Botswana hunts for falling star in Bobirwa, Tswapong

The hunt is on for a falling star believed to have fallen somewhere at the confluence of Shashe and Motloutse Rivers or buried itself in a hole somewhere in the region a fortnight ago.






The National Museum and Art Gallery launched the search for the fallen star on Friday, urging people in the Bobirwa and Tswapong to look for traces of the star, or meteorite as it is called in science. It is believed to have fallen from the moon.

The public is being urged to be on the lookout for strange rocks or a hole in the ground that has signs of burning. But the star should not be removed or collected from where it is found, the Department of National Museum and Monuments warns.

The falling star was seen in the night of November 21 and was also witnessed in parts of neighbouring South Africa, Mozambique and Zimbabwe as it shot across the sky producing a glowing light. However, it was in the Bobirwa and Tswapong in Botswana that the star's tremendous light turned the night into day for a moment before causing a deafening blast as it crashed. People in Ramotswa in the South East District also talk about this spectacular cosmic occurrence. Now the National Museum wants to locate the object from the heavens.

The National Museum and Art Gallery says the fallen star should look like a piece of metal, a stone or metal-like stone that has fallen to earth from outer space. "The meteorite burns in the sky, producing a glowing light before reaching the ground and they (meteriotes) range from marble-ball size to soccer-ball size," the department said in a Friday statement. The department adds that the star can be identified by a burnt outer surface that is black in colour that does not flake or streak off when rubbed against other surfaces.

This is not the first time a star has fallen on Botswana. In 1999, a precious 30-pound (13.5 kg) star from the moon known as moon rock, was found in the Kalahari Desert in Botswana, but was exported to America without the knowledge of the government.

The discovery of the fallen star in the Kalahari Desert was only made public in 2007 when National Geographic reported on December 6 of that year that the Kalahari man-shaped moon rock had helped scientists to form an opinion about how planets develop. Scientist Mahesh Anand of Open University in Milton Keynes, England was quoted in the National Geographic as saying that the Kalahari rock seemed like it fell to earth relatively recently, unlike many lunar meteorites.

He estimated the star fell 200 to 300 years ago from the moon when an asteroid hit the lunar surface. It is this rock that shed new light regarding when volcanic activity actually started in the moon, leading Anand to conclude that volcanic activity in the moon started much earlier than scientists thought.

"The beauty of the moon is that it preserves almost the entire history of the solar system," Anand was quoted as saying in the National Geographic.

The research around the Kalahari rock also shed rare light on the earliest stages of planet formation, which has largely been lost on earth, according to the National Geographic report of 2007.

Source:mmegi.bw/i

Botswana - Problems in the farm sector

Botswana's agriculture ministry has the well-qualified personnel yet its performance is low when compared to other ministries, according to a government source.
Addressing ministerial staff in Mochudi recently, Assistant Minister of Agriculture, Oreeditse Molebatsi, said effective performance was needed to move the ministry from its current status.
He urged staff members to provide the best service, urging the various departments under the ministry to share resources as the country was reeling from the economic downturn.
Meanwhile, farmers in Kgatleng District have decried shortage of land to carry-out their agricultural projects.
Presenting their grievances to Mr Molebatsi after he addressed the staff, livestock farmers complained about the high price of feeds, which results in their projects operating at a loss.
Poultry farmers expressed concern about the competition between big poultry farmers and the small ones, about Halal and the shortage of land.
Responding to the complaints, the assistant minister encouraged farmers to engage in partnerships for prosperity of their farming businesses.
Mr Molebatsi also expressed the government's gratitude to the farmers for their efforts in improving the agricultural sector.

Source:meattradenewsdaily.co.uk/

Botswana Pushes Creation of, Diamond Trading Market

RAPAPORT... As the keynote speaker at the World Federation of Diamond Bourses (WFDB) meeting in Antwerp in November, Dr. Akolang Tombale pulled no punches about his country’s ambitions within the diamond industry. Botswana, after all, is the world’s largest diamond producer by value and remains heavily dependent on the industry.

Tombale, whose official title is coordinator of Botswana’s Diamond Hub project, stressed the need for Botswana to ensure that its diamond legacy stretches beyond the realm of mining. “We believe as Botswana, we should venture into the downstream diamond industry both through the current developments and…extend the potential of diamonds to greater propositions,” he told the November gathering of global diamond bourse presidents.

While he was careful not to present Gaborone as a threat to any of the established trading centers, such as Antwerp, Ramat Gan, Mumbai and perhaps most importantly, neighboring Johannesburg, Tombale clarified Botswana's ambitions. “We cannot entrust our national survival on people who, when it makes business sense, can switch their interest any time and do something else that suits them at the time,” he said. “It is simply too important for us to abdicate our responsibility or leave anything to chance.”

Diversifying Diamonds

Tombale, in his own words, has become the unofficial face of the Botswana diamond industry. He is responsible for advancing the industry from its sole dependency on mining through the creation of a beneficiation industry and, in the next stage, the development of a trading platform.

Given the numbers, it’s easy to understand why Botswana would feel a need to diversify its economy away from heavy reliance on diamond mining. The country produces approximately $3.2 billion worth of diamonds annually, which account for about 70 percent of Botswana’s export revenue, 45 percent of its government revenue and 35 percent of its gross domestic product (GDP). As a result of the global economic crisis, which has seen the country’s diamond production fall by approximately 40 percent, its GDP is expected to fall by about 10 percent in 2009, according to the International Monetary Fund (IMF), after years of consistent growth.

Despite the economic downturn, Botswana has already seen significant progress and investment in developing its diamond industry downstream over the past two years. De Beers, which celebrated 40 years of partnership with the country this year, set up its main sorting facility in Gaborone in March 2008 and established the Diamond Trading Company Botswana (DTCB) to supply diamonds to 16 manufacturers there. To date, Tombale reported, 15 factories are up and running, with the last one due to launch soon. In addition, under the guidance of DTCB sightholder Safdico, the Diamond Technology Park was launched in January 2009 for an investment of $50 million and is being billed as the central hub of Botswana’s diamond-cutting industry. ABN AMRO also recently opened a branch in Gaborone.

Trading Platform

Tombale, however, envisions accomplishing much more and stressed that the time is right to take the next step in building the hub by encouraging third-party trading within the country. He explained in an interview with Rapaport News that the motivation for establishing a diamond-trading platform in Botswana is two-fold.

