Botswana Diamonds Share Discussion Threads

[ein4] 04/10/2018 11:32

Looks good to me, plenty of excitement to come? The risk of not making money here is getting less and less, in my opinion?

[harrissen] 04/10/2018 11:29

fenner, this will never go the distance to need a lot of funding.

Once they prove it up and it's true value is realised Teeling will flog it for many times it's present S/P.
He is a shrewd cookie and knows by now this is the best chance he ever had to make a real success out of a exploration company having been an abysmal failure to succeed so far.

[fenners66] 04/10/2018 11:00

50:50 = 13.33% for a potentially large asset. How did BOD mess this up?

Easy they are lucky to get 13.33% of anything
Vast contributing $1m
are BOD bringing their donkey ?

[harrissen] 04/10/2018 10:50

By: African News Agency

4th October 2018

Botswana Diamonds agrees development of concessions in the Marange Diamond Fields of Zimbabwe with Vast Resources plc

Botswana Diamonds, the AIM and BSE listed explorer, is pleased to announce that it has concluded an agreement with Vast Resources plc (‘Vast’) the AIM listed mining and resource development company, for the development of their concessions in the prolific Marange Diamond Fields (‘MDF’) of eastern Zimbabwe.

A separate agreement will cover the joint development of diamond properties outside of the MDF, which will be a straightforward 50/50 joint venture, though the initial focus of our joint work is on the MDF.

As previously announced, Vast has exclusive access to key diamond concessions (the ‘Heritage Concession’) in the MDF of the Chiadzwa region of eastern Zimbabwe, through an agreement with a community organisation. BOD will perform due diligence on the area to conclude a joint venture agreement for diamond exploration, mining and marketing.



The 15km² Heritage Concession neighbours Vast’s historic MDF claim, and seems to be a geological extension of that system.

To develop diamond properties in Zimbabwe, BOD and Vast signed a MoU in May 2018, which has matured into an agreement on the MDF, including:

•A Special Purpose Vehicle (‘SPV’) between BOD and Vast to develop diamond resources in the MDF.
•Initial shareholdings will be BOD - 13.33% and Vast - 86.67%.
•Vast will contribute up to US$1 million as initial funding.
•If any additional funds are required, this will be via an equity raise.
•BOD and Vast may contribute to any future equity raise on a pro rata basis. If either party does not take up its allocation, the other may. Further announcements will be made as appropriate.


The next step is a desktop review, which is now underway. Results will be announced shortly.

John Teeling, Chairman, commented, “I am delighted that we have concluded terms with Vast on developing their concessions within the prolific Marange Diamond Fields. We look forward to working with them to realise the full potential of this prospective area and others, as they emerge, with Zimbabwe opening up further for business. Work on the initial due diligence is far advanced and we look forward to providing further updates to the market in due course.”

[harrissen] 04/10/2018 10:34

Botswana Diamonds

NORTHLAND VIEW

4/10/2018

§ Further to the MOU signed back in May 2018, Botswana Diamonds announced it has concluded an agreement with Vast Resources plc, the AIM listed mining and resource development company, for the development of its concessions in the prolific Marange Diamond Fields ('MDF') of eastern Zimbabwe. A separate agreement will cover the joint development of diamond properties outside of the MDF, which will be a straightforward 50/50 joint venture, although initial focus will be the joint project.

§ Vast already has exclusive access to key diamond concessions in the MDF of the Chiadzwa region of eastern Zimbabwe, through an agreement with a community organisation. BOD intends to perform due diligence on the area to conclude a joint venture agreement for diamond exploration, mining and marketing. The 15km² Heritage Concession neighbours Vast's historic MDF claim, which may be a geological extension of that system.

§ The agreement includes creation of a SPV between the two companies to develop diamond resources in the region, of which BOD will have an initial shareholding of 13.33% with Vast holding the balance in exchange for which it has agreed to contribute up to US$1m of initial funding. The announcement notes that any additional funds that are subsequently required will be through an equity raise, to which both companies may contribute on a pro-rata basis. BOD’s work on the initial due diligence is now far advanced and the results are expected to be released shortly.

