Botswana has finalized a significant 10-year deal with De Beers, increasing its diamond sales share from 25% to 30%, with potential growth to 40%. This agreement comes after six years of negotiations and includes a 25-year extension of De Beers’ mining licenses. As diamonds account for 80% of Botswana’s exports, the deal aims to stabilize the industry amid global challenges.
Botswana and De Beers, the prominent South African mining company, have reached a significant 10-year accord that will enhance Botswana’s participation in diamond sales and support the nation’s vital diamond sector. After extensive discussions spanning six years, this agreement will elevate Botswana’s share of rough diamond sales from 25% to 30% over the first five years, with an opportunity to extend it to 40% thereafter. Furthermore, De Beers has secured a 25-year extension on its mining licenses in Botswana, solidifying its commitment to the nation’s lucrative diamond industry.
This landmark agreement promises to stabilize Botswana’s diamond sector amid ongoing global sales challenges while ensuring the country’s central role in the international diamond market. The contract is a reflection of President Duma Boko’s dedication to fostering a sustainable future for Botswana’s diamond production, which is vital to the nation’s economy. However, the call for equitable benefits to local communities remains an important facet that must be addressed as the industry evolves.
Original Source: northafricapost.com
