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.
London-listed Botswana Diamonds (LON:BOD) said Wednesday it recovered two new diamonds from the on-going sampling programme on the Libongo palaeoplacer project in Cameroon.
“This is further evidence that our Libongo licence ground contains diamond bearing rock similar to that being mined close by, and that this project has the potential to deliver value to our shareholders,” said the company’s chairman John Teeling.
One of the diamonds, a 0.25-carat near gem quality stone, was recovered from a stream flowing through the sample area. The second, a 1.3-carat industrial quality diamond, was recovered from the crushed sample.
Botswana Diamonds, which expects to complete the program within weeks, unearthed its first gem from Libongo at the end of July.
The current exploration program involves collecting a 100 tonne sample from each of three areas previously found to have palaeoplacer rock, in order to ascertain if the rock is diamondiferous. The ultimate objective is to assess whether a deposit similar to the adjacent Mobilong deposit being mined by CNK of Korea exists.
