Dublin-headquartered and London-listed exploration company Botswana Diamonds (BOD) has announced its interim results for the six months ended Dec 31, 2015, reporting a 6.6% decline in operating losses from £166,000 during the same period last year to £155,000 this year.

A further loss of £6,000 on investments held saw the company’s pre-tax loss drop by 3% to £161,000. However, currency fluctuations added to the company’s losses, with total comprehensive loss for the period amounting to £274,000.

In a statement released with the results, Chairman John Teeling said that the company was conducting an extensive exploration programme in Botswana with its partners, Alrosa. “We are drilling, sampling and conducting geophysics on two licences in the Orapa area, PL 210 and PL 260,” he said.

In addition, he noted, the company is also conducting exploration activity in Gope Region, in the Kalahari Desert, where the Alrosa/BOD joint venture holds 7 licences, and the Company has interests in another JV across 10 blocks. 

Teeling also stated that BOD is positive about the future demand for diamonds, though “the economic slowdown in most Asian markets is causing a blip on the rising demand curve particularly for gemstone quality stones”. 

He elaborated, “This will be a temporary phase.  The rise in the middle classes in many huge markets cannot be stopped, only delayed.  When growth resumes so too will demand.”