Botswana’s vice president says he’s confident that a new buyer will be found for De Beers by the end of the year – and he hinted that the government could substantially increase its own stake, currently 15 per cent.
Botswana’s former president Mokgweetsi Masisi has accused De Beers of funding the party that ousted him from power last November – because he was taking too tough a stance on the critical 10-year diamond deal.
Botswana’s economic outlook has been downgraded from stable to negative by S&P Global Ratings (S&P) on account of low demand for diamonds.
The 1,094-carat Seriti diamond recovered last September from Lucara’s Karowe mine, in Botswana, is now in Belgium, where it will be cut by HB Antwerp as part of an ongoing partnership.
Botswana’s government signed on Tuesday a long-delayed diamond mining and sales agreement with Anglo American unit De Beers, the world’s leading diamond producer by value.
Canada’s Lucara Diamond achieved record-breaking production in 2024, highlighted by the recovery of two exceptional stones at its prolific Karowe mine in Botswana.
De Beers, the world’s leading diamond producer by value, has concluded negotiations with the Botswana government on a new sales agreement and the extension of mining licenses for their joint venture, Debswana, until 2054.
Botswana’s president Duma Boko, who swept to power in October elections, said his government has reached a diamond extraction and sales agreement with De Beers that will bring certainty to the gem-dependent economy.
Botswana Diamonds chairperson John Teeling comments that these discoveries, in a few short months, are a major step forward in mineral exploration.
Botswana holds main interest rate as diamond slump saps economy