De Beers Finally Confirms Botswana Deal
February 03, 25
(IDEX Online) - De Beers today (3 February) officially confirmed that it has reached agreement with the Botswana government on a new sales agreement.
The joint announcement comes 10 days after the negotiations ended, and more than a week after Botswana's new president, Duma Boko told reporters that the deal had been settled.
The sales agreement, together with mining licenses were agreed by both sides in principle back in June 2023, under Boko's predecessor Mokgweetsi Masisi, but they were not signed.
In a joint press release De Beers and the Botswana government said they were pleased to announce the successful conclusion of negotiations, and that "both parties look forward to signing and executing the relevant agreements".
The long-awaited deal will see Botswana's share of diamonds from Debswana - its 50:50 joint venture with De Beers - increase from 25 per cent to 50 per cent over the next decade.
It also extends mining licenses until 2054 and commits De Beers to invest up to $825m over 10 years to help develop Botswana's economy beyond diamonds.
"The Government of the Republic of Botswana (GRB) and De Beers reaffirm their commitment to their enduring partnership, which has lasted over 50 years," said both sides in a joint statement.
"This collaboration is aimed at the responsible recovery, marketing, and sale of diamonds, ensuring the sustainability of the global diamond industry while enhancing the significant fiscal and societal contributions that diamonds provide to Botswana.
"The GRB and De Beers remain steadfast in their dedication to fostering a robust and sustainable diamond sector that positively impacts the nation's economy and supports the welfare of its citizens."
Pic shows Jwaneng mine, Botswana.