Boteti Exploration seeks licence for new mine near Letlhakane

| Thursday October 4, 2007 00:00

 

The Boteti Exploration Company is a joint venture of three companies in which De Beers holds controlling shares at 66.22 percent, followed by African Diamonds Plc with 28.38 percent and Wati Ventures with 5.4 percent.

If the Department of Mines awards Boteti Exploration the mining licence, the company plans to commence operations in the last quarter of 2009.

The current life of the mine is estimated at 10 years with an average annual production of approximately 1 million carats.

Once operations begin, the mine will employ approximately 240 permanent employees for Phase One, increasing to approximately 329 permanent employees during Phase Two.

During the construction phase, which precedes mining, employment levels are predicted to peak at approximately 1 500 people.

De Beers, which has a wealth of experience in the diamond mining industry with a history that spans over 118 years, has been appointed the operator by the shareholders.

'De Beers and its partners are pleased at the prospect to operate another diamond mine to benefit the shareholders, stakeholders and the country,' said Sheila Khama, the CEO of De Beers Botswana, who is also a non-executive director of Boteti Exploration.

'This project will take the relationship between De Beers and its partners to a new level and will enhance Botswana's position as the leading producer of diamonds by value in the world.'

Said another non-executive director of Boteti Exploration, John Teeling: 'We are excited about our first diamond mine in Botswana in partnership with De Beers and Wati Ventures.

The Boteti joint venture also has other prospecting licences in Botswana and through these we hope to develop new mines in this country.'

Teeling is the Chairman of African Diamonds.