Tuduetso Setsiba
14 February 2005
Francistown — President Festus Mogae has said that the government is committed to nurturing a conducive environment for the diversification of the economy through domestic as well as external investment.
Speaking at the official opening of Mupane Gold Project on Saturday, Mogae said the diversification of the diamond mining sector is gaining momentum. "The opening of mines such as Mupane Gold marks an important milestone in diversifying Botswana's economy." Mogae said such projects bring health to the country's economy.
He commended Gallery Gold for their confidence in the domestic market. "This is reflected by the fact that the company has recently been listed on the Botswana Stock as well as the Australian Stock Exchanges, supported by major investors in Canada and Europe, as well as Australia and here in Africa. The company's market capitalisation now reportedly stands at approximately P800 million," he said. Mogae said the company's finances, as well as operations, are a testament to the dynamic ability of global networks to mobilise productive capacity at a local level.
"In addition to gold mining, in recent months we have witnessed renewed and growing interest in the local potential of such other resource commodities as copper, nickel, platinum, coal and coal bed methane gas."
The opening of this mine thus represents a new chapter in both the local and Australian connection to gold mining in this area. Mogae said the company has brought to this region new exploration and extraction technologies to identify and economically exploit large low-grade deposit that had been previously hidden. "It is also my understanding that this mine with its processing plant and additional, state of art, infrastructure will have the capacity to produce and process some 3,100kg (over 100,000 ounces) of gold per year." The company is also in the process of acquiring the capacity to potentially exploit a wider range of ore later this year, when mining begins at the project's satellite deposits.
Mogae further commended Mupane for its proclaimed aim of ensuring at least 95 percent local recruitment and training for the Mupane workforce. "Under normal operating conditions this is expected to provide employment for approximately 300 Batswana in areas of mining, processing and exploration activities." He urged those employees to take full advantage of the opportunities that will be provided.
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