“The idea is to have a window that we can take some part of our production and market it through the platform,” Tombale said. “Secondly, we need to encourage people who are marketing and trading secondary diamonds to set up some of their operations in Botswana.”

As it stands, Botswana’s fate is intrinsically tied to De Beers. The two have joint-venture agreements as equal owners of the mining company Debswana and the marketing company DTCB. The Botswana government also has a 15 percent stake in De Beers. The creation of a trading platform in the country could cause a break in that relationship, although Tombale stressed that this would not spell the end of the Botswana-De Beers relationship. Rather, “moving forward, not all of Debswana’s production will be sold through DTCB,” he explained.

As an alternative, the country is planning to host rough diamond tenders of stones from Debswana mines and other new mines that are expected to come on line in the future and to create a facility for third parties to host tenders. Tombale said he hopes the new diamond-trading platform will be in place by the end of 2010, allowing others to trade in the country, while the independent marketing of Botswana diamonds “will come a bit later, probably in 2011.”

Price Discovery

He added that introducing the tender system for selling Botswana’s diamonds will enable some price discovery for the rest of Debswana's production. “The hope is that Debswana and De Beers and DTC will be able to use the tool to monitor their prices as well,” he said. While De Beers hosts tenders through its Diamdel subsidiary, it has avoided the format for the majority of its production, opting to sell its diamonds through long-term agreements with sightholders.

Tombale stressed that the Botswana tenders should not work against the De Beers format, but rather complement it, though he added that he believes the market will continue to move further away from the “cartel mentality,” whereby “we all need to learn that there is no longer one individual that sets the price benchmark.”

In making this statement, Tombale lent his voice to the tender versus sightholder system debate that surfaced at the Antwerp Diamond Symposium, which preceded the WFDB meeting. This debate was sparked by the news that Rio Tinto has dropped five of its long-term customers and is planning to start hosting tenders for a minor portion of its production.

“The current environment is showing us that things are not the same anymore,” Tombale said, referring to both the producer-manufacturer relationship and rough price dynamics.

A Matter of Survival

As a result, and as Botswana seeks to secure a more independent role in the industry, its relationship with De Beers seems on the verge of changing, forty years after the two first forged their partnership. As a spokesperson for the country and the face of Botswana diamonds, Tombale couldn't emphasize the importance of the move to the country and his fellow ‘Motswanans’ enough.

“We don’t want to be left at the end of the day without any diamonds when mining ends, so we are trying to build an industry that goes beyond producing,” Tombale said. “That’s an objective far bigger than the relationship with De Beers. It’s a matter of our survival.”

Source:diamonds.net/

Exactly what Zimbabwe is talking about; harboring “VOA relayed facilities in Botswana

That is exactly what Zimbabwe is talking about; harboring “VOA relayed facilities in Botswana" which facilities are being used to relay churned out hate speeches which in turn are polarizing our people. Why is Botswana knowingly allowing this facility to be used to stir up emotions and to cause divisions among Zimbabweans? Is it in the interest of Botswana that Zimbabweans should continue fighting each other because of the propaganda churned out through the relay station they are hosting?

Has Botswana ever asked itself why America, wherever it goes especially to wage illegal wars, bombs radio stations that do not support its stance. In Iraq, an Al Jazeera station was reduced to rubbles. In Kosovo the TV and radio stations were destroyed and innocent lives were lost. In Vietnam, the same thing happened.

However, is it not true that these stations had been in existence for decades, thus, had not been established to broadcasting against the war but had been in existence and broadcasting throughout the world? It should be realized that the moment their reports hurt or attack the very “interests” of the imperialist country (USA) they are bombed. Why has the Junta, led by the homo Khama, in Botswana not ask themselves why this is so?

What Botswana does not realize is that one day and only one day, tables will turn and it will be its turn to defend its territorial integrity, its sovereignty, its independence and its democracy. Madagascar never thought that it would need other countries in the region to help it out of its quagmire and yet, like Botswana, it is hosting a hostile relay station beaming Zimbabwe. Botswana should not say it was never warned. If God allows us to revenge we will look the other way while your country is burning.

What you are doing, Mr Jeff Ramsey and your gay president, is wrong and will NEVER be right simply because it started a long time ago. We have always complained of this station because we knew it was going to come to this. We also have complained about the American military base in your country because we know that one day that facility will be used against us or any other SADC country. We have further complained and will continue to complain about the training of bandits to start and insurgency war in our country or in any other SADC country for that matter.

The moment a facility is used for subversive purposes against neighboring countries, it should be dismantled. In fact it should not have been accepted in the first place. Is it proper for Botswana territory to be used in this manner? The fact that Khama hate President Mugabe because of obvious reasons (“Khama is worse than a pig or a dog”) is not important. What is important is to look at whether the hosting of such a facility is good for the long term interests of SADC and good neighborliness. If it is good as far as Botswana is concerned, well and good; fair and fine, we will remind Botswana when tables turn.

Imperialists do not have permanent friends or enemies but only permanent interests!! Food for thought, Botswana!!!

Source:allafrica.com/

More Fire in Music

The Hon. Assistant Minister of Education and Skills Development, Keletso Rakhudu officially opened the 2009 Botswana Music Camp (BMC) on Wednesday.




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The BMC is now 25 years old. It began in 1985 as the Botswana International School of Music. Then in 1989 became the one-week music camp held at the end of the year following the start of the school holidays.

This is the first music camp to be full through advance registration long before it started. The 85 "students" are enjoying an intense week of activities from dawn to late at night out at the Botswana College of Agriculture at Sebele.

The key sponsor this year and the previous four years is Standard Chartered Bank.Following a welcome to those gathered at the opening ceremony by Ms Gaolape Bashui, Chairperson, BMC, Mr David Cutting, Managing Director, Standard Chartered Bank spoke in appreciation of the music camp and what it accomplishes and promised to continue to be involved.

He commented that, "Musicians are like uncut diamonds". He urged people to attend the free MBC concert at Maitisong Saturday evening the December 12 from 7:30 to 10:30 pm. The Assistant Minister, commenting that "I and Mr Cutting look like aliens" because they were the only people in the hall wearing jackets and ties, confessed that both of them are much closer to the music camp than might be assumed. Both of them share a love of music and play instruments.

Hon Rakhudu is an old-time guitar player and singer and now has added the Alto-Saxophone to his accomplishments and Mr Cutting has recently acquired a Saxophone and has started lessons.

