Lucara Diamond Corporation has recorded an impressive and improved performance with 0.76 million tonnes ore in its Karowe mine during the first quarter of 2019 and the first sales of the year exceeded US$ 47 million.
The company also recovered an unbroken 1,758 carat diamond which is larger than the 1.109 world’s second largest diamond, Lesedi La Rona, which was recovered from Karowe in 2015. During the period the company sold several diamonds larger than 10.8 carats which resulted in quarterly sales revenue of $48.7 million compared to $25.4 million in the same period last year.Lucara President and Chief Executive Officer, Eira Thomas, highlighted that they expect the total stones mined in 2019 to be between 8.5 and 11.8million tonnes.
“While guidance is unchanged, the average strip ratio is now expected to be lower than originally anticipated due to a higher percentage of ore mined during the first quarter of 2019,” she said.
The operating cost for three -months period was 30.52 per tonne, a decrease from $39.97 per tonne in the first quarter of 2018. Thomas explained that operating cash cost per tonne processed was positively impacted by a reduction in waste mined and an increase in tonnes processed during the first quarter.
“Lucara’s focus on operational excellence has delivered another strong quarter, having met guidance with respect to ore mined and processed as well as carats produced. Costs were significantly down quarter over quarter in line with expectations,” said Thomas.
She pointed out that in 2019 the company forecasts revenue between $170 million and $200 million, consistent with the forecast for 2018. In 2019, diamonds recovered are expected to be between 300 000 carats and 330 000 carats and diamonds sold are expected to be between 300 000 and 320 000 carats. The company has approved a budget of $14.8 million evaluating the potential for an underground mining operation at Karowe. “In 2019 efforts will focus on follow up geotechnical and hydro geological drilling and related studies. Exploration expenditures are estimated to be up to $3.0 million”.
OLOPENG HEAPS PRAISE ON BSE FINANCE CHALLENGE
Botswana Stock Exchange’s annual finance and investment competition for secondary school students has been applauded by the Minister of Tertiary Education, Research, Science and Technology, Thapelo Olopeng.
The initiative, a capital market awareness tool that has been running for the past seven years, is increasing financial literacy and a culture of investment among young people. The initiative will see the country raise future billionaires through the stock markets. “It is a breath of fresh air to have tertiary students who are financially literate, who can manage their finances,” said the minister.
He urged students to invest even the smallest allowances they earn and have a hassle-free life after university. “Investing on the stock exchange is not only preserved for the rich, but for anyone with a bank account,” said Olopeng.
The minister said the secondary schools finance and investment competition is participation of the private sector in bridging the knowledge divide.Olopeng said the private sector participation augments his ministry’s efforts of providing and building knowledge and innovation through the development and implementation of the policy on tertiary education, research, science and technology to transform the economy from a resource based to a knowledge based.
“In this connection, we will continue to empower our students in order for them to lead better and successful lives which can propel them into the innovation ecosystem,” said Olopeng. BSE Chief Executive Officer, Thapelo Tsheole said the Senior Secondary Schools Finance and Investment Competition, first established in 2013 aims to sensitise and educate the student community about capital markets, with the strategic aim to increase financial literacy and promote a culture of investing at a young age.
The competition is open to all senior secondary schools across the country, including private and public senior secondary schools.
WE ARE NOT USING DIAMONDS TO KILL ELEPHANTS, THAT’S HOGWASH! – BOTSWANA MINISTER
Botswana is not using diamonds to kill elephants as alleged by some conservationists after the southern African country announced plans to lift a ban on elephant hunting to address growing conflict between humans and wildlife, a government official has said.
Minister of mineral resources, Green technology and energy security Eric Molale told a mining conference in Gaborone on Monday that the activists were tarnishing the image of Botswana. “That’s hogwash because we as Botswana are [good] conservationists and it is us who worked hard to make sure these elephants [are] brought to the numbers that we do have now,” he said.
“When conflicts arise, it is through consultation, [that we] find out how we can best manage our resources. The people have spoken and we are going to be managing the elephants in the best way that we can.
“We are not culling, we have re-introduced the trophy hunting and if you take 400 elephants per annum for trophy hunting against the 3-5% annual growth rate of the elephant herd that we have…[we are] just barely scratching on the surface.”
Botswana has about 130 000 elephants, the world’s largest population.Molale said Botswana will remain focused on things that are beneficial to the country and will not be distracted by issues spread by people that are not even privy to how things are done in the country.
“We have, however, invited them to come and learn more about what we are doing so they can better understand those important aspects of flora and fauna…”The conflict between humans and elephants had gone up since the ban was introduced in 2014.
Tourism is the second source of foreign income in Botswana after diamonds and conservationists fear that the former will be affected is the government cull elephant.
[Rough and Polished]
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