Botswana Diamonds Share Discussion Threads

[fenners66] 23/11/2018 23:03

No money

Anyway liquidator plans to spend 7 years in the post.

[tomatoma2] 23/11/2018 21:51

BCL Group, currently going through a marathon liquidation process, is set to sell its stake in Maibwe Project – a joint venture between Botswana Diamonds (BOD) and the fallen copper mining company.According to the latest information provided by BOD, the project, which BOD chairman John Teeling describes as 'exciting' has been mired in the liquidation of the main shareholder being BCL. Now, it has been revealed that a prospectus has been produced by BCL for the purpose of selling its stake in the joint venture.In Maibwe joint venture, BCL owns a 51 percent stake, 20 percent by local interests and the rest by Siseko – a South African company 51 percent controlled by Botswana Diamonds.However, Teeling has expressed excitement that progress has been made regarding the disposal of BCL stake in the joint venture.Before the liquidation of BCL in 2016, which was a key partner in the project, drilling had taken place in the Gope region of the Kalahari on four of Maibwe licenses, which reportedly produced 'very good results'.It is not yet clear who will buy the BCL stake in Maibwe diamonds, but BOD Managing Director James Campbell told the Botswana Resources Sector Conference in June this year that they have offered to buy BCL stake in the project.In a contradicting statement made by Teeling on Monday this week saying a prospectus has been prepared by BCL to sell its stake in Maibwe, BCL liquidator says the statement is misleading, as he has not produced any prospectus, but still preparing it.Speaking to Voice Money in an interview, BCL liquidator, Nigel Warren-Dixon said all the parties involved in Maibwe joint venture are still piecing information together regarding the project so as to come up with a solid prospectus that will be used to sell BCL shares in Maibwe.Asked if BOD is still interested in acquiring the stake, Dixon-Warren said obviously as a shareholder they will still be interested.

[temmujin] 23/11/2018 16:44

took a dabble at 0.6p..come on vast monday news please!

[mickluv1] 23/11/2018 15:36

I didn't expect this to drop this low! The pipe line and momentum is better than it has ever been! Things could change in an instant! How do the guys that have got a free ride here due to AFD feel? GLA

[atlas1234] 20/11/2018 10:53

Fenners - no I would not and have not for a number of reasons, some of which you highlight. The q's raised below are very appropriate discussion matters in a s/h forum, with the relevant boards present. As a newbie, as you point out, Bod has a good project pipeline, highlighted by squiggly line graph on page 5 of the AR. This shows they are at a point of needing big funding to take forward, squiggly line indicating the requirement (constrained for all the reasons we know). With limited exploration potential offered in the diamond space this is a v good portfolio (if not the best around) so the bet here is on a transaction or transformation deal for me.

[fenners66] 20/11/2018 10:01

"This forum is bod though, and that is where my opinions are directed"

I get that
So do the directors

Would you invest in a company run by a handful of men from a (once was?) house in Dublin, that had exploration interests in
Oil - Iraq
Oil - Jordan
Oil - Ghana
Oil - Equatorial Guinea
Oil - Offshore Ireland
Gold - Ireland
Other Metals - Ireland
Gas - Peru
Lithium - Bolivia
Diamonds - South Africa
Diamonds - Botswana
Diamonds - Zimbabwe
Stuff - Namibia
Gold -Scotland

There were/are others I cannot remember them all.
The 4 quoted companies from the same address share some of the directors etc
They also have another as yet (still?) unquoted company, Greenore Gold

ALL 4 have failed to make any money for a decade or more
ALL 4 have had failed projects and had to write off investments
They have partners for projects time and time again that fall through

They report 2 in £ and 2 in Euro so figs below include approx FX translation
From the last annual accounts - not including subsequent interims with more losses.....

Combined losses for a year of c. £7,731,000
Combined balance sheet losses of c. £38,068,000

Directors' remuneration in one year of c. £374,000

I do not know the figures of the unquoted company

Teeling did run a very successful whiskey company and sold it at a handsome profit
Now I understand his sons run another.

I put it to you that if this lot was one company would anyone invest in it with this track record ?
Would share holders be asking just how the directors could possibly keep control of all these projects at the same time all over the world as they are ?
How thinly can their time be spread and still be successful ?
How are they going to have any time for private lives ?

If they were successful - you of course would say they did it somehow - but a decade or so on and what is there to show for it ?

Why set up 4 distinct companies ?

[atlas1234] 20/11/2018 08:59

Fenners - thanks and thanks for the benefit. Yes, kennels do house dogs and I concur on the other 3 which do not hold appeal. This forum is bod though, and that is where my opinions are directed. Long term ~ 10 years for diamond assets taking mine develpment to account as well. Will happily eat my hat and other stuff in a few years if this equally barks and bites.