Sandwiched between the speeches there were performances by Mokgweetsi Kabomo, Michael Sibanda and David Spande on the Marimbas, a Saxophone solo by Mpupile Mathibe (he joked that the name of the piece was "My father left me when I was six"), and a song and dance from the stands by the assembled students.

All demonstrated with great enthusiasm that the slogan of this year's music camp, "More Fire in Music"-on all the T-shirts donated by the SCB-was very true.

Hon Rakhudu began by ripping up the speech that had been prepared for him. He confessed it was inappropriate for the occasion.

He blessed the plurality and diversity known to music, recognizing that music is universal. He commented on the unique combination of talent and skill that had been displayed in the various renditions.

He applauded the Botswana Music Camp and all the ways it had been effective over the years in developing music in the country. He observed that music heals, that it helps to keep one in balance, that music puts you at rest.

He reminded everyone that the Government does support music and is helping to fund various activities.

He recognised the role of the new Department of Art and Culture in the Ministry of Youth, Sport and Culture (MYSC, turning it into a word) in developing music in the country. He bemoaned that musicians tended to be recognised more after they died than while they were living.

He hoped to see music infused throughout the school curriculum.

On being presented with a sky-blue T-shirt by the music camp the Assistant Minister held it over his shirt and tie like a bib. David Slater of the BMC gave the vote of thanks.

Source:mmegi.bw/

Reflection On Human Rights And, HIV/AIDS In Botswana

I wish to preamble my commentary by asserting that from a global perspective, Botswana is among the countries hardest hit by HIV/AIDS. It is not unknown that HIV/AIDS is a real and major threat directly linked to the continued protection as well as promotion of fundamental human rights.

To withstand this threat posed by this epidemic the state must discharge the human rights obligations vested on it for the success of this nation in the fight against the disease. HIV/AIDS is not only a health issue; rather it has huge social and economic implications that require multi-sectoral responses.

Poverty, gender inequality, etc, are all examples of social and economic factors that can increase vulnerability to HIV infections. Children, youth and women are at a greater risk. Women are particularly vulnerable to infection due to a complex mix of discrimination, economic deprivation, cultural and biological factors. I am not aware of any specific law in Botswana that targets social security and HIV/AIDS.

I only know of utilisation of social protection system to address the repercussions of the epidemic but this notion of social protection is underdeveloped and dangerously fragmented, with no underlying policy to guide its implementation for the desired ends to be attained.

It is advisable that we yield from the Vienna Declaration and Programme of Action which clearly points out that women’s rights are to recognised and protected as Human rights. This declaration also acknowledges that violence against women is a serious violation of fundamental human rights. Perpetrators of this brutality must be rehabilitated and empowered to run their lives in accordance with International Human rights framework.

In the absence of protection of Human rights, vulnerability to HIV/AIDS becomes difficult to avert. The velocity at which human rights organizations like BONELA are preaching promotion and protection of human rights in the context of HIV/AIDS is commendable.

There gesture is exactly in line with the call for human rights and for compassion and solidarity with People Living With HIV/AIDS which had been explicitly embodied in the World Health Organisation (WHO)’s first response to AIDS. This approach was motivated by moral outrage and also by the recognition that protection of human rights was a requisite element of a worldwide public health response to the epidemic.

It is not in doubt that public health strategy in human rights terms is anchored in the international law, and this makes governments and intergovernmental organisations publicly accountable for their actions toward PLWA.

The need to promote human rights in the fight against HIV/AIDS is an urgent one. If human rights are not protected and promoted, this will make people more vulnerable to physical and emotional injury and attack.

They will become assailable and open to censure and criticism. They will become fragile and subject to harm and hurt from both external and internal sources. Lack of recognition of human rights not only causes unnecessary personal suffering and loss of dignity for these people living with HIV/AIDS but it also directly fuels the spread of the epidemic. Observably, the spread of HIV/AIDS is disproportionately high among groups that suffer from a lack of human rights protection, social and economic discrimination or marginalisation in terms of legal status.

There is a definite need to bring human rights to the forefront of the fight against HIV/AIDS with the understanding that a rights-based approach is vital in recognising societal vulnerability to HIV/AIDS. Policies should be monitored to ensure that those implemented are compliant with a human rights approach. With this situation that I am visualising coupled with robust social justice our dream of ‘No new HIV infections by 2016’ will come to pass.
Morategi Richo Montgomery
Social Worker
Tutume Primary Hospital
71243470/2987249
montgomem@yahoo.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Source:gazettebw.com/

STOCKS NEWS EUROPE,Firestone up on Botswana mine update

Shares in Firestone Diamonds (FDI.L) rise 7.0 percent after the AIM-listed company says it is planning to start development of commercial mining operations on its BK11 mine in Botswana.

Firestone says production will start ahead of schedule in the second quarter of 2010 with a plant capacity of about 650,000 tonnes per annum and full production capacity of 1.5 million tonnes per annum will be in place in the third quarter.

"Today's announcement is very positive news for Firestone Diamonds and we will now see the company making the transition to a full-scale kimberlite mining company," Evolution Securities analyst Charles Kernot, who has a "buy" rating and a price target of 50 pence on the stock, says in a note.

Source:uk.reuters.com/

Progress in SA-EU negotiations auspicious for SACU - Malin

The deadlock in trade negotiations between the EU and South Africa that threatened to break the world's oldest customs union, the Southern African Customs Union (SACU), is set to ease off, thanks to progress being made in ironing out differences between the two parties.




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Speaking to Mmegi Business Week in Gaborone this week, the Head of Delegation of the EU in Botswana, Paul Malin said he was confident SACU would stay intact after the EU softened its stance and agreed to apply a common tariff to its exports to the region.

This was the contentious issue that led to a breakdown in negotiations when South Africa insisted on a Common External Tariff (CET) for the southern African region inspite of its separate trade agreement with the EU - the Trade, Development Cooperation Agreement (TDCA).

"In principle, we have agreed to harmonise the TDCA and the interim Economic Partnership Agreement (EPA) so that a common tariff can apply to the whole region," Malin said.

"What is left now is to just formalise this and I believe the process should be completed by early next year. However, there are still other issues, such as the Rules of Origin, which might need a bit more time to solve as they might have political connotations as well."

Botswana, along with Swaziland, Lesetho and Mozambique, has initialled the interim EPA, while South Africa, Angola and Namibia have remained on the sidelines. However, South African sources indicate that under the current alignment proposal by the EU, new border controls will be required within SACU due to the misalignment of Rules of Origin.

