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New Deal With Botswana Is Done, De Beers Confirms
The agreement will allocate an increasing proportion of the country’s rough diamonds to the government of Botswana over the next decade.
Trucks at work at Orapa, one of Botswana’s diamond mines. De Beers Group and the Government of the Republic of Botswana have come to an agreement on how they will divvy up the country’s diamond production for the next decade and are close to signing a new deal, De Beers said Monday. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films)
Gaborone, Botswana—De Beers Group and the Botswana government have concluded negotiations on a new 10-year deal, ending a few years of back-and-forth that included a changing of the guard in Botswana.
De Beers and Botswana first announced they had reached a new sales agreement in July 2023.
Under the terms of the agreement as initially announced, the share of rough diamonds mined by Debswana, the mining company operated jointly by De Beers and the Botswana government, sold through the Botswana’s Okavango Diamond Company (ODC), will increase from 25 percent to 30 percent to start.
Over time, ODC’s share of supply will gradually increase, hitting 50 percent by the final year of the contract, 2035.
The deal also includes the extension of Debswana’s mining licenses beyond 2029, and De Beers contributing to the “Diamonds for Development Fund,” which is designed to help Botswana diversify its economy.
On Monday, De Beers said the terms of the deal it ultimately reached with the government of Botswana are “substantively the same” as what was agreed to and communicated in 2023.
De Beers and Botswana first announced they had reached a new sales agreement in July 2023.
Under the terms of the agreement as initially announced, the share of rough diamonds mined by Debswana, the mining company operated jointly by De Beers and the Botswana government, sold through the Botswana’s Okavango Diamond Company (ODC), will increase from 25 percent to 30 percent to start.
Over time, ODC’s share of supply will gradually increase, hitting 50 percent by the final year of the contract, 2035.
The deal also includes the extension of Debswana’s mining licenses beyond 2029, and De Beers contributing to the “Diamonds for Development Fund,” which is designed to help Botswana diversify its economy.
On Monday, De Beers said the terms of the deal it ultimately reached with the government of Botswana are “substantively the same” as what was agreed to and communicated in 2023.
Debswana has three active diamond mines: Jwaneng, Orapa, and Letlhakane. The company’s fourth mine, Damtshaa, is on care and maintenance.
According to the Ore Reserves and Mineral Resource Report published last March by De Beers parent company Anglo American, Orapa is expected to remain operational through 2037, while Letlhakane is expected to produce through 2043.
Jwaneng, the world’s richest diamond mine by value, currently is expected to run dry by the end of 2036, though Debswana is looking to transition to underground operations at the mine, a move that would extend its life until at least 2050.
The new agreement between De Beers and the Botswana government replaces the current 10-year sales agreement that went into effect on Jan. 1, 2011.
That agreement has been extended multiple times, first because of the pandemic and then because of what De Beers described as “ongoing discussions” with Botswana’s leadership, including then-President Mokgweetsi Masisi.
In late October 2024, Masisi suffered a stunning defeat in the presidential election, with young people dissatisfied with the state of the country’s economy voting him out of office in favor of opposition leader Duma Boko.
Right after he was elected, Boko spoke publicly about the importance of finalizing the deal with De Beers.
De Beers said until the new sales and mining license agreements are signed, the terms of the current agreement will remain in effect.
Commenting on the end of negotiations, the company’s CEO Al Cook said, “Today’s news is important for De Beers and Botswana, and it will also underpin the global diamond industry.
“These agreements will allow us to work together to grow desire for beautiful, ethical, natural diamonds.”
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