Botswana's new President Duma Boko expresses optimism about finalising a long-delayed diamond sales agreement with Anglo American's De Beers unit. The agreement, which had been in the works for 2023, is expected to increase Botswana's share of rough diamonds from the joint venture.
Botswana 's new President Duma Boko expressed optimism on Thursday about finalizing a long-awaited diamond sales agreement with Anglo American's De Beers unit in the near future. During a Reuters NEXT Newsmaker interview at the World Economic Forum's annual meeting in Davos, Switzerland, Boko revealed that his government had reached consensus with De Beers on most aspects of the agreement, leaving only minor details to be resolved. 'I'm hoping it is tomorrow.
I mean it literally,' Boko stated when asked about the anticipated timing of the deal. The agreement between Botswana, the world's leading diamond producer by value, and De Beers, had been in the works for 2023 but never materialized under Boko's predecessor, Mokgweetsi Masisi. Boko's unexpected election victory late last year saw voters in the Southern African nation oust the ruling party that had held power for nearly six decades. Botswana holds a 15% stake in De Beers and has been actively pursuing an increase in its share of rough diamonds sourced from its joint venture with the company. Anglo American, meanwhile, is aiming to divest De Beers as part of a broader restructuring strategy for its extensive business portfolio. Boko reaffirmed Botswana's stance on Thursday, stating that the country may elevate its stake in De Beers. 'We're looking to see if we can get a bigger slice of De Beers, and that also is subject to negotiations,' he added. Botswana's economy, heavily reliant on diamonds, is projected to have experienced a contraction last year due to a significant decline in the global diamond market. However, officials are anticipating a recovery in the current year
DIAMONDS DE BEERS BOTSWANA PRESIDENT AGREEMENT
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