Botswana Diamonds rebrands, targets copper

[Ben Graham]

Botswana Diamonds (LON: BOD) will rebrand as Botswana Minerals and trade under the new ticker BMIN from February 27 as it expands into copper exploration to cut exposure to a prolonged downturn in the diamond market.

The name change follows a strategic review driven by an advanced artificial intelligence model applied to the company’s 95,000 sq km geological database, which includes 375,000 km of geophysical data. The analysis identified significant opportunities beyond diamonds, prompting the board to broaden its focus.

After initially assessing diamond prospectivity, the AI model highlighted additional highly prospective areas. The company secured new diamond licences and defined several drilling targets, with work programmes under way to advance drill-ready prospects across the portfolio.

Chairperson John Teeling said Botswana remains one of the world’s premier mining jurisdictions. “Botswana is a top location for exploration, geologically, politically and economically. We have historically focused on diamonds, where we hold highly prospective exploration ground. However, the diamond industry is currently out of favour with investors,” he said.

The global diamond sector faces both technological disruption and a cyclical downturn. Lab-grown stones are expected to dominate the lower end of the market, while large, high-quality natural diamonds remain rare and in demand. Botswana is one of the world’s leading producers of large, rare diamonds, with the sector accounting for about one-third of national revenue and roughly 75% of foreign exchange earnings.

Copper push

After searching for diamonds, the AI team applied the model to other minerals and identified 11 copper target areas. The company applied for the most prospective ground and secured eight copper licences. Teeling said the analysis revealed “strong copper prospectivity, a metal with a very robust future”.

Botswana Minerals has launched a two-stage work programme to define and prioritise drill targets across its copper portfolio. It said the newly granted licences have attracted significant third-party interest.

Diamond slump pushes Botswana to broaden mining base

Copper’s long-term outlook is supported by its central role in electrification and the global energy transition, as demand rises amid US and China efforts to secure supply chains for clean energy and high-tech industries. Botswana is positioning itself as an emerging copper producer and continues to promote its exploration-friendly credentials.

The company said the rebrand reflects its expanded strategy while maintaining exposure to both diamonds and copper in a country it considers strategically important for future mineral supply.