Archive for June 11th, 2008

source: Mmegi

Discovery Metals has confirmed the presence of potential economic mineralisation from the first three exploration drill holes into its Quirinus prospect covering over 600 metres of this anomaly that has now been drill tested.

The Quirinus prospect is located 15 kilometres from the current mineral resources at Zeta, Plutus and Petra in northwest Botswana.

The prospect remains open along strike to both the northeast and southwest and at depth.

These three holes were all drilled by the reverse circulation method to a maximum down hole depth of 90 metres.

Previous studies of the nearby Zeta, Plutus and Petra inferred mineral resources have shown that holes drilled by the reverse circulation method can underestimate the copper grade of the liberalisation.

The company, which is listed on [continue reading]

source: BOPA
09 June, 2008

GABORONE – The minister of communications, Science and Technology, Ms Pelonomi Venson-Moitoi attended and chaired the SADC ministers of postal, telecommunication and information technology in Port Luis, Mauritius on May 28.

She was standing in for the chairperson, minister of transport and communications of Zambia, Ms Dora Siliya. According to the press release from the Ministry of Communications, Science and Technology, the meeting was convened to review progress made on the implementation of the SADC protocol on transport, communications and meteorology as espoused by the SADC Regional Indicative Strategic development plan.

Projects reviewed include projects under the SADC regional information infrastructure (SRII); NEPAD Broadband infrastructural network, progress made with respect to [continue reading]

source: Mmegi

Staff Writers

The news that Tshiamo Rantao of Rantao Kewagamang Attorneys, who acts as legal representative for Botswana Insurance Company, is a major shareholder in MedLap, another insurance policy agent, has raised eyebrows in the industry.

Rantao is a major shareholder and director of Medlap, a company that offers medical aid packages. Botswana Insurance is currently engaged in an acrimonious tussle with its agent Mosele Legal Services, a fact which, according to Mosele Legal Services Director Base Sebonego, puts Rantao’s independence into question.

“Rantao is involved in the insurance and there is nothing that stops him from having a [continue reading]

Dam levels decrease

source: BOPA
09 June, 2008

GABORONE – Water levels in Botswanas five big dams have decreased significantly. A news release from Water Utilities Corporation says the Molatedi Dam in South Africa, which feeds the Gaborone Dam, is the lowest at 29 per cent while Gaborone Dam is at 67 per cent.

Bokaa and Nnywane dams are 86 and 87 per cent full respectively.

Letsibogo and Shashe dams are at 83 and 91 per cent respectively.

In May the water levels stood at 30 per cent for Molatedi, 87 per cent for Bokaa, 89 per cent for Nnywane, 85 per cent for Letsibogo and 92 per cent for Shashe Dam. [BOPA]

source: Mmegi

Public transport operators are not contented with the recent 20 percent fare increase. Taxi operators say they are still unable to make ends meet due to escalating fuel prices.

“We are not happy,” says combi operator on the Gaborone-Mogoditshane’s Route 7, Boang Khuthing. “The price of petrol is still high.”

The price of petrol is so high that even P100 for fuel falls far too short for a day’s work.
The 20 percent increase raised combi fare from P2.50 to P3. But for Khuthing, the public transport business has been turned into a “charity.”

He is having the worst of two worlds: He says since the fare raise, passengers have become abusive and vent their frustrations on operators, gnashing their teeth at the least provocation.

But Khuthing takes a sympathetic view of things. He says the [continue reading]

source: SW Radio Africa
By Lance Guma
10 June 2008

The United Nations Security Council will be briefed on the humanitarian situation in Zimbabwe on Thursday, but the discussion will not touch on the political environment. According to South Africa’s Foreign Affairs chief director for UN issues, Xolisa Mabhongo, it will be difficult for the discussion to focus on politics because this was not on the agenda. His remarks appeared to confirm reports that South Africa and Russia, who are members of the 15-member group, again blocked a wider briefing by the Security Council on the Zimbabwean crisis.

On Monday United States and European diplomats held consultations in which they sought to have the UN address the issue of their diplomats being attacked in Zimbabwe. Russia and South Africa argued the move would undermine a planned visit by UN Assistant Secretary General for political affairs Haile Menkerios, who is due to travel to Zimbabwe. It’s now the second time in 3 months that South Africa has blocked discussion on Zimbabwe in the Security Council. In April South Africa and China combined to block the placing of Zimbabwe on the agenda of the Council, despite unprecedented levels of violence engulfing the country.

Speaking from the Union Buildings in Pretoria, which [continue reading]

source: BOPA
09 June, 2008

LETLHAKENG – The government is pinning hopes on the proposed land reservation programme to speed land allocation to serious farmers to revamp the agricultural sector. This came to light during a kgotla meeting addressed by the President Lt. Gen. Seretse Khama Ian Khama in Takatokwane.

President Khama who visited three other villages of Maboane, Sesung and Ditshegwane, told residents that since current agricultural programmes such as ALDEP have not achieved the intended objective of self sufficiency in food production, they will either be reviewed or phased out completely.

With the proposed land reservation programme, the president said, the Ministry of Agriculture will assess serious potential farmers and recommend them for land allocation.

Allocation will however remain the sole responsibility of the land board. He said once the programme formulation has been finalised and fine tuned, the community will be informed.

The president said it was pathetic that while the government pours huge sums of money in [continue reading]

source: Mmegi
Staff Writer

Polished diamond prices are likely to be volatile this year due to a squeeze on the US, but demand for larger, rare diamonds is booming as the number of diamantaires grows.

Martin Rapaport, one of the world’s leading diamond consultants whose price list is used as a benchmark for wholesale trade in polished diamonds, told Reuters that a fall in the value of the dollar, in which diamonds are priced, has increased investment in gem diamonds as a hedge against inflation.The increase in diamond billionaires and a growing list of multi-millionaires, some of whom have interests in Botswana through the 16 DTC Botswana-licensed sightholders, has also increased the demand.

Diamantaire Laurence Graff, who is a sightholder to DTC Botswana through Safdico, also has a store on Bond Street in London and in many other chic spots around the world. He is known to appear regularly at [continue reading]

source: IOL
June 10 2008 at 05:54PM

London – Gaborone is to become the African centre for state-of-the-art equipment for cutting and polishing diamonds, and for jewellery manufacturing.

The move follows the opening of the De Beers-Botswana partnered Diamond Trading Company (DTC) Botswana.

De Beers is moving many operations of its London-based DTC to Gaborone.

HRD Antwerp NV, a technical subsidiary of the Antwerp World Diamond Centre (previously the International High Diamond Council – Hoge Raad voor Diamant), announced Tuesday it was to expand its commercial operations with the opening of an agency in Gaborone.

Werner van den Eynde will [continue reading]

source: Mmegi
taff Writer

Buoyed by Standard Chartered Bank’s resurgent counter, the Domestic Companies Index (DCI) widened its recovery path last week, adding another 1.24 percent in a development that could signal the end of the bearish pattern that has characterised the market since January.

For the third week running, Stanchart has strengthened, bouncing back from the market correction-induced battering which the counter has endured since late last year.
The DCI recorded gains on four trading days, spurred by gains in Stanchart (2.5 percent), PrimeTime (3.3 percent) and Sechaba (0.8 percent) to finish the week above the 7 000 point marks.

However, due to the massive weakening, Stanchart has faced since late last year, it is still in the red by over 20 percent on a year-to-date basis.

The FCI also finished the week higher, up 0.01 percent at 2 598.15 points, while the ACI added 0.06 percent to 2 758.11 points.

For the week, A-Cap Resources was [continue reading]