Friday, 17th March 2006 (3171 views)

Feverish gold, copper and diamond exploration activity in Botswana has sparked massive share gains on the country's stock markets, the South African Press Association reports.

Prospecting work is currently underway on half the area of the African nation, which is renowned for its richness in diamonds.

With the explorers involved all having primary listing status abroad, the recent surge in activity has sent the dual listed board of the Botswana Stock Exchange soaring.

Shares at Gallery Gold, which is seen as Botswana's first modern gold mine, have ticked up by a quarter in 2006 alone.

Meanwhile African Diamonds is also proving a hit with investors, earlier this week revealing that its latest drilling had yielded 34.6 carats of diamonds from a single sample.

That sparked a 12 per cent rise in its market capitalisation, resulting in total 2006 share gains of 78 per cent.

Botswana has long since relied on its diamond mines to bolster its coffers and the latest push should ensure mineral resources prop up its economy for the foreseeable future.

 

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