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By Oliver Griffin
Diamond miner Botswana Diamonds PLC (BOD.LN) said that its pretax loss widened by 31% in the first half of fiscal 2018 as exploration continues.
The company said that its pretax loss for the six months ended Dec. 31 widened to 178,000 pounds ($249,516), from GBP136,000 in the year-earlier period.
Drilling at the Ontevreden kimberlite in South Africa is ongoing to determine the size of the structure and its diamond content.
Botswana Diamonds said that ground work in South Africa's Free State province that resulted in the discovery of eight kimberlites--which are rock formations that sometimes contain diamonds--was encouraging.
The next stage of tests to determine diamond-bearing potential of the kimberlites should conclude in the first half of 2018, the company said.
In February the company raised GBP500,000, which will be used to fund exploration activities.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
March 21, 2018 04:38 ET (08:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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