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Lucara woos Canadian investors

patriot by patriot
November 21, 2020
in Business
242 10
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Lucara woos Canadian investors

Managing Director for Lucara Botswana Naseem Lahri

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Botswana’s 100% privately owned mining company Lucara Botswana is keen on promoting sustainable mining in the country in an effort to diversify the economy by courting  Canadian investors.

The company brought Botswana economic stakeholders together with one of the world’s best chamber of commerce – the Canada-Africa Chamber of Business to dialogue – in a virtual conference this week.

The Managing Director for Lucara Botswana Naseem Lahri said the company is fully committed to enhancing sustainable mining by striking strategic partnerships to boost the economy.

Giving a keynote address during the Canada-Africa Accelerating Conference, Lahri said Lucara is keen to assist the government’s economic diversification efforts to reduce reliance on minerals.

According to Lahri, sustainable mining is not all about mining resources but it should also entail investments that will be felt by the communities that mines are situated in.

“Canada is very strategic partner that should be brought on board by luring the Canadian investments or companies to Botswana. They could be critical in helping in the diversification of our economy. Botswana is one of top 6 economies in Africa and is friendly to investors,” she said.

Oozing with confidence, Lahri also informed the Canada-Chamber of Business that the company through its returns from Karowe mine in Boteti aims to empower Batswana.

She noted that Lucara will commit five (5) percent gross of the proceeds from selling polished Sewelo diamond to be channeled into its Corporate Social Investments initiatives at Letlhakane region.

Lucara recently sealed a lucrative partnership with prominent French-based fashion house and luxury Retail Company, Louis Vuitton for the cutting and polishing of the 1,758 carat diamond. Furthermore, Lahri said as part of unlocking investments and economic growth, the company will continue to strive to mine large gems, noting that Constellation stone is worth $63 million.

Some of CSI projects that are underway includes the building of a stadium at Letlhakane that commenced in January with  ground breaking and plans are also afoot to build a school as well.

She underscored the need for a vigorous collaboration, continuous consultation commitment by all communities, local authorities and government to unlock economic growth.

The Chairman if Canada-Africa Chamber of Business Sebastian Spio-Garbhrah said the chamber is committed to partnering with Botswana with Canadian businesses mulling to setup in Botswana.

He said the Chamber is keen to assist Africa to fully achieve a continental free trade area, adding that the majority of Canadian businesses in Africa are in mining hence need to diversify investments.

Meanwhile, the Minister of Mineral Resources, Green Technology and Energy Security, Lefoko Moagi said government’s partnership with international mining investors was key for growth.

He said diversification of minerals exploration away from diamonds is very important, adding that government is tapping into Coal bed Methane (CBM) as the next mining growth area.

Minister Moagi said there are more mineral exploration opportunities broadening in CBM space and urged investors from Canada to consider Botswana as investment destination as they expand. Africa Accelerating 2020 was a three-day virtual conference staged in Gaborone and Toronto – capital city of Canada – with its discussions centred on Africa’s economic potential for growth.

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  • Skelemani mishandled Kgosi Mosadi Pan African Parliament furoreMarch 22, 2023
    Adam Phetlhe The ravaging inferno sparked by the purported resignation of Kgosi Mosadi Seboko from the Pan-African Parliament (PAP) is fuelled by the Speaker of the National Assembly, Phandu Skelemani mishandling the matter. Had he performed due diligence on […]
  • Ithuba to roll-out LottoMarch 22, 2023
    STAFF WRITERS editors@thepatriot.co.bw Ithuba Solutions Botswana is waiting with bated breath for an announcement on the issuance of a lottery license, by the Gambling Authority, following the successful conclusion of negotiations in December 2022, The Patriot on Sunday has […]
  • BDP rejects Living WageMarch 22, 2023
    BAKANG TIRO editors@thepatriot.co.bw Ruling Botswana Democratic Party (BDP) MPs on Friday defeated the motion proposed by MP for Nkange constituency Dr Never Tshabang, proposing for government to introduce a living wage, which will be adjusted according to the cost […]
  • Uganda passes a law making it a crime to identify as LGBTQMarch 22, 2023
    Report by Elias Biryabarema Reuters Uganda’s parliament passed a law on Tuesday making it a crime to identify as LGBTQ, handing authorities broad powers to target gay Ugandans who already face legal discrimination and mob violence. More than 30 […]
  • Ian Khama to receive African Icon Award  March 22, 2023
    KT Press Former Nigerian President, Dr. Goodluck Ebele Jonathan will headline other African greats who are set to be honoured at the maiden edition of The African Heritage Concert and Awards slated to hold in Kigali, Rwanda on April […]
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