Botswana Government and De Beers Group have set the 28th June 2024 as the official deadline for signing of the long form agreement.
The two parties signed statement of principles on the 30 June 2023 after lengthy negotiations that birthed a new dawn for the over 50 year partnership.
Later on the 30th September 2023 the two parties signed the heads of terms, further committing to a long term partnership that will last for the next decades.
Today His Excellency Dr Mokgweetsi Masisi hosted De Beers Group CEO Al Cook and De Beers Botswana Resident Director Neo Moroka.
President Masisi said he was pleased the two parties had found common ground in working on a new mutually beneficial agreement after Botswana expressed displeasure with some past clauses he described as archaic.
Under the new deal De Beers and Botswana have agreed to increased Botswana ‘s allocation of Debswana run off mine from the current 25 % to 30 % when the new deal takes off, with gradual increase to 50 % over the 10 years of the new sales agreement.
Furthermore as part of the new deal, De Beers will invest P1 billion annually for 10 years towards the newly established Diamond for Development Fund aimed at helping Botswana diversity its economy from diamond over dependency.
