De Beers "Confident" on Botswana Deal

By John Jeffay / February 21, 2023 / www.idexonline.com / Article Link

(IDEX Online) - De Beers says the long-standing agreement, under which it sells 75 per cent of Botswana's rough diamonds, will survive the current turmoil.A company spokesman told Reuters this week it was "confident that our successful partnership will continue".Two weeks ago the country's President Mokgweetsi Masisi told crowds at a rally of his ruling party that he would walk away from the deal unless he got more of the revenue.For the last 54 years De Beers and the Botswana government have run Debswana as a a 50-50 joint venture. Seventy per cent of De Beers' diamonds are from Botswana.The original agreement was that De Beers would sell 90 per cent of the country's diamonds and state-run Okavango Diamond Company would sell the remaining 10 per cent. In 2020 the split was adjusted to 75-25.Both sides have been unable to reach agreement on a new deal and have extended the existing deal until 30 June this year. Pic shows Debswana's Orapa mine.

Recent News

Gold stocks reach new highs on metal price gain

August 25, 2025 / www.canadianminingreport.com

Rise in gold stocks propels TSXV Mining

August 25, 2025 / www.canadianminingreport.com

Market sees gold sector nearing full value overall after target upgrades

August 18, 2025 / www.canadianminingreport.com

Gold stocks gain even as metal pulls back

August 18, 2025 / www.canadianminingreport.com

Gold stocks rocket to new highs, valuations no longer inexpensive

August 11, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok