Botswana president insists on bigger share of diamonds from De Beers venture
As a magazine-and-online subscriber to Creamer Media's Engineering News & Mining Weekly, you are entitled to one free research
report of your choice. You would have received a promotional code at the time of your subscription. Have this code ready and click
At the time of check-out, please enter your promotional code to download your free report.
Email email@example.com if you have forgotten your promotional code.
If you have previously accessed your free report, you can purchase additional Research Reports by clicking on the “Buy Report” button on this page.
The most cost-effective way to access all our Research Reports is by subscribing to Creamer Media's Research Channel Africa - you can upgrade your subscription now at this link.
The most cost-effective way to access all our Research Reports is by subscribing to Creamer Media's Research Channel Africa -
you can upgrade your subscription now at this link.
For a full list of Research Channel Africa benefits, click here
If you are not a subscriber, you can either buy the individual research report by clicking on the ‘Buy Report’ button, or you can
subscribe and, not only gain access to your one free report, but also enjoy all other subscriber benefits, including 1) an electronic archive of back issues
of the weekly news magazine; 2) access to an industrial and mining projects browser; 3) access to a database of published articles; and 4) the ability to
save articles for future reference.
At the time of your subscription, Creamer Media’s subscriptions department will be in contact with you to ensure that you receive a copy of your preferred Research Report. The most cost-effective way to access all our Research Reports is by subscribing to Creamer Media's Research Channel Africa - you can upgrade your subscription now at this link.
If you are a Creamer Media subscriber, click here to log in.
GABORONE - Botswana will not back down on demands for a bigger share of rough diamonds from its joint venture with De Beers, President Mokgweetsi Masisi said on Thursday, upping the stakes as talks for a new sales deal appear to be stalling.
Botswana and De Beers mine the precious stones through their equally owned, 54-year-old mining venture, Debswana Diamond Co. The current diamond sales deal, in place since 2011, has been extended three times since 2020 but is set to expire next month.
De Beers, a unit of Anglo American, gets 75% of Debswana’s production, which was 24-million carats in 2022. The balance is sold to State-owned Okavango Diamond Company, a vehicle established in 2011 as Botswana began moves to independently sell some gems outside of the De Beers system.
Masisi, who has been Botswana's president since 2018 and will seek re-election in next year's elections, now wants Botswana to sell more of its diamonds outside the De Beers channel.
“Our agreement with De Beers is very restrictive to us. We signed it at a time when we didn’t know much, but now our eyes are open," Masisi said at a community meeting in Mmadinare, 400 km north-east of the capital, Gaborone.
Masisi hinted at a possible stalemate and litigation over the sales agreement.
"Even if we lose the litigation, our diamonds will remain ours and we will never give in. If I am going to lose votes because of this issue, then so be it," said Masisi, speaking in Setswana.
Masisi has previously threatened to walk away from the talks if Botswana does not get a bigger share of Debswana’s output for marketing outside the De Beers system. The government has not publicly stated what share it seeks, but it is believed to be as high as 50%, double the current allocation.
De Beers was not immediately available to comment.
The diamond giant says Botswana receives more than 80% of returns from Debswana, after taxes and royalties are factored in. De Beers has previously expressed confidence that its five-decade partnership with Botswana will continue, on terms "that make economic and strategic sense for both parties."