The government of Botswana and De Beers have signed the heads of terms for the new 10-year sales agreement for Debswana’s rough diamond production through 2033 and the 25-year extension of the Debswana mining licences through 2054.
The heads of terms offer more information and explanation about the business and operational aspects of the agreement reached by the two partners on June 30, 2023.
This includes details about the Diamonds for Development Fund, how Debswana supply will be divided, the economic arrangements, talent development, beneficiary supply, and value chain development, among other things.
“We are extremely pleased to have agreed the Heads of Terms with our partners at De Beers. This is an important step forward as we progress towards finalisation of the contracts and implementation of the transformational new agreements,” said Botswana minerals and energy minister Lefoko Maxwell Moagi.
“The new chapter we are embarking on will see more skills development and job creation for Botswana, and more diamond beneficiation locally.”
De Beers chief executive Al Cook said the agreement will deliver large new investments, supporting the country’s development aspirations.
“The agreement also underpins De Beers’ long-term leadership in the diamond industry, securing our equal share in the world’s greatest diamond resources for decades to come,” he said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