In the negotiations towards a full EPA, other outstanding issues remain on trade in services and investment provisions. The negotiating parties are scheduled to meet again in February next year.

Botswana's chief trade negotiator James Masisi has echoed Malin's confidence in the progress being made, though not with as much enthusiasm. "I wouldn't say if the Common External Tariff issue is solved, all our problems are solved because there are still other issues on the South African side such as Rules of Origin and Most Favoured Nation (MFN) status.

"But if we manage to align the tariffs so that the region's trade is not segmented, we should be very close to a full EPA. Our next meeting will be in February and we are hopeful it will be fruitful." Masisi has come out of retirement to resume his duties as Government Trade Negotiator for a further five years. He is on secondment from the Botswana Institute of Development Policy Analysis (BIDPA) where he went after retiring from the Ministry of Trade and Industry at the end of last year.

Progress in EPA negotiations will be good news for Botswana and other countries in the region that were set to lose considerable revenues if SACU broke up. According to a recent study by BIDPA, Botswana stands to lose the equivalent of up to 29 percent of the total revenue required for the 2009/2010 budget if SACU breaks up.

Statistics show that Botswana received R5 634 million from the SACU revenue pool in 2006. "Botswana's dependence on the SACU revenue has grown steadily over time," the BIDPA study says."By 2008, Botswana's dependence on SACU revenue had grown to 27 percent of (the) total revenue (for the) 2007/8 budget. As a result of the global downturn and its impact on diamond exports, the transfers from Pretoria of SACU revenue will be Botswana's single largest source of revenue in 2010."

However, Masisi played down the chances of SACU breaking up and the impact it would have on Botswana revenues if it did. "I believe the BIDPA report was a bit unbalanced as it is not a cutthroat consequence that Botswana will lose such an amount of money if SACU breaks up," he said.

Ironically, Masisi is employed by BIDPA which produced the report. "SACU, which has been around since 1910, has faced many challenges before and it is expected that the organisation will face challenges again in the future.

"What is important is that member states are committed to the future of their customs union and we are convinced that this commitment will carry the organisation through this (particular) challenge. When we can find each other as African brothers, we should be allowed to negotiate among ourselves."

Source:mmegi.bw/

Will GU, Santos alter Botswana fortunes?

Will Gaborone United (GU) and Uniao Flamengo Santos change the fortunes of Botswana football in African club competitions?




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The question might seem frivolous after the draw for the CAF Champions League pitted GU against South African giants, Orlando Pirates and Santos against Mozambique's seasoned campaigners, Costa Do Sol in CAF Confederations Cup. Barring a major upset, the two Botswana sides seem doomed. They are not likely to better or equal the record of Notwane as the only Botswana club to reach the last 16 of an African club competition.

In the current campaign, the match to watch for Botswana fans is GU against Pirates.Even if they are tossed out, GU might be smiling all the way to the bank as the South African side command a huge following even in Botswana.

If properly marketed, the game should easily attract a full house in Gaborone, hopefully to the National Stadium. GU have said they want the game to be played at the giant stadium as it can accommodate a large crowd. But the stadium is under renovation and it is not clear if it will be ready when the preliminary round tie is played on the weekend of February 12 to 14.

In all respects, Pirates are miles ahead of GU. Formed in 1937, Pirates is South Africa's oldest club and has won everything on offer on the domestic scene. They are the only southern African team that wears a kit with a star above their badge - symbolic of their triumph in the 1995 Champions League.

Pirates started the 2009-2010 well, winning their first nine matches before hitting a rough patch. However, they still boast some of the best talent in South Africa, including the talismanic, Tsholofelo 'Teko' Modise. Local fans should be salivating at the prospect of watching former Township Rollers' player, Phenyo Mongala in action against his homeboys. Other big names at Pirates include goalkeeper, Moneeb Josephs, Dikgang Mabalane, Terror Fanteni and Lucas Thwala. Their coach Rudolf Krol of Holland is however under pressure after the poor run of form and it is not clear if he will still be around come February. Judging by history, Pirates are favoured to progress through to the first round.

The Buccaneers qualified for the CAF Champions League after finishing second behind Super Sport United. South Africa has been allocated two slots in the Champions League.

Botswana has only one slot taken by GU, which won their first national title last season after nearly 20 years. Formed in Gaborone in 1967, the club became a dominant force in the country and earned the nickname, 'the Money Machine' in the 1980s because of its brutal dominance in cash-laden cup competitions. There was a turbulent time when the club dropped to the First Division for five years but bounced back to claim their first league title in 19 years last season.

They have participated twice in the CAF Champions League - in 1987 and 1991. They went out in the preliminaries and would be looking for a change of fortunes this time around. They participated in the CAF Confederations Cup once in 1984. GU boasts good players in Sageby Sandaka, Ronald Chikomo, Ofentse Nato and Joseph Phethego. Driven by the underdog tag against fancied Pirates might work in their favour.

In the CAF Confederations Cup, Santos is a young side both in talent and history. The club was formed in 2003 and boasts of youthful talent. They won their first major title when they bagged the country's premier knockout cup competition, the Coca-Cola Cup, defeating seasoned campaigners, BDF XI in the final.

Santos are making their debut in continental club competitions. Though they are on a learning curve as first timers, they are expected to hit the ground running. In Thato 'Yellow' Bolelweng, Mogakolodi 'Tsotso' Ngele and Godfrey Ngele, the Gabane side boasts of talented youngsters.

But there is need for experience to guide the young players. Thapelo Sethebethe can provide guidance but lacks international experience.

Santos opponents Clube de Desportos Costa Do Sol of Maputo was formed in 1955 and has participated in numerous CAF competitions. The club has made 11 CAF Champions League appearances, reaching the group stages in 2002. They reached the quarterfinals of the then African Cup Winners' Cup twice in 1996 and 1998. With their rich history, Costa Do Sol start as favourites against Santos.

Source:mmegi.bw/

Botswana Needs Drivers Beyond Diamonds

GABORONE, Botswana -- Botswana faces risks in the medium term if the government can't effectively wean one of Africa's most stable and democratic countries off a diamond-financed welfare state, a former central banker said.

The domestic economy is likely to bounce back with double-digit growth next year, but remains at risk from an over-dependence on government spending, Keith Jefferis, a former deputy governor of the Bank of Botswana, told Dow Jones Newswires in a recent interview.



