Share Prices & Company Research

Market News

16 Feb 2021 | 12:30

Botswana Diamonds enters alliance to hasten exploration

(Sharecast News) - Botswana Diamonds has entered into a cooperation agreement to fund exploration of its prospecting licence assets in Botswana with Diamexstrat Botswana, it announced on Tuesday.

Diamexstrat Botswana in turn has an alliance agreement with Burgundy Diamond Mines.

The AIM-traded firm's prospecting assets comprise the recently-acquired Sekaka Diamonds Exploration database and prospecting licences, as well as the prospecting licences held by its subsidiary Sunland Minerals.

It said Diamexstrat and its partner Burgundy could earn up to a 70% interest in the Botswana Sunland Minerals and Sekaka prospecting licences.

Botswana Diamonds, meanwhile, could earn a 15% interest in prospecting licences held by Diamexstrat and partners on the first $1.5m spent on exploration by Diamexstratm, where Botswana's database assisted in the discovery of a primary kimberlite.

On third party prospecting licences where targets are identified in Botswana Diamonds' database, a joint earn-in would be negotiated at the time.

For new Botswana prospecting licences, Diamexstrat and Burgundy could earn up to 70%, the board explained.

"The combination of a fresh approach and advanced technology, supported by a recovering diamond market, presents us with significant opportunities," said chairman John Teeling.

"This is a comprehensive agreement."

At 1200 GMT, shares in Botswana Diamonds were flat at 0.85p.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 30th April 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.