domestic thermal coal sales from our two producing open cast mines in South Africa and ahead of planned announcements of the Penumbra Coal Project development and funding plans due to be released to the market in the coming days" Mr Brewer added.

S&P affirms Botswana's ratings

Business LIVE

Standard & Poor's Ratings Services has affirmed its 'A-' long-term and 'A-2' short-term foreign currency sovereign credit ratings on the Republic of Botswana and on the Bank of Botswana, the country's central bank.

"We also affirmed the 'A' long-term and 'A-1' short-term local currency sovereign credit ratings on Botswana and its central bank. The republic's 'A+' transfer and convertibility assessment is unchanged. The outlooks on Botswana and the Bank of Botswana are stable," the rating agency said. It said the affirmation reflects Botswana's strong public sector balance sheet, even though this recently deteriorated. It also reflects its well-managed minerals-based economy, and long record of political stability. These factors are somewhat offset by the country's narrow economic base, which is vulnerable to shocks; heavy reliance on diamond sector performance, despite efforts to diversify; fiscal challenges; and still-significant development needs. "Botswana's stable politics, track-record of prudent macroeconomic policies, and high level of transparency are strong by emerging market standards. However, key structural credit constraints are the country's narrow economy, together with income levels that are amongst the lowest in the 'A' category, high unemployment, and the impact of the HIV/AIDS pandemic. "Botswana is the world's top producer of diamonds and the diamond industry remains the country's economic locomotive. Abundant diamond resources, well-managed and exploited, and a social-democratic-style welfare state, have helped Botswana to develop from one of the world's poorest countries to a middle-income country with GDP per capita of about $7,500 in 2010. "The global downturn hit Botswana hard, as the country's key commodity markets, in particular the diamond market, contracted sharply and external demand slumped. But since mid-2010, the market has rebounded sharply. Real GDP contracted by 4.8% in 2009, but expanded again by an estimated 7.2% in 2010. Our projections indicate that it should remain fairly strong in fiscal years 2011-2013, provided that the recovery in the global demand for diamonds continues. "The stable outlook balances the fiscal difficulties the government faces with a strong public sector external balance sheet. The rating could come under pressure if the government suffered further fiscal slippage and did not meet its consolidation plans, due to weaker than anticipated revenues or to higher than forecast expenditures, which could lead to greater and more rapid dissipation of asset buffers. "Botswana's creditworthiness could improve if reforms are implemented more quickly, dependence on mining continues to decline, and private sector development broadens. However, we do not expect this to be achieved within the current forecast period," S&P said.

Sono Resources Appoints Dr. Luc Antoine as Director

PRNewswire

Sono Resources Inc. (OTCQB: SRCI) reports that Dr. Luc Antoine has joined Sono as a Director of the Company. Dr. Luc Antoine is a professional geologist and geophysicist who has worked on the African continent in such countries asAlgeria, Libya, Tanzania, Sudan, Mozambique, South Africa, Angola, Congo, Gabon, Mauritania, Senegal, Morocco andBotswana for over 20 years. His expertise is focused on exploration, data security and quality control, data acquisition, and on data interpretation. Dr. Antoine is co-founder and technical director of GeX Surveys, a company specializing in airborne geophysical data acquisition contracting services since 2006. He is also co-founder and technical director of Geoscientific Exploration Services, a company offering geological, geotechnical, remote sensing and geophysical consulting and contracting services since 1999. During his career, Dr. Antoine has been extensively involved in developing exploration programmes for leading mining and mineral companies including Anglo American Gold Corporation (1986 to 1987) and Anglo American Gold's base metals operations (1980 to 1986), as well as Falconbridge Exploration (1973 and 1978 to 1979). He also taught exploration methodology at the University of the Witwatersrand from 1987 to 2002. A resident of South Africa, Dr. Antoine is an Associate Member of South African Geophysical Association (President 1993), a member of the Geological Society of South Africa, the European Association of Geoscientists and Engineers, and the Society of Exploration Geophysicists.

CIC ENERGY TO OPEN DATA ROOM TO OTHER POTENTIAL ACQUIRERS

CanadianBusiness.com

CIC Energy Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE:CIC Energy) today announces that its board of directors has approved the termination by the Company of the Acquisition and Supplementary Agreements with JSW Energy Limited ("JSW") in accordance with their terms as the proposed acquisition of the Company by JSW will not be completed by the required deadline of May 31, 2011. A notice of termination will be sent to JSW on June 1, 2011. CIC Energy believes shareholder interests will be better served by pursuing an alternative transaction. While CIC Energy is willing to continue discussions with JSW Energy, any such discussions would have to be on a non-exclusive basis. CIC Energy intends to open its data room to potential acquirers as soon as practicable following termination of the agreements with JSW. CIC Energy has already received several expressions of interest as was reported in the Company's news release of April 28, 2011. It is expected that CIC Energy advisors, Deutsche Bank Securities Inc. and Motilal Oswal Investment Advisors Pvt Ltd., will begin speaking with the advisors of prospective acquirers shortly thereafter. "It is disappointing that after almost eight months the transaction with JSW has not been completed despite several extensions to the original deadline," said Greg Kinross, President of CIC Energy, "we thank shareholders for their patience and understanding and remain committed to unlocking value for shareholders". "We look forward to beginning discussions regarding the acquisition of the Company with other major corporations that have expressed interest in CIC Energy in recent months, as well as other parties," said Warren Newfield, CEO of CIC Energy. "We believe this is the best course of action for shareholders. We are prepared to continue the process with JSW, but only on a non-exclusive basis."

