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.
Botswana Diamonds PLC has recovered its first gem at its sampling project at Libongo in the Cameroon. The diamond is a 2-carat, low value, near gem quality stone, which confirms the diamondiferous potential of the deposit, said the company in a statement.
“Our exploration in Cameroon is justified. We found a diamond in the palaeoplacer conglomerate,” said John Teeling, the chairman of Botswana Diamonds. “The stone is of industrial quality but proves the concept. We will complete the processing of the 300 tonne bulk sample and prepare for the next stage.”
The miner stated that it identified the palaeoplacer conglomerate in 2011, but heavy rains and equipment failure delayed the processing. The full results of the sampling project are expected to be known by the end the year.