Taxi drivers waited for customers in the diamond mining town of Letlhakane, Botswana on Sept. 8, 2009.
Gross domestic product is likely to have shrunk about 6% this year after Debswana Diamond Co. -- the world's largest producer of diamonds by value -- suspended its work at its mines for almost three months, he said. But with a full year of diamond output next year, and coming off a low base, the economy is likely to grow 10% to 11% next year, he said.

Mr. Jefferis, now managing director of Gaborone-based consultancy Econsult Botswana, said years of benefiting from diamond revenue as equal owner of Debswana with Anglo American PLC-controlled De Beers SA has left the government unable to prioritize spending.

Citing government spending on populist projects such as schools and paved roads in remote, low-populated areas of the country, he said: "We've lost the art of saying no. The economy needs to become less dependent on government."

Mr. Jefferis estimated the government employs about 40% of the formally employed labor force in Botswana.

"There is a period of risk. The danger is that you don't take those hard decisions and you run down your savings and you incur debt--in five years' time you become a basket case," he said.

Debswana's stones contribute about 33% of Botswana's GDP and more than 80% of foreign earnings. The government has depended on diamond revenues to bolster its coffers and drive the economy since the development of the mining industry following the country's independence in 1966.

But earlier this year, the African Development Bank approved a $1.5 billion loan to help Botswana deal with the fallout of the global financial crisis. It was the first such borrowing by Botswana from the bank in 17 years.

While the mining segment of the economy contracted sharply this year, as demand for diamonds slumped amid the global economic crisis, the nonmining economy has continued to grow at between 8% and 9%, Mr. Jefferis said. Government spending accounts for a large portion of that growth, he added.

The government's National Development Plan aims to reduce public spending as a proportion of GDP to 30% from 40%, while at the same time encouraging diversification of the mining industry to develop production of copper, uranium, coal and other minerals, he said.

President Ian Khama, who secured a new five-year term in elections in October after succeeding Festus Mogae in April 2008, in his state of the nation address in mid-November said the country slipped into recession in the first quarter of 2009 when gross domestic product contracted 22% after shrinking by a little over 6% in the fourth quarter of the previous year.

Mr. Khama projected a budget deficit of 13.4 billion pula ($1.97 billion) in the year through March, up from 3.6 billion pula a year earlier. Mineral revenue would drop to about 6.8 billion pula in the current financial year from 10.8 billion pula the year before, he said.

Source:/online.wsj.com/

Botswana: Competition Bill Goes for Second Reading

The Minister of Trade and Industry, Baledzi Gaolathe presented the Competition Bill for second reading yesterday in Parliament yesterday.

The main objective of the proposed law is to regulate competition between firms as well as to establish a Competition Authority. "The bill basically provides for the prevention of anti-competitive practices in the market. It aims to address problems arising from the globalisation cartels, abuse of dominance, and monopolisation of key sectors of the economy by corporate entities following the opening up of markets as a result of economic reforms and liberalisation of international trade," Gaolathe said.

He added that many countries have adopted the law in recognition of the important role, which competitive markets can play in promoting economic growth and alleviating poverty. He said that evidence has shown that in unregulated markets, businesses often resort to anti-competitive behaviour that can nullify the benefits of trade liberalisation. "This has made it necessary for governments to enact competition laws in order to safeguard market reforms from erosion by anti-competitive practices in de-regulated trading environment," the minister explained.

The bill proposes the state will participate in trade or business for production, supply or distribution or the provision of any service within any market in Botswana that is open to participation by other enterprises. "In this way, the authority will consist of two tiers being the administrative wing to be known as the Competition Authority and which shall be responsible for receiving complaints and carrying out investigations, and the Competition Commission which will be the adjudicating arm of the authority and which shall exercise quasi-judicial functions," Gaolathe said.

The bill seeks to prohibit anti-competitive practices such as price-fixing, market sharing, bid rigging and resale price maintenance. "Under this approach, parties shall have no justification for engaging in such conduct, and if they are caught, the commission may impose civil financial penalties," the minister said. The bill empowers the authority to enter premises, search and seize documents or objects that may be related to the subject under investigation. "The authority shall also have powers to summon witnesses before it," he said.

Source:allafrica.com/

Botswana has new high commissioner - by ,Alice Mwanaumo Simushi

WINDHOEK – The High Commissioner of Botswana to Namibia, Gobopang Duke Lefhoko, presented his credentials to President Hifikepunye Pohamba last week Wednesday, making him the sixth high commissioner of Botswana to Namibia.

He is also accredited to Angola and Ghana while based in Namibia.

According to a release, “High Commissioner Lefhoko’s mandate is amongst others to strengthen the excellent bilateral relations that exist between Namibia and Botswana. He is also committed to the operationalisation of various economic projects between the two countries such as the Trans-Kalahari railway line which will ensure the smooth transportation of goods and services between the two countries.”

A dry port, also called an inland port, is an inland inter-modal terminal that is directly connected by road or rail to a sea[prt and operating as a centre for the transshipment of sea cargo to inland destinations.

Sometimes dry ports also include facilities for storage and consolidation of goods, maintenance of road or rail cargo carriers and customs clearance services.

A dry port facility that connects countries such as South Africa, Namibia, Zambia, the Democratic Republic of Congo (DRC), Mozambique and Tanzania via railway is currently being structured.

According to media reports, Botswana Railways forms part of a crucial link in the regional railway network system.

Source:newera.com.na/

Stock theft syndicate gives police hard time

EPHRAIM KEORENG
Staff Writer

DIKGONNYE: Stock-theft in Botswana is increasingly becoming a serious concern and the police are having a hard time trying to arrest the situation.


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Unemployed young men and boys of school going age are busy cutting out a career in cattle rustling. They are part of an organised cartel of criminals whose main job is to steal cattle from farms and communal freehold pastures. Sometimes they are bold enough to raid a kraal. They then put their brands on the stolen cattle. A police source says the cartel operate in Kweneng to Kgatleng, covering almost all the cattle-posts in the two districts. Sometimes their 'operations' take them beyond the Dibete cordon fence into the expansive Central District.

Though it is not clear where the cartel's base is, investigations by police and Bakgatla royals and tribesmen have unearthed a man they suspect to be the mastermind. In most the of arrests and interrogations, one name kept coming up.

