{"id":32092,"date":"2023-08-08T15:44:18","date_gmt":"2023-08-08T15:44:18","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/?p=32092"},"modified":"2023-08-08T15:32:51","modified_gmt":"2023-08-08T15:32:51","slug":"recession-looming-as-diamond-sales-decline","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/recession-looming-as-diamond-sales-decline","title":{"rendered":"RECESSION LOOMING AS DIAMOND SALES DECLINE"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Debswana managing director, Mr Andrew Motsomi has warned of a looming recession as diamond sales decline.<\/b><\/p>\n

Addressing a stakeholder meeting in Orapa recently, Mr Motsomi said the diamond market was experiencing an economic slow-down and therefore, rough diamond demand and prices had declined while diamond stock levels were increasing.<\/p>\n

With the local economy dependent on diamond revenues, Mr Motsomi said it was crucial to review the budget, as Botswana\u2019s economic status would be affected.<\/p>\n

The contributing challenges, he said, were new consumer behaviour, inflation, volatile business environment as well as Russia-Ukraine war.<\/p>\n

Orapa Letlhakane and Damtshaa Mines (OLDM) general manager, Mr Mogakolodi Maoketsa stated that Cut 3 was scheduled to commence in 2028.<\/p>\n

Mr Maoketsa said the project was strategically delayed, to allow Cut 2 stock to sell as it would last up to 2034.<\/p>\n

He stated that Cut 3 would lead to mine life extension, employment creation, technology deployment, improved livelihoods and supplier development among others.<\/p>\n

He further noted that the mine took pride in its assets, indicating that Orapa mine would run production up to 2040 having started operations in 1971, while Letlhakane Mine Tailings Mineral Resource would also go up to 2040.<\/p>\n

He said Damtshaa Mine which had been under care and maintenance since COVID-19 era would run up to 2038.<\/p>\n

Boteti District acting council secretary, Mr Christopher Maramba stated that Debswana had invested over P61 million in the development of Boteti in areas including education, health, arts and culture, community based natural resources management, community projects, infrastructural, entrepreneurship, youth and people with disabilities among others.<\/p>\n

Mr Maramba stated that the investments were strategically done to ensure that during and post mining Boteti region communities were prosperous, enriched and thriving.<\/p>\n

He stated that the various socio-economic programmes were aligned with the three pillars of the National Vision 2036 being Human Social Development, Sustainable Environment, Governance, Peace and Security which when attained, would have a bearing on the overall achievement of the overarching and fourth pillar of Sustainable Economic Development.<\/p>\n

Mr Maramba said the projects included Letlhakane Senior Secondary School Adopt-A-School project in 2015, Mokobaxane Primary School flagship project, Seasole Primary School project and Diamond Dreams Award among others.<\/p>\n

Council chairperson, Mr Molemi Galeragwe hailed Debswana\u2019s huge contribution in Boteti developmental projects.<\/p>\n

Mr Galeragwe said Boteti was doing well in farming specially horticulture, adding that the area was very rich in tourism with some sites yet to be explored for development.<\/p>\n

He urged parents to encourage their children to participate in Tokafala Skills development programme.<\/p>\n

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

Africa-Press – Botswana. Debswana managing director, Mr Andrew Motsomi has warned of a looming recession as diamond sales decline. Addressing a stakeholder meeting in Orapa recently, Mr Motsomi said the diamond market was experiencing an economic slow-down and therefore, rough diamond demand and prices had declined while diamond stock levels were increasing. With the local […]<\/p>\n","protected":false},"author":84,"featured_media":32091,"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-32092","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":"\nRECESSION LOOMING AS DIAMOND SALES DECLINE - Botswana<\/title>\n<meta name=\"description\" content=\"Debswana managing director, Mr Andrew Motsomi has warned of a looming recession as diamond sales decline. 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