Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Diamond exploration company, Botswana Diamonds (LON:BOD), sees its future shining bright as it has discovered high concentrations of minerals that could imply the presence of rough diamonds in the Orapa region of Botswana.
The prospecting licence for the area, awarded in May this year, covers almost 263 square kilometers and lies 70 kilometers to the southwest of a giant diamond mine owned by Debswana.
The ground lies within the area considered to contain the Orapa kimberlite cluster, which also includes amounts of ilmenites and garnets, mainly of the G9 group variety but also of the G10 type.
The London-listed firm said results of testing in the region were very encouraging and that it would enable it to move forward to its next stage of exploration activity.
Based on these results, Botswana Diamonds has identified five areas that will continue testing in the following weeks. One of these lies in the eastern part of the concession with the remainder in the western part.
“We believe the five target areas we are now focusing on offer very high potential, and look forward to providing a further update on the findings of the ground magnetic and gravity surveys before the end of the year,” chairman John Teeling said in a press release.
The company said a geophysics team is conducting ground magnetic and gravity surveys to identify drilling targets, with results expected within six weeks.
