Botswana Mining Review Comprehensive Coverage of the Progress and Achievements in the Mining Sector
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President Advocate Duma Boko has outlined an ambitious economic transformation agenda that seeks to position Botswana as Africa’s “capital of capital”, anchored by domestic mineral beneficiation and a planned $1.9 billion trade and investment hub.
In an interview with CNN’s Richard Quest, Boko said the country was moving beyond its traditional reliance on diamonds by seeking to establish domestic capacity to process and refine critical minerals, capturing more value before resources reach international markets. “We are reaching out to investors prepared to deploy capital in Botswana and undertake beneficiation domestically,” noted Boko.
He noted that several African countries had already moved to restrict the export of unprocessed minerals, signalling that Botswana could eventually consider similar measures as it seeks to attract investment into domestic processing and refining. At the centre of the diversification strategy is New Botswana City, a mixed-use development valued at approximately $1.9 billion across three phases, equivalent to about P26.6 billion.
The development is being undertaken by Dubai-based Albaddad Holding in partnership with the state-owned Botswana Development Corporation, which is contributing land near Sir Seretse Khama International Airport in exchange for an initial 5% equity stake, with plans to increase its holding to 26% over time. The first phase, the Albaddad Botswana Global Exhibition and Convention Centre, is valued at $292 million and is already under construction following its groundbreaking in June 2026. The wider development is projected to generate between 25,000 and 37,500 direct and indirect jobs.
While diversification is gathering pace, diamonds remain central to Botswana’s economy, contributing roughly a quarter of GDP. Boko said the country’s ownership stake in De Beers would continue to rise, alongside participation from other investors, institutions and the private sector. “The diamonds have rebounded especially in the space of the larger stones and the demand for natural diamonds remains strong,” said Boko.
Botswana is also seeking greater coordination with other major diamond-producing countries. Boko said the country had approached Angola to explore joint efforts to regulate and manage global diamond supply, while Angola is separately seeking to acquire a stake in De Beers. Boko concluded, “We believe that we’ll be able to manage the stock, the supply and we will be able to manage prices as well.”
