New detailed Debswana sales agreement, mining licences signed

Government authorities and De Beers Group have signed heads of terms for the new ten-year sales agreement for Debswana’s rough diamond production through to 2033.

The signing ceremony held on the independence day celebration also included the 25-year extension of the Debswana mining licences through to 2054.

According to the government, the heads of terms provide further detail and clarity to the commercial and operational aspects of the agreement in principle between the two partners announced on 30 June 2023.

“This is an important step forward as we progress towards finalisation of the contracts and implementation of the transformational new agreements.

The new chapter we are embarking on will see more skills development and job creation for Batswana, and more diamond beneficiation locally,” said Lefoko Maxwell Moagi, Minister of Minerals and Energy

He said the development is another significant milestone for Botswana and De Beers as the partners continue to work together to finalise the new agreements.

“We in De Beers are proud of our long partnership in Botswana, and we are excited about the role we can play in Botswana’s future. We are very pleased to have signed the Heads of Terms for an agreement that will deliver large new investments, supporting the country’s development aspirations.

The agreement also underpins De Beers’ long-term leadership in the diamond industry, securing our equal share in the world’s greatest diamond resources for decades to come,” said Al Cook, Chief Executive Officer of De Beers Group.