Wednesday, May 25, 2022

Letlole Larona follows Firestone with BSE debut

Letlole La Rona (LLR), the property outfit that inherited wealth from Botswana Development Corporation, is headed for a debut floatation on the local bourse this Wednesday to complete the most successful and cheerful week at the Botswana Stock Exchange (BSE).

The company owns a number of commercial and industrial properties which were transferred to it by BDC through the corporation’s divestment drive.

The LLR listing will wrap up a cheerful week for investors that saw the successful listing on Monday of Firestone Diamonds, an international diamond mining and exploration company.

The BDC website says the properties under LLR include hotels, warehouses and factory shells among others and they are financially viable in terms of tenants and stable rental stream.

Firestone listed at 20 pence per share on Monday to end months of preparations for its floatation.
Chairman of Firestone, Philip Kenny, praised the listing, saying it will allow locals the chance to join the diamond glitter.

“We are very pleased to be able to offer Botswana-based investors the opportunity to participate in the growth that we expect as production from Firestone’s mining operations continues to increase and the shortfall in diamond supply continues to drive rough diamond prices higher,” Kenny said on Monday.

Firestone is currently the only company selling diamonds by tender in Botswana, both from the BK11 Mine in Botswana and the Liqhobong Mine in Lesotho. 

Other foreign controlled companies that are lining up to list on the BSE are Botswana Diamonds, Hana Mining and Lucara Diamond and all have assets in Botswana.

Firestone Diamonds operates the BK11 mine, which is near Orapa ÔÇö a place dubbed the best diamond address with the street name being Orapa. Orapa mine is the world’s biggest diamond mine, which was discovered in 1969.

BK 11 is some 20 kilometres south-east of Orapa mine and five kilometers north east of Lucara Diamond’s AK 6 proposed mine.

Firestone Diamonds plc is an international diamond mining and exploration company with operations focused on Lesotho and Botswana and it also the largest holder of mineral rights in Botswana’s diamondiferous kimberlite fields, controlling approximately 10,000 square kilometres around the major Orapa and Jwaneng mines and the entire Tsabong kimberlite field.┬á

In addition to Liqhobong and BK11, Firestone has 108 kimberlites in its portfolio, of which 30 have been proven to be diamondiferous.

┬áLesotho is emerging as one of Africa’s significant new diamond producers, and hosts Gem Diamonds’ Letseng Mine, Firestone’s Liqhobong Mine as well as the Kao and Mothae development projects.┬á
Botswana is the world’s largest and lowest cost producer of diamonds, with annual production worth over $2.5 billion, and is considered to be one of the most prospective countries in the world to explore for diamonds.

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