Botswana Diamonds Changes Name, Focuses on Copper
March 03, 26
(IDEX Online) - Botswana Diamonds has changed its name to Botswana Minerals, to reflect a switch in focus to copper exploration.
The Ireland-based company says AI developed to locate diamond deposits had been applied to copper, with " outstanding" results.
It also acknowledged that the global diamond sector faces a technological disruption and a cyclical downturn, with lab growns likely to dominate the lower end of the market.
Chairperson John Teeling said: "We have historically focused on diamonds, where we hold highly prospective exploration ground. However, the diamond industry is currently out of favour with investors.
"By applying AI analysis to our vast 95,000 sq km Botswana geological database, our team identified strong copper prospectivity a metal with a very robust future.
Since applying its AI to copper exploration, the company has identified 11 copper target in Botswana. It has so far been granted eight licenses.
AI infrastructure, electric vehicles and renewable energy are all driving a surge in demand for copper, and making it a more attractive option than diamonds
The company's rebranding took effect from 27 February, said the company which is listed on the AIM (Alternative Investment Market) and the Botswana Stock Exchange.
Botswana Minerals was first incorporated in 2010 as Botswana Exploration, and rebranded itself later the same year to Botswana Diamonds.
File pic shows a diamond exploration by Botswana Diamonds (now Botswana Minerals) at Thorny River, South Africa.