A very positive step In securing initial funding and the basis for raising follow-on capital, this arrangement with Vast should allow BOD to realise the full potential of its highly prospective concessions in the Marange Diamond Fields. Given the experience both companies have had in Zimbabwe, they should also find themselves well positioned to secure further properties given the country’s apparent willingness to promote future business.

[leader11] 04/10/2018 09:36

Let VAST do the donkey work.

[leader11] 04/10/2018 09:33

Same rns on VAST bb.

[leader11] 04/10/2018 08:53

Now get the bloody Bcl maiwbe done and dusted. Buy Bcl maiwbe shares from liquidator.

[bageo] 04/10/2018 08:33

50:50 = 13.33% for a potentially large asset. How did BOD mess this up?

[tomatoma2] 03/10/2018 17:41

Author : TSAONE SEGAETSHOThe abrupt and controversial liquidation of BCL two years ago has not only affected those who benefited directly from it-a lot who did dealings with the moribund copper-nickel ore smelter like Botswana Diamonds (BOD) which got in an indirect partnership with the mine are apparently frustrated by an unfinished business of an exploration venture.The BCL liquidation remains a stumbling block on Botswana Stock Exchange and London Stock Exchange listed BOD because it stands on the company's exploration prospects on lucrative Maibwe Joint Venture which comes with ten licenses.Maibwe is situated in the Gope area in the central region of Botswana. The Maibwe Joint Venture is currently owned by BCL or BCL Investments which holds a lion's share of 51 percent, Future Minerals holds 20 percent and BOD subsidiary Siseko has a stake of 29 percent. Siseko is 51 percent owned by BOD.BOD is worried that it cannot get hold of its exploration project sooner that it promised its investors because the company that owns a major stake at Maibwe, BCL Limited or BCL Investments has been liquidated subsequently putting any business that could be done by Maibwe on a freezer. Initially BCL had wanted to sell its 51 stake in Maibwe Joint Venture following its liquidation in 2016. BOD shown huge interest to buy the shares and team up with its subsidiary Siseko to get a huge chunk from Maibwe but the talks were halted as the BCL liquidator Nigel Dixon-Warren decided to play hard ball in order to get a better deal according to him.In an interview with BusinessPost, Dixon-Warren also put clarity on the misconception that BOD has direct shares on Maibwe saying, "I do not know of any agreement between BOD and BCL on Maibwe." The international media and other news websites had suggested in their reports that BOD directly owns Maibwe and has prospects to drill it as its own venture, but Dixon-Warren has not seen a legal bond between Maibwe and BOD. He told this publication that he is going to start by dealing with other shareholders first like Siseko, the BOD subsidiary."I am very careful about our Maibwe shares. I am still assessing the value of the shares and I have engaged experts to help me review our Maibwe shares, then I can take a consideration and see when it is fit to sell the shares," said Dixon-Warren.BOD is still adamant in getting BCL shares because it cannot do any drilling Maibwe according to BOD managing director John Campbell.The BOD managing director told Mining Weekly last year that they are planning on buying out BCL because the project is currently in "suspended animation" due to high interest results recorded previously on Maibwe at the time the liquidated BCL was drilling the project. This year during a mining conference held in Botswana Campbell also concluded that, "we have put in an offer to the liquidator of BCL and we hope to get a response in the next few months."In a recent interview with BusinessPost Campbell also confirmed that BOD has no relationship with BCL or is a shareholder in the Maibwe Joint Venture. "BOD is a shareholder in Siseko, which is a shareholder