Teeling-backed mining firm posts £6.4m accumulated losses

Chairman says mineral exploration has ‘gone out of fashion’ as Botswana Diamonds reports £716,000 annual loss

John Teeling: said in recent years mineral exploration has ‘gone out of fashion’. Picture: Fergal Phillips

Botswana Diamonds, the exploration company backed by John Teeling, has announced a loss for the year of £716,000, bringing its total losses to date to £6.4 million.

The company, where Teeling serves as chairman, recorded an impairment of slightly more than £250,000 on its exploration assets as part of its performance for the period. The previous year, its loss was just over £472,000.

The impairment related to its unsuccessful attempt to buy the closed Ghaghoo ...