The BSE DCI continued its three week upward trend, closing 0.12% firmer at 7,358. Market turnover came in at BWP 16.2m, buoyed by trades in micro-lender Letshego (43% of turnover), FSG (19%) and Sechaba (15%). BIHL was also actively traded contributing BWP 1.1m to market turnover. Top gainers were Letlole (+3.7%, BWP 1.40) and FSG (+2.7%, BWP 1.50). Cresta (-21.1%, BWP 0.75) and ABCH (-11.5%, BWP 4.00) were the week’s top decliners.
According to Diamond Technology Park (DTP) Chief Executive Officer, an occupation certificate for the newly constructed building that will house the trade exchange for diamond has been issued. The bourse will provide a platform for producers, brokers, valuers and traders, with companies such as Firestone and Lucara diamonds expected to move their auctions to the new high tech facility. At present, the two companies hold diamond auctions outside the Diamond Trading Company (DTC) system which is owned and controlled by DeBeers. The country’s biggest diamond producer, Debswana, auctions its stones through the DTC system. It is expected that government will auction its allocation of Debswana production through the new bourse. With the establishment of the bourse, Botswana now boasts diamond production, cutting and polishing, jewellery manufacturing and rough diamond trade.
NYSE Listed, Fluor Corporation has completed the BWP 4bn worth infrastructure and plant upgrade at the Jwaneng Cut 8 expansion program. The upgrade is part of a BWP 23bn expansion program at the mine which will enable the removal of overburden and allow the mine to access 91m tons of ore that will yield 102m carats of diamonds and extend the life of the mine to 2025. Fluor provided engineering, procurement and construction management services for the mine.
Extracted from Africa Weekly Report by African Alliance.