in the Maibwe Joint Venture. I have been proposed as an alternative director to the Maibwe Jenture Venture by Siseko and a member of the technical committee. In my latter role, I have assisted the liquidator in drafting a prospectus on the Joint Venture which the liquidator is currently finalizing. BOD has no direct relationship with BCL or the liquidator aside from the roles I have already outlined," said Campbell.BOD DISCOVERS DIAMONDS ON THE RUINS OF ANGLO BOER WARBOD's latest exploration update released this week says the company has recently found the potential of the Free State to host further commercial kimberlites. It further states that the discovery comes after extensive research which was done in various archives into the history of diamond mining in South Africa."This research found that in addition to the well documented iconic operations at Jagersfontein, Koffiefontein and Kimberley, a number of smaller diamond mines existed both to the east of Bloemfontein and extending west to Kimberley," said the BOD website. What was more interesting about this latest discovery is that it was found around Frees State after a century old of lack of record keeping and documentation on diamonds following the Anglo Boer war of 1899-1902. According to BOD, there was once a law that barred an exploration intention or information and documentation regarding any diamond discovery in the aftermath of the Anglo Boer war. BOD said this month their team of researchers took a field trip to the Free State and perused into the area which was affected by extensive document loss and destruction consequent to the Anglo Boer war of 1899-1902."In spite of this much is still available and there remains considerable anecdotal evidence from the time. It was clearly noted that the industry as a whole was active up until the early 1880's, but that "a wave of financial collapse and depression swept over South Africa...." such that ..."even old established diggings like Jagersfontein, Dutoitspan and Bultfontein were partially abandoned and younger [smaller] mines were totally deserted"," said BOD when quoting the researcher's report on the Free State project. The BOD exploring specialist also found evidence that there were previous attempts to re-open these "smaller" mines in the early 1900's, but these were frustrated by bureaucratic intervention due to conflicting laws in the lead up to the accession by the Free State Colony into the Union of South Africa. According to BOD, the result was that permission to restart the mines was not granted, these mines have never been reopened, and their history lost with land ownership changes over time.BOD accounts their latest exploration to their hi-tech ability of using aerial imagery and ground trothing to complete "the jigsaw" which has enabled the company to focus its attention on areas within its Koppiesfontein, Poortjie, Swartrandsdam and Tafelbergsdam properties where historic workings and abandoned equipment are clearly evident."Available archived diamond certificates in respect of limited exploration activities around Tafelsbergsdam issued in 1898 disclosed recovery of 111 carats of diamonds valued at approximate £93 each which is estimated by the Company to be in excess of US$300/ct in today's money," said BOD. The BOD believes it has done its homework on the research and exploration, with the help of high technology, it is ready for exploration.BOD Chairman John Teeling, said: "The Free State story is a fascinating one. Starting from document archives from well over a hundred years ago where some of these kimberlites were diamond producers to modern exploration using whole rock geochemistry, kimberlite mineral chemistry through to detailed ground geophysics. The next step is clearly drilling to determine the kimberlites current commerciality. I look forward to providing further updates regarding the drilling programme in due course."