Arbitration by GCL Botswana: In respect of the arbitration process recently initiated by GCL Botswana Limited ("GCL Botswana"), CIC Energy continues to regard it as being entirely without merit. Although discussions have taken place between the Company and GCLBotswana with a view to settling the dispute and terminating the underlying shareholders' agreement, the situation remains unresolved. The Company is open to further discussions with GCL Botswana, but is considering all of its options to resolve its position.

Conference Call: CIC Energy will host a conference call with Warren Newfield, CEO and Chairman, and Greg Kinross, President to discuss this news release on Tuesday May 31, 2011 at 4:00 p.m. Eastern Time (10:00 p.m. SAST). To participate in the conference call, investors and media from the US and Canada should dial 1-888-231-8191 prior to the scheduled start time. International callers should dial +1 (647) 427-7450.

CIC confident of finding new buyer after JSW deal breaks up

CIC confident of finding new buyer after JSW deal breaks up

CIC Energy is optimistic that it will receive offers from companies interested in its power-generation and coal-export projects in Botswana, after the firm terminated a takeover agreement with India's JSW Energy, chairperson Warren Newfield said on Tuesday. The company has been approached by “more than two” parties and is not concerned that it will not be able to secure a new offer, CIC executives told analysts on a conference call. They declined to provide more details, but, when pressed, conceded that the potential suitors included interest from India, as well as elsewhere in the world. CIC said earlier on Tuesday that it was also still open to nonexclusive negotiations with JSW, but that it “believes shareholder interests will be better served by pursuing an alternative transaction.” Shares in the company rose 5,3% on Tuesday, to C$3,16 apiece by 15:59 in Toronto. JSW, an Indian power utility, agreed in November last year to buy CIC Energy for C$7,75 a share, or about C$422-million. The parties have been trying to close the deal since then, and had set a deadline of May 31 for certain conditions to have been waived or met. JSW had wanted assurances from the government of Botswana related to a future power purchase agreement but was not able to reach an agreement before the cut-off date. CIC now intends to send a letter of termination to JSW, and will then open its data room to other potential buyers as soon as possible. “It is disappointing that after almost eight months the transaction with JSW has not been completed despite several extensions to the original deadline,” CIC president Greg Kinross said in a statement.

Continental Coal finalises Botswana exploration program, receives Kenya Mui Coal Basin tender documents

Proactiveinvestors (AU)

Exploration drilling is to focus initially at Serowe with subsequent drilling to commence at Kweneng. Jason Brewer, Continental’s executive director, said “we are extremely pleased to have finalised our planned initial exploration program for our Botswana prospecting licenses and to be in a position of being able to commence work incountry very shortly. "In addition, having now received the tender documents from the Kenyan Ministry of Energy we are busy preparing our submission to position ourselves to secure one of the 4 exciting coal concession blocks available.”

Bouquet joins Botswana Diamonds as non-exec director

Proactiveinvestors (UK)

"We have exciting years ahead in this company and I am sure that his wide diamond pipeline knowledge and commercial experience will be an asset to Botswana Diamonds and a complement to the expertise that we already have within the company." On appointment, Bouquet will be granted options over 250,000 ordinary shares in the company.These options have an exercise price of 6 pence, vest immediately, and expire on 27 May 2018.

SABMiller’s Sechaba Breweries Says Full-Year 2010 Profit Increases 10%

Bloomberg: "Botswana’s biggest beermaker, said full-year profit rose 10 percent to 240 million pula compared with a year earlier. The improvement in net income for the year through March was due to a change in the calculation of a 40 percent state tax on alcohol, the company said in a statement published in the Gaborone-based Mmegi newspaper today. It declared a dividend of 24 thebe a share. Clear beer sales declined 0.2 percent compared with a year earlier and sales of sorghum beer fell 1.2 percent, the company said."

Botswana says to raise bank reserve requirements

Reuters: "Botswana's central bank on Tuesday said it would raise banks' primary reserve requirement to 10% from 6.5% to reduce excess liquidity. 'Normally, an increase in the primary reserve requirement ratio implies monetary policy tightening,' the bank said in an statement. 'However, in this instance, the increase is unlikely to constrain supply of credit as, by definition, the funds mopped through the Bank of Botwana Certificates are 'excess' to what is required for productive lending.'"