Botswana Diamonds plc Prepares for Operations at Thorny River, Expects 1.2m-2.1m Tons of Ore by 2024

Published On: January 25, 2024Company: Botswana Diamonds plc (BOD.bw)
What is the significant development at Thorny River?
A significant development at Thorny River is that the mining plan is already prepared and awaiting final approvals. It is projected that operations will begin in 2024, and the transition from Marsfontein to Thorny River will only take a few weeks as it will use the same mining equipment.

Botswana Diamonds plc (BOD.bw) 2023 Annual Report Summary

  • Botswana Diamond produced diamonds in South Africa and is projected to commence operations at Thorny River diamond ground in 2024.
  • The Marsfontein operation suffered from a 40% drop in diamond prices and a 30% increase in energy prices, making it temporarily pause operations.
  • The mining plan for Thorny River, which is expected to contain 1.2m – 2.1m tons of ore, is in place, and the applications will take a few weeks.
  • Botswana Diamonds will leverage artificial intelligence and machine learning to mine data from its extensive database of diamond data in the region.
  • The company has made progress in Zimbabwe and was granted a prospecting license on the Reivilo cluster of kimberlites in South Africa.
  • The economic uncertainties and the emergence of lab-grown diamonds have affected the diamond market.
  • Botswana Diamonds plans to generate revenue by developing late-stage projects like Thorny River avoiding traditional fundraising methods.
  • The company hints at cautious optimism for 2024, due to a recent increase in diamond prices and stable or dropping operating costs.

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About Botswana Diamonds plc (BOD.bw)

Botswana Diamonds is a diamond exploration enterprise that has been operating in Botswana. The United Kingdom-based enterprise is a spin-off of African Diamonds Plc and operates in Botswana, South Africa and Cameroon. The company has a track record in diamond discovery; having helped discover the Karowe Mine in Orapa which produces rare high-value stones. Botswana Diamonds also found a kimberlite mine in Botswana which is one of only 20 hard-rock diamond mines found outside Russia. The company operates in a joint venture with OJSC Alrosa (Russia) to explore 17 diamond-producing mines and in a joint venture with Brightstone holds 13 prospecting licenses in the Orapa region which covers a total of 733 square kilometres. Botswana Diamonds Plc was founded in 2010 as a spin-off company of African Diamonds Plc, with its head office based in Dublin, Ireland.

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