[leader11] 02/10/2018 07:11

https://www.diamonds.net/News/NewsItem.aspx?ArticleID=62715&ArticleTitle=Vast+Resources+Explores+Potential+Marange+Mine

[bookwormrobert] 28/9/2018 09:49

From Vast annual report (out today):

"In the case of the joint venture on the Heritage Concession, should the due diligence result favourably as management expects, then it may be decided that it is in the interest of shareholders that initial capital expenditure will be Financed by the Group rather than through third parties. Should the Heritage Concession develop positively, cash surpluses should arise, some of which the Group is confident should be capable of repatriation so as to be paid to the Group as dividends."

(The Heritage concession is an unmined part of the Marange diamond fields in Zimbabwe - BOD and Vast have a joint venture in Zimbabwe.)

[emilio] 27/9/2018 15:59

LOOOOOSA 88

[fenners66] 27/9/2018 09:21

Accumulated LOSSES £ 12,564,000 CLON

Such success - add to that the £21,207,000 at PET

add to that £3,690,000 at BOD (up until last Dec)

add to that € 3,763,000 at CON


All adds up to about £40 MILLION of losses and NO sales........ over what a decade....?

[fenners66] 25/9/2018 19:45

The liquidator is under the supervision of the Master of the High Court

When liquidator plans to be in post for 7 years or so it is clear he is Not under the supervision of anyone

[leader11] 25/9/2018 18:14

Kebonang clears the mist over BCL liquidation Former Minister of Mineral Resources, Green Technology and Energy Security, Sadique Kebonang has explained that when he was appointed to the portfolio there were already plans to liquidate BCL Mine.?BySTAFF WRITERFri 21 Sep 2018, 14:30 pm (GMT +2)"I was appointed minister of minerals in October 2016. The announcement was however made at the end of September 2016.  My first Cabinet meeting was on the very day I reported to work."On the agenda was the way forward for BCL Mine. BCL management had come with a request of P1 billion bail-out for the insolvent mine having previously been given the same amount by Barclays Bank with government standing as surety for the loan," Kebonang explained.He further said before this request, President Ian Khama had appointed a Cabinet Ministerial Committee headed by the then vice president, Mokgweetsi Masisi to investigate the mine incident that killed some employees of the mine.   The findings of this committee were, amongst other things, that the mine was not safe with very poor safety standards."Government through Minerals Development Company of Botswana (MDCB) led by Paul Smith also came to almost the same conclusion."Smith went further to state that in his professional view, BCL was insolvent and Polaris II did not address the business case to prudently and financially sustain BCL going into the future."Smith went on to suggest that it would be safe to put BCL in care and maintenance or to liquidate it.  After his presentation to Cabinet, Cabinet unanimously agreed given the facts presented to proceed to liquidate BCL."I was dispatched to address the mine employees. Accompanying me were ministers Vincent Seretse, Kitso Mokaila, Nonofo Molefhi, MPs Dithapelo Keorapetse and Samson Moyo Guma.  In Selebi Phikwe Mokaila, who was better placed, articulated the government position on the liquidation of the mine. Actually all the MPs spoke."He continued: "Once the liquidation process was initiated, the liquidator Nigel Warren-Dixon took full control of all assets (including any licences that BCL had) of BCL and operated the mine in the interest of all creditors independent of the minister or Cabinet.  "He reports to the Master of the High Court. Every person who had a claim against BCL was directed by my office to the liquidator with no direction given to the liquidator as to how to deal with such creditors or debtors of BCL".He dismissed reports that he was appointed to the ministry to protectthe interests of Khama."I have never had a personal relationship with president Khama. It was always professional. At no point has he ever instructed me to favour anybody nor given me any inappropriate instructions. "It was always a very honest, professional relationship where decisions were made for the benefit of the country."He submitted that ministry officials never briefed him about any diamonds or mining licences held by BCL prior to its liquidation.He never met the Board of BCL or management of BCL at any stage to discuss the liquidation of BCL.  "I learnt months later that BCL had a prospecting licence in the CKGR, which showed promise of a Kimberlite."That licence was now one of the assets controlled by the liquidator, not the minister. Everyone who came making reference to the licence was referred to the liquidator.  "That includes attorney Kgosietsile Ngakaagae and Montwedi Mphathi who had come to see me at the office."  "I have never dealt with Khama's family members about any mining interests relating to BCL or any other mine for that matter."Please further note that, the liquidator himself, independent of Paul Smith and the Cabinet MinisterialCommittee, has found that BCL was not viable. This has also been the finding of many people or companies that had initially shown interest in buying BCL.  "If indeed diamonds exist, it will be up to the liquidator to use those to remove BCL from liquidation. In short, he calls all the shots on anything that involves BCL."Government, unless it makes provision for all creditors to be paid, will not be able to have the BCL Mine reopen anytime soon.  In fact, the fate of BCL lies in the hands of the liquidator, who must at all times act in the best interest of all creditors. "Government would have to work with the liquidator to have the mine re-opened. If the liquidator does not get buyers for BCL Mine, he would be within his rights to strip the mine of its assets and sell them to members of the public.  "The liquidator is under the supervision of the Master of the High Court, and not government," Kebonang said.

[leader11] 25/9/2018 17:23

Well firstly get the Thorny River up to a commercial mine and start mining, start producing diamonds.

[fenners66] 25/9/2018 09:57

I think they have found the right field to be in , sort of , geology.....

