
The government of the Republic of Botswana and De Beers Group sent out a joint statement on Monday announcing “the successful conclusion of negotiations,” following four years of sometimes arduous contract talks.
The new agreement is “in alignment” with the head of terms the two parties signed on Sept. 30, 2023, the statement said. The deal extends Debswana’s mining licenses beyond 2029, and means Botswana will directly sell a greater percentage of the diamonds mined by Debswana, which is a 50/50 joint venture between Botswana and De Beers.
According to De Beers and Botswana’s statement, the new contract will be signed “following the issuance of new mining licenses by the appropriate regulatory authorities in Botswana and final governance approvals.” Until then, the existing contract—which was supposed to expire at the end of 2021—remains in effect.
Duma Boko, who became Botswana’s president in November, told Bloomberg last week that the two parties had come to an agreement on all outstanding issues.
“We look forward to beginning this new era in our long-standing partnership with the government of Botswana,” De Beers said on LinkedIn. “For De Beers, these agreements secure our ongoing participation in the world’s greatest diamond resources for decades to come, providing clarity and certainty for the future.”
Top: Botswana minister of mines and energy Bogolo Kenewendo and De Beers CEO Al Cook (Photo courtesy of De Beers)
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