Bakgatla paramount chief, Kgafela II says the suspects inform them that they have been sent by a 56-year-old man (name withheld). The mastermind is said to have a cunning mind like a jackal. He recruits young boys to do his dirty jobs, while he stays in the shadows. That is why, according to Kgafela, the man has been able to evade the law all this time, despite his involvement in the theft of livestock ranging from goats to cattle in Kweneng, Kgatleng and the Central District. It is said the man used to work for the BCL mine in Selebi-Phikwe. But currently he heads a powerful crime empire that he has running in a decade. It is said his empire is so well organised and extends to the Central District where he connives with other livestock thieves. The rustlers do intensive 'research work' or what in the intelligence lingua franca is called reconnaissance, to identify kraals they can steal cattle from. Normally, they steal young calves just before they are branded. "He has been stealing from my father's kraal. When they see a calf without a mark, they take it and brand it.

Normally you would find that he uses his syndicate members' brand (Tshipi). He would then later brand it with his own mark. In the royal kraal, we found about four cattle with brand marks that belong to his acolytes. He is just a young boy who would normally not have as much property as so many cattle and a brand mark, yet he does. They go around branding people's cattle. We caught this guy and whipped him, even his parents urged us to whip him up because they have tried to talk him out of stealing, but he would not listen," said Kgafela.

He said the syndicate has caused terror among farmers, especially in the western and eastern side of Madikwe River in Kgatleng, where they steal livestock in cattle posts like Mfetlhedi, Legokonyane, Monametsane and Moduwane.

"Bakgatla have been crying gore ba ruela mo ganong la gagwe. He has served six years in jail for stock theft after quitting his job in the BCL mine," he said.

An angry Kgafela said that people are fed up with the suspect who is implicated in many cases but has not been incarcerated. "He is arrogant and uses loopholes in the law to get out of trouble. He has stolen cattle from the kraals of my royal uncle, Ray Molomo.

You can see that this guy is a persistently arrogant thief who fears no one at all in his pursuits," he said.

For his part, Molomo, a former cabinet minister said that he found two of his cows rotting and being gorged by vultures. "I was told by my herdsmen that his (suspect's) car was seen passing by and later gun shots were heard the following day," he said. He suspects the criminal could have played a hand in killing his livestock.

Mochudi police have disclosed that working in concert with morafe (Bakgatla), they were able to arrest three suspects in connection with stock theft. Acting station commander, Assistant Superintendent Nkape Kealotswe said they arrested a 39-year-old man in Matlhagare, next to Artesia in connection with theft of a herd of 11 cattle. The other suspect said to be the mastermind of the cattle rustling is still at large.

"On the other hand, we have arrested two men in connection with stealing 15 goats. Of the 15, 14 belong to one 45-year-old woman in Matlhagare while the other one belongs to her neighbour. We are sill looking for a third suspect still in connection with this theft," he said.

Records at the Magistrates Court in Mochudi show that from 2003 to date, the suspected mastermind was brought before the court to answer for eight cases of stealing livestock. However he was acquitted in all cases.

In one of the cases, before principal magistrate Kepaletswe Somolekae, the accused told court that investigators were "not making any progress in this matter which was registered last year and I have to come to court time and again, without any progress. It is becoming costly for me.

My request is that charges against me be withdrawn until the state is ready to proceed". The magistrate discharged the case and ordered that it be opened should any evidence be found.

In an earlier interview with Mmegi, the suspected mastermind denied that he is a stock thief. He said he ekes out a living as an ordinary farmer - rearing cattle and goats.

However, Mmusi Kgafela, brother to Bakgatla paramount chief insists that the suspect is a livestock thief who has developed a tendency of using young boys to steal people's animals.

"He even has some cases of stock theft in South Africa," said Mmusi Kgafela.

The police have said they have noticed a trend where stock theft suspects prefer to have their cases heard in modern courts, instead of the customary courts.

Police Commissioner, Thebeyame Tsimako has said the suspects have realised that chiefs at customary courts know about livestock (marks and colours) very well and that is why they prefer modern courts. "They insisted on having their cases heard before the magistrate courts where they know the cases would drag for long as there is a long queue of cases in the courts," he explained.

Tsimako has said that government is trying to find a way to speedily deal with stock theft cases. "We would have specialised courts for this," he said. Molomo agrees with Tsimako that it is difficult to hold a trial for stock theft in modern courts. "In a customary court, you can explain that you confirmed that it was a bull because of the size of the head (it has to be bigger than a cow's).

On the other hand you can't say that in a magistrate court. A case can be dismissed just on those grounds. In an effort to demonstrate that calves belonged to some cows, an owner is said to have told a magistrate that the cows fondled them (calves) and went on to breast feed them. However, the magistrate said that the cows were just being sympathetic to the calves. That is why I think we need to have Batswana magistrates who know much about livestock to preside over stock theft," he said.

Source:mmegi.bw/

Copenhagen - What does it mean for Botswana?

* PROFESSOR ROMAN GRYNBERG and VICTORIA NDZINGE - ANDERSON

The UN Copenhagen Climate Change Conference is a rare meeting where the parties that are attending all agree weeks prior to the meeting that they will fail to achieve their stated objective, that is to conclude a legally binding treaty that will limit green house gas (GHG) emissions.


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The organisers have succeeded in dampening expectations but what is generally hoped for now is the outline of an agreement with the legal treaty completed within a year.
Damages to Agriculture and Tourism

The discussions in Copenhagen are of great importance to Botswana because global warming is likely to worsen the country's already arid climate. Under what is known as the 'hotter and drier scenario' Botswana's average yields on maize and sorghum crops, which already quite low, could fall by a further 30% in the coming years. A shorter growing season for most crops can also be expected. Pasture land for cattle is also expected to be degraded as thorn and bush spread at the expense of grass land.

Also of great importance to rural communities is that under the 'hotter and drier scenario' the amount of firewood available for cooking will also decrease. Climate change is also associated with more violent and frequent storms and it is expected that floods will become more common and that this may also have the effect of increasing water born diseases like malaria which are more common in the north of the country but could start occurring further south as a result of climate change.

It is also widely expected that climate change will adversely affect the country's wildlife this will in turn affect tourism. The government of Botswana is well aware of these affects and has been studying them for over a decade. Various government ministries have prepared strategies to deal with many of these effects but what they lack is the resources to implement them. What Copenhagen should deliver is not only a commitment to lower GHG emissions but also a financial mechanism for all developing countries, including Botswana to deal with climate change. In the end though it will be up to governments to implement these changes.