[fenners66] 20/11/2018 08:31

atlas - since you are a new poster - I would like to give you the benefit of the doubt - how familiar are you with the Clontarf kennel of companies ?

When you talk of long term - do you mean in terms of generations ?
Look at the long term performance of all 4

BOD . CLON CON PET

All the same....

[atlas1234] 20/11/2018 05:22

https://www.rough-polished.com/en/exclusive/112307.html

[atlas1234] 20/11/2018 03:59

Pity about expectations. It is also a pity that accounting standards are myopic in their sanitisation of reporting towards financial instruments, thereby consigning the true value of investments in this sort of business to oblivion.

[elmfield] 19/11/2018 11:53

Well whatever you may think of Fenton and however you dislike his methods,
Lippe,etc etc have been proved more or less correct,
If clontarf does not deliver fast on one of the many projects they
claim to be about to achieve, they are finished, no one will put any
new money in unless they are really stupid!

[atlas1234] 19/11/2018 11:30

Fenners I dont think you understand exploration, more particularly diamond exploration which is a highly technical long term game. Suggest you sell (and I for one am a willing buyer at these levels), substituting with an investment in m+s.

[fenners66] 19/11/2018 11:03

Funny how year after year the same points are valid

Nothing sold
No turnover
More losses
More directors' remuneration
Weak cash position

[mickluv1] 19/11/2018 10:55

Who put 50p in Fenners :-o! Oh that's right he's just having his annual accounts rant! This is a prospecting company my good man! If diamonds were that easy to find they would be worthless! This share has more than a bag in it with the right news flow! Let's face it who as a kid didn't want to find buried treasure! One day Rodney we'll be millionaires ;-) GLA

[fenners66] 19/11/2018 10:52

No pictures of a donkey (or was it an ass?) this year.

What happened to the donkey - is he/she ok ?

There is a picture of a man with a stick (well branch) though.

He has shaped it a bit and removed the leaves - new advanced mining tool ?

[fenners66] 19/11/2018 10:48

I see page 5 has a pretty picture - there is a squiggly line on it - it does not say what the squiggly line is supposed to represent , maybe someone likes doodling ski slopes - in their spare time perhaps....

[fenners66] 19/11/2018 10:32

Why does it matter to you that someone refers to the details in the accounts ?

[fenners66] 19/11/2018 10:31

It matters to the market and 99.9999999% are non-holders and what all holders need are non-holders to sell to, otherwise there is no way most holders can make a profit (holders selling to other holders excepted).

So NON-holders are the most important audience and as one of those I highlight the details .....

[chapchip] 19/11/2018 10:09

why does it matter to you, you are not a holder ?

[fenners66] 19/11/2018 09:11

Cash on the balance sheet as at 30-6-18 £260k

Directors remuneration (cash) for the year £193.5k


So not a lot to spend on exploration then ?

More dilution to come ?
Will the market take it ?

[fenners66] 19/11/2018 09:06

"We believe that we can reduce the very high risk in exploration by country selection"

Seems like that method involves attempting to start operations in as many countries as possible.....

2 Non management workers across 3 countries..... when it comes to digging holes that is a tough ask....

[fenners66] 19/11/2018 09:02

"we have struggled to attract investors."

Also struggled to attract gamblers....

Why is that ?
Look at the track record of the FOUR listed companies all run from - what looks like it was once a house - the same building sharing common directors and common accumulated huge losses on the balance sheet.

Over £4.069m here alone !

Sharing common directors.

There are just 8 employees here including management and administration
6 of them are directors !
But there are 3 countries to mine - so how do you cover 3 different countries with just 8 people - worse when you see 3 of those directors are "Non-executive"

So they have more non-executive directors than (non management) workers......


But then we find out that that the businesses run from the same address have interests all over the world

South America
West Africa
Onshore Ireland
Offshore Ireland
Iraq
Jordan
etc
etc ....

How are they supposed to make a success of anything when they are spread so thin ?

Well the answer to that would be found on their combined balance sheets.

[euclid] 18/11/2018 15:37

“The project in Botswana was [a] pilot for Alrosa, both in terms of the fact that this is a new country for us, and in terms of the management model,” an Alrosa spokesperson said. “After four years, we evaluated the results and decided to leave the project and concentrate on more familiar and priority activities. We thank Botswana Diamonds for their cooperation and wish the company success in the further implementation of this project.”

[euclid] 16/11/2018 11:03

Thanks for that.