{"id":30241,"date":"2023-07-07T18:04:11","date_gmt":"2023-07-07T18:04:11","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/?p=30241"},"modified":"2023-07-07T19:02:25","modified_gmt":"2023-07-07T19:02:25","slug":"de-beers-botswana-partnership","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/de-beers-botswana-partnership","title":{"rendered":"DE BEERS – BOTSWANA PARTNERSHIP"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The newly signed deal between the government and diamond mining giants, De Beers, has been hailed as a major milestone as the country stands to benefit through additional revenue, technological advancement and employment opportunities.<\/b><\/p>\n

The Minister of Minerals and Energy, Mr Lefoko Moagi said in a press conference in Gaborone Thursday that the new Sales Agreement offered Okavango Diamond Company (ODC) 30 per cent of Debswana production, up from 25 per cent.<\/p>\n

\u201cWe had to capacitate our citizens to have access to these goods hence we decided to this allocation,\u201d he said.<\/p>\n

Debswana is a 50-50 joint venture company between De Beers and the government while ODC is wholly owned by the government.<\/p>\n

The ODC was established following a sales agreement with De Beers and initially it was allocated 15 per cent which has since reached 25 per cent. A new 10 year sales agreement offers the entity 50 per cent by the end of the agreement.<\/p>\n

However, Mr Moagi said under the new agreement, the ODC was free to sell its production from the De Beers clients, called sightholders.<\/p>\n

\u201cWe have sightholders who came through De Beers and ODC have to generate its own clients,\u201d he said.<\/p>\n

He also said instead of holding auction sales which did not provide a guarantee for sales, the entity would now introduce contracts as well as spot sales.<\/p>\n

\u201cDe Beers has its own price book and ODC will now have to develop its own,\u201d he said adding the country could not be told how to sell its diamonds and be restricted to De Beers price book.<\/p>\n

Mr Moagi said the 10 year sales agreement could be extended by 5 years based on satisfaction of beneficiation.<\/p>\n

He said revenue sharing formula was also flawed and had to consider taxes and royalties, adding it favoured De Beers over Botswana. \u201cWe have been getting a raw deal,\u201d he said.<\/p>\n

Mr Moagi said the government and De Beers would form a new exploration entity to undertake mineral explorations in other countries. \u201cAs Botswana, we are free to do our own exploration as well,\u201d he said.<\/p>\n

Regarding special diamonds and exceptional stones, Mr Moagi said the government and De Beers would jointly find the best person to polish and cut them before they could be sold and they would both share the revenue.<\/p>\n

Botswana is a natural diamonds country and Minister Moagi said together with De Beers, they would embark on a marketing strategy against lab grown diamonds, synthetics.<\/p>\n

\u201cUnder the new agreement, youths stand to benefit mainly through development and advancement of technology,\u201d he said.<\/p>\n

Mr Moagi said the two parties had agreed for the establishment of an innovation academy in the country and technology being developed in other countries would over the years be done in Botswana.<\/p>\n

\u201cWe want Batswana to derive wealth, this is an evolving partnership,\u201d he said as he thanked the past negotiators.<\/p>\n

\u201cThere was a time when Botswana only mined diamonds and they were sold at the then Central Selling Organisation (CSO) but through negotiations, the Diamond Trading Company Botswana (DTCB) was established.\u201d<\/p>\n

Other than the diamond sales, Mr Moagi said the new agreement had established the Diamond Capital Fund and this was not a Corporate Social Responsibility (CSR) initiative.<\/p>\n

He said this would be used to fund projects in agriculture and energy and would be managed by both parties and eventually handed to the government.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The newly signed deal between the government and diamond mining giants, De Beers, has been hailed as a major milestone as the country stands to benefit through additional revenue, technological advancement and employment opportunities. The Minister of Minerals and Energy, Mr Lefoko Moagi said in a press conference in Gaborone Thursday that […]<\/p>\n","protected":false},"author":84,"featured_media":30240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12,244],"tags":[233,237,234],"class_list":["post-30241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","category-to-homepage","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nDE BEERS - BOTSWANA PARTNERSHIP - Botswana<\/title>\n<meta name=\"description\" content=\"The newly signed deal between the government and diamond mining giants, De Beers, has been hailed as a major mileston ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/de-beers-botswana-partnership\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DE BEERS - 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