Sometimes with recovery plays like Petra Diamonds it becomes clear you've got it wrong and it is time to cut your losses
Botswana Diamonds (BOD), the gem hopeful chaired by occasionally controversial veteran Irish entrepreneur John Teeling, has won a new prospecting licence in the southern African state of Botswana covering ground which the Dublin-based AIM company describes as having ‘the highest priority’. Lately out of favour with investors who have sent its shares down from a 12-month high of 2.62p to 0.83p now, BOD owns half of Sunland Minerals, its 50-50 joint venture with state-controlled Russian diamond heavyweight Alrosa, and the Botswana government has awarded Sunland a three-year prospecting licence, PL 260/2015, covering 25 sq.km. in the diamond-rich Orapa region.
John Meyer of SP Angel this morning comments on Glencore (GLEN), Botswana Diamonds (BOD), Golden Saint Resources (GSR) and Vedanta (VED) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Having raised £282,500 at a discounted 1p to help fund its exploration efforts in southern Africa, unloved Botswana Diamonds (BOD) is planning other ways of improving its finances, says entrepreneurial chairman John Teeling. The mellifluous Irish veteran of the junior resources market indicates he will convert £160,000 loans to the company into shares, amid a general cutback in boardroom salaries and expenses, as unloved AIM counter Botswana Diamonds prepares to contribute its half share of a ‘$500,000 to $600,000’ exploration budget by midsummer for its gem prospects in Botswana’s diamond-rich Orapa area, having lost £948,000 in the year to last June and another £154,000 in the six months to December.Alrosa
John Teeling, the mellifluous Irish wheeler-dealer, small company player and academic in the chair (and driving seat) at Botswana Diamonds (BOD), professes himself undaunted either by the company’s £235,000 loss, after foreign exchange moves, for the six months to December, or by what he himself calls ‘an extremely tough’ market for raising money.
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