Botswana�s Okavango Diamond Company (ODC) will now receive 30 per cent of Debswana production, progressively increasing to 50 per cent by the final year of the ten years contract. This is according to a statement issued by De Beers Group on 01 July 2023 just after 6pm.

The mining giant says it has reached an agreement with Botswana government, in principle, on a new 10-year Sales Agreement for Debswana�s rough diamond production through to 2033 and a 25-year extension of the Debswana mining licences through to 2054.

Termed a �transformational agreement, the deal underpins the future of Botswana and De Beers�s Debswana joint venture through long term investment.

De Beers says the agreement represents a new chapter in an enduring diamond partnership by focusing on four key areas of value that include Industry leadership, Debswana�s future, economic diversification and jobs creation.

The new deal follows the 2011 � 2021 deal that expired in June 2023 after a few extensions.

Source : Sunday Standard

Author : Victor Baatweng