Ever heard the expression geological time.....

its not meant to be the amount of time elapsed between the CLONTARF mob announcing a project and something tangible actually happening ........

But if the cap fits....

[pjl4] 25/9/2018 08:33

After many years with Teeling and co companies RNS's seem to be always about tomorrow and blah blah blah, unfortunately. But I live in hope.

Yes AFD was different!

[leader11] 20/9/2018 19:19

BOD WANTS BCL STAKE AT MAIBWESunday Standard Reporter11 Jun 2018Botswana Diamonds Plc on Thursday revealed it has made an offer for the liquidated BCL's shares in Maibwe Diamonds, a joint venture project in which BOD has hailed as a potential diamond mining site with upside opportunities.BCL mine group which was placed under liquidation in 2016 is disposing its 51 percent stake in the project. While the details of the proposed offer have not been made public, Botswana Diamonds has previously bid for BCL's shares at P4 million, representing the amount BCL spent in the project. BCL did not accept the offer and instead they brought in a team of consultants to produce a prospectus to lure other investors to buy the shares. So far BCL has not been able to sell its stake."We have put in an offer to the liquidator of BCL and we hope to get a response in the next few months," Botswana Diamonds managing director James Campbell told a mining conference held in Gaborone this week.In 2013 Botswana Diamonds signed a joint venture with Brightstone Mining on the Gope block located in Kahalari. BCL subsequently took over the block in 2015 and created Maibwe Diamonds. The Maibwe project consists of a block of ten licenses, which are located in the Central Kalahari region of the country. The area is deemed highly prospective for diamond discoveries.  Four kimberlites containing diamonds were discovered in 2015 by BCL, the majority shareholder and operator.Other partners include local Botswana group Future Minerals (20 percent ownership stake) and private South African venture Siseko (29 percent ownership stake), in which Botswana Diamonds has a 51 percent ownership stake. Therefore, Botswana Diamonds has a net 15 percent interest carry through its exploration work in the project.Botswana Diamonds is one of the most prolific diamond exploration and project development companies that holds exploration licences in Botswana and South Africa. Recently the company's chairman said there is huge potential at Maibwe project, a development that could see the company finally going into production and becoming a producer of gem diamonds.John Teeling, Botswana Diamonds chairman, said of all their ongoing projects at various stages, Maibwe presents an upside opportunity after preliminary findings revealed kimberlites which are diamondiferous. Teeling was the founder of African Diamonds, which discovered the AK6 mine in Botswana, a venture that eventually became Lucara's famous Karowe Mine. The Lucara Diamond Corp. takeover of African Diamonds in 2010 was worth approximately $90 million.The veteran explorer says he would like to move beyond exploration and go in deep into production. "I would like to be in production. At this point, instead of being an explorer, I would like to be a producer. We would like to get to production. So, if we are able to, we think we will."By making a second bid for BCL's stake in Maibwe, Botswana Diamonds is showing no intention of giving up on a potential honey pot, and if it secures BLC's shares it will become the major shareholder, putting it firmly in control. Moreover, the exploration company is said to be looking at expanding its footprint in Southern Africa.In May, Botswana Diamonds teamed up with Vast Resources, a mining and resource development firm, to explore for diamonds in Zimbabwe. This is in addition to other joint projects the company is focused on. In South Africa, Botswana Diamonds is working on two projects; a prospecting license for the Mooikloof asset, adjacent to the Oaks mine-which De Beers owned, and close to another De Beers mine – Venetia.The diamond exploring firm has also received its technical valuation of Thorny River project, also based in South Africa. The results show the deposit holds between 1.2 million and 2 million tons of kimberlite, estimated to be worth $120 and $220 per carat."Significant progress has been made on our joint-venture projects in South Africa," Teeling said. "We are pleased to finally be awarded the Mooikloof concession. The pipe is historically estimated at 2.5 hectares in size, and contains diamonds."

[teemore] 20/9/2018 00:27

I think that Fenton needs to see the 'medicine man'

[elmfield] 19/9/2018 20:50

One thing about Fenton,
He does keep at it,
Bit like a 🐶 with a 🍖