Botswana Mining Review Comprehensive Coverage of the Progress and Achievements in the Mining Sector
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Botswana, the sparkling crown jewel of Africa’s diamond trade, is set to rewrite its mining laws, demanding a bigger piece of the pie for locals.
The landlocked nation, which boasts the world’s richest diamond deposits, is flexing its muscles. A draft bill, hot off the press, proposes forcing mining giants to offload a hefty 24% stake to locals if the government doesn’t snap up the shares itself.
Currently, the law gives the government a first dibs on a 15% slice of any new mining project. But the diamond-rich nation has been strangely shy about exercising this right, letting lucrative deals slip through its fingers. The recent bonanzas at Karowe, Khoemacau, and Motheo mines saw the government sitting this one out.
Mines Minister Lefoko Moagi is on a mission to change that. The new law will give locals a golden opportunity to cash in on the mining boom. But where will the cash come from? Moagi has his eyes on the nation’s pension funds, which have recently been ordered to park more of their money at home.
The government is already a major player in the mining sector, with stakes in giants like Debswana and Morupule Coal. This new push promises to deepen its grip on the industry, while also empowering citizens to share in the mineral wealth.
As the bill heads to parliament, the mining industry is bracing for impact. This could be a game-changer, not just for Botswana, but for the entire African continent.
