Banker, First National Bank of Botswana (FNBB) has hailed the mining sector saying that it will be the mainstay of the national economy for the foreseeable future. The bank made the commentary as part of its half year results published recently.
“Over the next coming 3-5 years, we expect that the mining sector will remain Botswana ‘s key growth driver, supported by the resumption of the copper mining activity with two copper mines in the Kalahari Copper Belt expected to come on stream in the first half of 2022,” the bank said in notes accompanying the results for the period ending December 2022.
“On the diamond mining front, both Jwaneng and Karowe (Lucara Dimaonds operation) mines are expected to transit from open cast to underground mining at a depth of 800 metres below surface to extend the life of both mine salbeit at a higher cost,” the bank which is led by iconic Steve Bogatsu said.
Botswana is a mineral rich land, with coal, copper, cement, diamonds, gas, gold, iron ore nickel and manganese. All these minerals are to empower the industralisation of the world.
The banker’s comment also comes at a time when government is trying to retool the Minerals Act to be precisely Botswana eccentric.
Beneficiation time….
Decision makers at the Central Business District and Fairgrounds Office Park are said to be looking at opportunities that can be availed to Batswana in general and are resisting any attempt of “fixed mirage”.
“The whole idea is to avoid a situation where we dictate to companies as whom they can on bed with,” one source said.
This is backed by some well experienced people in the mining industry and the financial sector who opted to partner with international companies and influence a Botswana focused approach.
“We are still waiting for government to finalise its revamped mining Act before we can make a decision on whether to list on the Botswana Stock Exchange to empower Batswana,” one mining company official said.
The move will has been supported by the chief executive of the Botswana Chamber of Mines, Charles Siwawa, who says “Our mineral resources should be managed prudently” to benefit citizens.
The Minister for Minerals and Energy, Lefoko Moagi recently struggled to explain to parliament on what conditions does government exercise its options to invest in the resident mining companies.
At the moment a sizeable number of junior miners are at the Botswana Stock Exchange corridors to raise capital including the Australian listed entity Botala Energy and Canadian listed Giyani Metals.
