The Botswana government and De Beers have reached a diamond mining and sales agreement that will bring certainty to the gem-dependent economy.
President Duma Boko was quoted by Bloomberg as saying that terms were concluded by midnight on January 24 and will be announced soon.
“The issue with De Beers has been settled,” he said in Dar es Salaam, Tanzania, where he was attending an energy conference.
Boko had said last week at the World Economic Forum in Davos, Switzerland, that an agreement was in the offing.
He was critical of his predecessor Mokgweetsi Masisi’s handling of talks with De Beers to renew the more than half century partnership between Botswana and the world’s largest diamond firm.
Both parties belatedly reached a preliminary agreement in July 2023 after former president Mokgweetsi Masisi had threatened to abandon talks.
While "heads of terms" were signed the final sales agreement was yet to be concluded.
Botswana’s previous administration had forced for an increase in the share of Debswana's supply sold via Okavango Diamond Company (ODC) to 50% by 2033.
ODC was set to receive 30% of Debswana's production at the start of the new contract period from the current 25%.
Gaborone was also set to secure P10-billion ($720-million) in development funding.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
