Botswana and De Beers Negotiate to Bring Stability to Diamond Industry

(3 Minutes Read)

The Government of Botswana and De Beers recently released a joint statement stating that the two parties had concluded negotiations focusing on establishing a new sales agreement for Debswana’s rough diamond production as well as extending Debswana’s mining licences beyond 2029.

The conclusion of negotiations between the government and De Beers will bring some level of stability and rebuild confidence in the diamond industry.

The statement was made by Minister of Minerals and Energy, Ms Bogolo Kenewendo during a joint press briefing with De Beers chief executive officer, Mr Al Cook on the sidelines of Mining Indaba held in Cape Town, South Africa.

The government of Botswana and De Beers recently released a joint statement stating that the two parties had concluded negotiations focusing on establishing a new sales agreement for Debswana’s rough diamond production as well as extending Debswana’s mining licences beyond 2029.Minister Kenewendo said that the government looked forward to continued partnership with De Beers.

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For his part, Mr Cook said De Beers has had successful negotiations with successful governments which had turned minerals into incredible wealth.

Under the new deal, Okavango Diamond Company (ODC), the government’s entity, would receive 50 per cent of Debswana production