De Beers has finalized a deal with the Botswana government on rough diamond sales and the extension of mining licenses for its joint venture until 2054. The agreement is set to be signed in the coming weeks, with Botswana hosting the signing ceremony, De Beers CEO Al Cook confirmed.
The deal follows a 10-year agreement made in 2023, which will gradually increase Botswana’s share of diamond production to 50%. Currently, Debswana, the joint venture between De Beers and Botswana, sells 75% of its output to De Beers. Negotiations began in 2018, and while the deal was delayed under former President Mokgweetsi Masisi, new President Duma Boko, who took office in October, has expressed his intention to finalize the agreement quickly.
Botswana’s stake in De Beers is also under discussion, with the country currently holding 15%. These talks are progressing, according to President Boko.
