De Beers seals sales agreement with Botswana

Diamond-mining giant De Beers will continue operating in Botswana after signing a new 10-year agreement with the government there.

The sales agreement for Debswana Diamond Company's rough-diamond production runs until 2033, with new 25-year Debswana mining licences valid until 2054.

“The transformational new agreements between Botswana and De Beers reflects the aspirations of the people of Botswana, propels both Botswana and De Beers forward, and underpins the future of their Debswana joint venture through long-term investment,” the parties said in a statement.

The new deal was signed at midnight after fears it hung in the balance late on Friday, hours before the previous deal was due to expire.

Under the old partnership, Botswana took 25% of the rough diamonds mined in its partnership with De Beers, through Debswana.

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