Botswana “Confident” About a New Deal with De Beers

According to a government official quoted by Rough & Polished, Botswana remains optimistic about establishing a new diamond sales agreement with De Beers and believes that the ongoing negotiations will yield successful results. The current agreement between Botswana and De Beers, which is 85% owned by Anglo American, is set to expire later this year, and has prompted discussions for a new partnership.

Speculation arose when President Mokgweetsi Masisi stated that Botswana would withdraw from the talks unless it secures a larger share of rough diamonds produced by Debswana, the joint venture for diamond mining. However, government spokesperson William Sentshebeng was quoted by Reuters as saying that negotiations between the government and De Beers “are ongoing, and we are confident that they will result in a deal that will benefit both parties.”

Over the years, Botswana’s share of Debswana’s output has risen from 10% in 2011 to 25% in 2020. While the specific desired share in the new agreement has not been publicly disclosed by Botswana, it is believed to be as high as 50%.

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