Botswana and De Beers Sign Revised Agreement, Doubling Country’s Share in Diamond Production
Botswana, renowned as the world’s leading diamond producer, has entered into a revised agreement with mining giant De Beers. The deal outlines an increase in Botswana’s stake in diamond production from 25% to 50% over the course of the next ten years.
According to Reuters, De Beers has been facing challenges due to declining diamond prices and heightened competition in the industry. Recognizing the significance of Botswana’s role, the mining company has worked closely with the nation to reach this new agreement.
The collaborative partnership, known as Debswana, has also included a 25-year extension to De Beers’ mining licenses. Both parties expressed their enthusiasm for the deal, emphasizing that it aligns with the aspirations of the people of Botswana and propels the country and De Beers toward a promising future.
This agreement marks a significant milestone for Botswana, solidifying its position as a major player in the global diamond industry and paving the way for continued growth and prosperity.
