BOTSWANA – MAIBWE
Another Joint Venture, Maibwe Diamonds, holds 10 PLs in the Gope/CKGR area. Maibwe Diamonds is a three-way JV between Botswana state-owned copper-nickel producer BCL, Future Minerals and Siseko Minerals (51% owned by BOD).
Under the original JV agreement, BCL was the operator and had to complete and fund an agreed work programme, whereas JV partners Future and Siseko have a free carry up to the Bankable Feasibility Study stage. The project came to a halt during 2016, due to BCL being unable to finance the agreed work programme, and subsequently BCL was placed under provisional liquidation. The liquidator is in the process of completing a prospectus with a view to selling BCL’s 51% interest in the Maibwe project while BOD and the other partners have been developing alternative scenarios to move the project forward including an offer to acquire BCL’s share in the project at the cost of exploration. With the prospectus being at an advanced stage, a commercial solution is now in sight.
To date the Maibwe JV has identified a cluster of four diamond bearing kimberlite pipes on PL186, with surface sizes of 5ha, 6ha, 2ha and 1ha respectively. Significant quantities of microdiamonds have been found in one of these pipes.