Who is responsible for the Climate change mess?
The answer is in short definitely not Botswana (0.02% of the world's GHG emissions) and not Africa (3% of the world's emissions). The biggest polluters as is well known are the rich OECD (developed) countries and China which are together responsible for two thirds of the world's carbon dioxide (CO2) emissions. Botswana and Africa are a tiny portion and certainly will not be expected to make any significant reductions in CO2 emission in the short term. But over time all of Africa will be expected to make adjustments and there are expected to be resources available for Botswana to make these changes
Africa is not 'Africa'

To think that all of Africa will be exempt from these GHG emission commitments to lower GHG emissions could be wrong. The least developed countries like Angola or Zambia or Lesotho will almost certainly not be forced to make any real reduction commitments. But middle income countries like South Africa will have to make some commitments.

In fact South Africa is responsible for almost 40% of Africa's GHG emissions. And this is where the situation gets complicated for Botswana. South Africa and other middle income countries are not likely to get an easy ride from the developed countries at Copenhagen.

Pretoria is keenly aware that it will have to make reductions in its GHG emission if Copenhagen negotiations are to be a success. So the government has been planning the development of an extensive network of nuclear reactors to supply 'clean' (but nonetheless very risky) energy for SA energy thirsty economy.

Early this week the South African government announced a major GHG emission objective which will certainly be the basis of its Copenhagen negotiating position. It has been reported that the SA government will, over the next 10 years reduce emissions by 34% from "business as usual," the level they would reach under ordinary circumstances. By 2025 that figure would peak at 42%, effectively leveling off and thereafter begin to decline.

Coal and Electricity
This commitment by South Africa to reduce the growth of emission immediately and cut GHG emissions from 2025 has implications for Botswana's immediate development concerns. Botswana has enormous coal deposits and seeks to become an electricity exporting country. The development of the huge Mmamabula project which is by far the largest will be viable if it can export roughly 75% of its output of 1,200 MW to South Africa. Coal is the most GHG emitting of all fossil fuels and South Africa's recently announced commitments to lower GHG may well affect its choice as to whether it wants to use imported electricity generated from coal or its own sources.

While at the moment the contract negotiations over the Mmamabula project with Eskom revolve around agreed electricity prices one of the factors that will have to be considered by the SA government is whether in the longer term it wants more coal generated electricity given its Copenhagen commitments.

While the issue of coal should be of concern to Botswana's negotiators its importance should not be overstated. The real risk to Botswana is not that electricity exports would be stopped if Copenhagen succeeds but if Copenhagen and the subsequent technical negotiations fails to deliver on the promise to genuinely lower GHG emissions it will condemn the next generation of Batswana to suffer the very serious consequences of global climate change that is not of their making and not in their purview to solve. This would be a far greater cost.

* Grynberg is Senior Research Fellow and Ndzinge-Anderson an Associate Researcher at the Botswana Institute for Development Policy Analysis. The paper is based on a research piece prepared by Ndzinge-Anderson entitled 'The Economic and Social Impacts of Climate Change: The Case of Botswana'.

Source:mmegi.bw/

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Firestone to start production at Botswana mine ahead of schedule

JOHANNESBURG (miningweekly.com) – The production plant at Aim-listed Firestone Diamonds’ BK11 project, in northern Botswana, will ramp up to an output of 1,5-million tons a year by the third quarter of next year.

The diamond explorer and developer told shareholders in a statement on Thursday that commercial production at BK11 would commence ahead of schedule in the second quarter of 2010.
Firestone had expected to make a development decision on the project by the fourth quarter of this year, following a final bulk-sampling evaluation phase.

“Commencing development of a new mine at BK11 is a major milestone for Firestone Diamonds. The BK11 mine will give us a very solid foundation from which to further develop our exciting portfolio of projects and opportunities in Botswana. With the projected shortfall in rough diamond supply expected to drive diamond prices higher in [the] coming years, we believe that the prospects for Firestone are extremely good,” Firestone CEO Philip Kenny commented.

The diamond explorer noted that it planned to increase its stake in BK11 to 90%, earning a 10% stake from its Botswana partners, by financing the partners’ share of the mine development costs.

Firestone, in November, said that it had already raised the required mine development funding of £5-million, as part of a £7,2-million share placement it undertook in July.

Mining would start in the KW zone of the BK11 project, which would result in revenues of about $24-million a year at operating margins of 60%.

Any further increases in diamond prices, which the company saw as likely owing to a projected shortfall in the diamond supply in the coming years, would add substantially to the potential profitability of BK11, it stated.

A modelling exercise done on BK11 had shown an overall value of $137/ct, while diamonds from the KW zone had a higher modelled value of $157/ct.

Meanwhile, the production plant, which was being relocated from the company’s Bonte Koe mine, in South Africa’s Northern Cape province, would be commissioned in two phases.

Phase one would see production starting at about 650 000 t/y by the second quarter of the year.

Firestone would make a number of changes to the plant flow sheet based on ore dressing data obtained from the operation of a pilot plant over the past five months.

The addition of larger scrubbing circuits was expected to reduce the amount of material being sent to the dense-media separation section, which would result in higher plant capacity being achieved, the company stated.

The diamond explorer highlighted that it was also in negotiations with the Botswana Power Corporation for the construction of a 14-km power line from Orapa to BK11.

Firestone had sufficient generating capacity to operate the plant in the meantime, but this would add $1/t to operating costs until grid power was made available.

A sufficient water supply and storage capacity was also in place to support commercial production.

BK11 had a 12-million ton resource, containing about 800 000 ct.

Firestone was planning to use the new mining operation at BK11 as a centre for satellite mining operations in the Orapa area, in Botswana, and would “exploit” multiple kimberlites in the area, it reported in November.

It would start evaluation work on the nearby BK16 kimberlite, which it expects to have a similar potential to BK11, in 2010…read more at the Mining Weekly

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Source:resourceintelligence.net/

Botswana: Imara Releases Poor Results

Diversified financial concern, Imara Holdings Limited, has released a disappointing set of half-year results to October 31, 2009 in which revenue dropped by 17.0 percent to P51.1m.

Profit after tax contracted by 92.3 percent to P388.2m largely due to unrealised foreign exchange losses amounting to P3.9m on the company's non-pula cash holdings. The company's EPS dropped by 99.1 percent to 0.001thebe.

However, despite the poor financials, the company's officials believe the financial institution could not have performed any better under the prevailing circumstances.

