The diamond explorer and developer told shareholders in a statement last Thursday that commercial production at BK11 would commence ahead of schedule in the second quarter of 2010. The production plant at Aim-listed Firestone Diamonds’ BK11 project, in northern Botswana, will ramp up to an output of 1.5 million tons a year by the third quarter of next year. Firestone had expected to make a development decision on the project by the fourth quarter of this year, following a final bulk-sampling evaluation phase. “Commencing development of a new mine at BK11 is a major milestone for Firestone Diamonds. The BK11 mine will give us a very solid foundation from which to further develop our exciting portfolio of projects and opportunities in Botswana. With the projected shortfall in rough diamond supply expected to drive diamond prices higher in [the] coming years, we believe that the prospects for Firestone are extremely good,” Firestone CEO Philip Kenny commented. The diamond explorer noted that it planned to increase its stake in BK11 to 90 percent, earning a 10 percent stake from its Botswana partners, by financing the partners’ share of the mine development costs. Mining would start in the KW zone of the BK11 project, which would result in revenues of about $24-million a year at operating margins of 60 percent. Any further increases in diamond prices, which the company saw as likely owing to a projected shortfall in the diamond supply in the coming years, would add substantially to the potential profitability of BK11, it stated.
Barclays Botswana Wins Euromoney Award For Cash Management
Barclays Bank of Botswana has ended the year on a high note by being awarded the 2009 Euromoney award for cash management. This year alone, the business has won three awards from prestigious financial publications; Emeafinance-Best Bank in Botswana, Euromoney-Best Bank in Botswana &Africa, Africa Achievement Award –Best Global Bank.
The Euromoney Awards for Excellence are given to banks which set the standard of excellence for their high quality products and services across all areas of investment and commercial banking. These awards for world class banking recognise outstanding performance, top quality service, strong business momentum and innovative products.
Barclays Bank Botswana Managing Director Mr Thuli Johnson said the award is a demonstration of the commitment that the business places on giving quality customer service and providing world class banking products at all times. He further says the bank is grateful for the support and trust that customers have placed on Barclays Bank Botswana throughout the years.
Barclays emerged as the third best bank in the cash management category in Africa. “Customers are the centre of everything we do and our vision is to be the leading bank for every customer, for every product, in every market, all the time,” he said.
Source: www.gazettebw.com
