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Botswana|Copper|Diamonds|Iron Ore|Mining|Operations
Botswana|Copper|Diamonds|Iron Ore|Mining|Operations
botswana|copper|diamonds|iron-ore|mining|operations

De Beers agrees on fresh sales agreement with Botswana

3rd February 2025

By: Reuters

  

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Miner Anglo American's diamond unit De Beers said on Monday it had finalised negotiations with the Botswana government for a new rough diamond sales agreement and extended mining licences for its joint venture beyond 2029.

Debswana, a 50:50 joint venture between top diamond producer Botswana and De Beers, currently sells 75% of its output to De Beers.

In 2023, Botswana and De Beers agreed to a fresh 10-year diamond sales deal, under which the government's share of diamonds from the Debswana JV will increase to 30% and gradually rise to 50% over the decade.

However, this agreement was never signed under the leadership of former president Mokgweetsi Masisi.

On Jan. 23, Botswana's new President Duma Boko said he hoped to clinch a long-delayed sales pact with De Beers soon.

In addition, Boko said talks aimed at increasing Botswana's ownership stake in De Beers - currently at 15% - were "going well".

Anglo American is seeking to divest De Beers as part of a broader restructuring plan aimed at refocusing its operations on copper and iron ore mining.

Edited by Reuters

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