"The company has emerged from the global meltdown stronger than anticipated," the company says in a statement accompanying the results. "On a headline basis, revenue and earnings for the first six months of the current financial year were down 17 percent and 93 percent respectively compared with the prior period.The precautionary measures implemented earlier this year have been effective in minimising the downside risks for the period under review.

"However, conventional comparisons with the corresponding period a year ago are not particularly illuminating in this case, as the six months ended 31 October 2008 were near peak earnings, whereas we temporarily moved into a loss-making situation in the second half of the year."

Cognizant of the difficult global operating environment, a primary test for the Group's first half performance has been protecting capital for future growth and building stakeholder confidence without taking unreasonable risks.

"In this respect, moving back into profit in the first half of this financial year is encouraging and, were it not for an unrealised foreign exchange loss of P3.9 million on our non-pula cash holdings, we would have reported a respectable profit of P4.27 million which compares with P5.67 million recorded for the prior period," the statement added.

Imara says a close examination of its trading conditions clearly suggests they are entering a period of renewed growth and sustainable earnings. "Our stockbroking division has recovered strongly, especially on the futures side, while fund inflows and market movements have increased our funds under management beyond budget where the full earnings impact will be seen in the second half," it says.The merger of their trust business with Beresford Trust and Corporate Services in Mauritius to create a new associate company, Imara Beresford International Limited, has already positively impacted earnings for the trust division and prospects for the second half of this financial year are encouraging.

Looking ahead, the company says its strategic development remains completely on track, and if anything, has been reinforced by the improvement in its competitive position as the global crisis took its toll on some market participants.

"In the last three months, we have expanded our geographic footprint and deepened our businesses with the merger of our trust business in Mauritius and the acquisition of equity stakes in stockbrokers in Zambia and Botswana," adds the statement.

The company recently announced that it had acquired a majority equity stake in a local stock broking firm, Capital Securities. The group's negotiations relating to a regional acquisition are still pending and investors are advised to continue exercising caution when dealing in the group's shares.

Source:allafrica.com/

Meteorites land in Botswana

GABORONE - Some meteorites might have fallen from the sky in the area around the confluence of the Shashe and Limpopo rivers.

In an interview, the principal curator of geology at the Department of National Museum, Monuments and Art Gallery, Mohutsiwa Gabadirwe said on the night of November 21, a glowing object fell from the sky within those areas.

Gabadirwe explained that this unusual incident involved a sudden appearance of a large glow in the sky that lasted for a few seconds.

The object was suspected to have been a meteorite.

A meteorite is a piece of metal or stone, which has fallen from the earths outer space.

The meteorite burns in the sky producing a glowing light before reaching the ground and they range from a marble-ball size to a soccer-ball size.

They may originate from different sources from outer space with many coming from the Asteroid Belt and could also be from the moon and mars.

Gabadirwe said this incident was also reported to have been witnessed in neighbouring countries such as South Africa, Zimbabwe and Mozambique.

He noted that this was the first time the incidence occurred in Botswana.

However, he said, reports show that it once happened in 1999 but somehow the particles ended up overseas.

Gabadirwe explained that these were valuable stones as they contain a lot of useful information especially for the scientists urging that they should be protected.

He asked the public particularly in the Bobirwa and Tswapong areas to report any strange looking rocks or a hole on the ground showing signs of burning to either the the musuem or the local authorities.

The rocks could be identified by black burnt outside surface that does not flake or steak off when rubbed against other surfaces.

Gabadirwe advised that once meteorites have landed in Botswana they become part of the natural heritage of the country as protected by Monuments and Relief Act of 2001.

Therefore they are not to be collected or removed from where they are found.

Exportation of meteorites is also prohibited by law unless a special license has been obtained to do so.

He noted that at the moment they are working with the Department of Geological Surveys who are making rounds in the said areas in search of meteorites.

He also noted that they have been in contact with Department of Immigration and Citizenship to alert them in case people come from outside Botswana and try to steal them.BOPA

Source:gov.bw/

Maiden drill program starts for uranium in Botswana

Impact Minerals Limited announced that the start of its first drill program within its 100% owned Botswana Uranium Project to test several large uranium targets at the Lekobolo Prospect.

Impact’s Botswana Uranium Project covers 350 kilometers of the strike extensions of rocks that host many significant uranium deposits throughout southern Africa including Kayelekera in Malawi and Letlhakane in Botswana.

A program of about 60 holes for 3,000 meters of reverse circulation drilling is underway to test areas of anomalous uranium in soil responses 20 kilometers along strike from the Letlhakane Project.

The drill program is anticipated to finish within a few weeks and assay results are expected in January.

A second drill program is currently being planned to commence in early 2010, weather permitting, to follow up other priority uranium targets within Impact’s Prospecting Licenses and to follow up results from the current drilling program as appropriate.

Further soil geochemistry programs are also being planned and will commence as soon as possible in 2010.

Impact’s Botswana Uranium Project;

Impact’s Prospecting Licenses in Botswana cover 350 kilometers of the strike extensions of rocks that host many significant uranium deposits throughout southern Africa including Letlhakane.

The large Letlhakane Project is owned by A-Cap Resources Limited which has reported an Indicated and Inferred Resource of 344 Mt at 152 ppm using a 100 ppm cut-off for 116 Mlb of uranium oxide in deposits hosted by near surface calcretes and by Karoo Group sedimentary rocks.

Impact’s licenses are prospective for three types of uranium deposits:

1. Deposits hosted by Karoo sedimentary rocks which host a number of large uranium deposits throughout southern Africa including at Letlhakane;

2. Uranium hosted by calcretes in Cainozoic palaeochannels, a style of mineralization well known in Australia and Namibia; and

3. Deposits within playa lakes which, in Australia and elsewhere in Africa are known to host significant uranium deposits.

Impact has identified 18 such target areas with a combined strike length of more than 400 kilometers within its licenses. These generally comprise elongate regions within which there are variably exposed calcrete outcrops and/or outcrops of prospective Karoo sedimentary rocks. Many have elevated surface uranium responses in the regional airborne radiometric data and in ground spectrometer readings.

Minmetals subsidiary to join Philippine exploration

Interfax China reported that Minmetals International Limited has signed a memorandum of agreement with the Philippine Stock Exchange listed Benguet Corporation to fund exploration of its Kingking copper and gold deposit in the southern Philippines.

Source:steelguru.com/