Botswana Diamonds said good times lie ahead for the exploration outfit as 2012 was the most fruitful year as the company aims to be a top diamond player in the global market.
The BSE-listed company last year said it had entered into a partnership with an international mining giant and it is waiting for a reply for the 12 additional exploration licenses it has lodged with the Department of Mines.
In a market update following the company’s annual general meeting on Thursday, the Executive Chairman of Botswana Diamonds, John Teeling, told investors they have successfully deployed modern technology that has the potential to write a new chapter in diamond exploration in Africa.
“In the past year, the company has made significant progress, both in the development of our prospective asset portfolio and in terms of taking big steps to becoming a stronger company,” Teeling said following the London AGM.
In December, African Diamonds announced the cooperation it entered into with a major international diamond producer, a relationship which Teeling said reached an exciting stage when the producer’s applied analysis resulted in the identification of new exploration targets in the north east of Botswana.
“The successful deployment of this technology has the potential to write a new chapter in diamond exploration in Africa. Twelve exploration licences have been applied for following this analysis and once licences are obtained detailed ground prospecting will commence,” he added.
Teeling revealed that in February, exploratory drilling will begin on the company’s wholly owned licence PL170 in Botswana and also looking to expand exploration ground by applying for the land next to this licence.
He added that looking at other avenues of production, Botswana Diamonds continues in discussion with CNK of Korea, concerning possible cooperation on the diamondiferous paleoplacer deposit in eastern Cameroon.
“A potentially fruitful exploration programme is underway, new and prospective targets have been yielded through our partnership with a major diamond international, with which we hope to formalise a joint development agreement,” Teeling said. “Such an agreement would establish Botswana Diamonds as a major player in the diamond market”.