{"id":35740,"date":"2023-10-03T20:16:43","date_gmt":"2023-10-03T20:16:43","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/de-beers-botswana-one-step-closer-to-finalizing-agreement-2"},"modified":"2023-10-03T20:16:43","modified_gmt":"2023-10-03T20:16:43","slug":"de-beers-botswana-one-step-closer-to-finalizing-agreement-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/de-beers-botswana-one-step-closer-to-finalizing-agreement-2","title":{"rendered":"De Beers, Botswana One Step Closer to Finalizing Agreement"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The new sales agreement that continues the 54-year partnership between De Beers Group and the Botswana government for another 10 years is one step closer to being finalized.<\/p>\n

In a joint news release issued Sunday, the two said they have signed \u201cheads of terms\u201d for the agreement.<\/p>\n

Heads of terms, also known as a letters of intent, are non-binding, pre-sale agreements that outline some of the key points of a deal.<\/p>\n

For De Beers and Botswana, the heads of terms provide \u201cadditional detail and clarity\u201d to the commercial and operational aspects of the agreement reached in principle earlier this year.<\/p>\n

This includes details about the apportionment of Debswana supply, economic arrangements, talent development, beneficiation supply and value chain development, and the \u201cDiamonds for Development Fund,\u201d the fund designed in part to help Botswana grow its economy outside the diamond industry.<\/p>\n

A portmanteau of \u201cDe Beers\u201d and \u201cBotswana,\u201d Debswana is the joint venture whereby De Beers and Botswana operate diamond mines in the country.<\/p>\n

Debswana currently has three active diamond mines, Jwaneng, Orapa, and Letlhakane, and their life expectancies range from 13 years (Jwaneng, 2036) to 20 years (Letlhakane, 2043).<\/p>\n

Lefoko Maxwell Moagi, Botswana\u2019s minister of Minerals and Energy, called the heads of terms an \u201cimportant step forward\u201d in finalizing the new 10-year agreement.<\/p>\n

\u201cThe new chapter we are embarking on will see more skills development and job creation for Batswana, and more diamond beneficiation locally. As we celebrate our nation\u2019s journey on this 57th Independence Day, this important milestone heralds an exciting new era in Botswana\u2019s development.\u201d<\/p>\n

De Beers CEO Al Cook said, \u201cWe are very pleased to have signed the heads of terms for an agreement that will deliver large new investments, supporting the country\u2019s development aspirations.<\/p>\n

\u201cThe agreement also underpins De Beers\u2019 long-term leadership in the diamond industry, securing our equal share in the world\u2019s greatest diamond resources for decades to come.\u201d<\/p>\n

Related stories will be right here …<\/p>\n

De Beers and the Botswana government reached an agreement in principle on a new 10-year sales contract on June 30 following numerous extensions of the current deal.<\/p>\n

Under the terms of the new agreement, De Beers and the government will continue to share Debswana\u2019s rough diamond production until 2033, though Botswana will get more diamonds over time.<\/p>\n

The agreement calls for the share of Debswana supply sold through the government-owned Okavango Diamond Company to increase from 25 percent to 30 percent to start, gradually growing to 50 percent by the final year of the contract.<\/p>\n

The country\u2019s mining licenses will be extended until 2054.<\/p>\n

De Beers and Botswana\u2019s joint announcement regarding the progress of the deal comes shortly after Botswana President Mokgweetsi Masisi noted publicly that the country\u2019s new deal with De Beers was an \u201cagreement in principle\u201d only, not a signed, final contract.<\/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 new sales agreement that continues the 54-year partnership between De Beers Group and the Botswana government for another 10 years is one step closer to being finalized. In a joint news release issued Sunday, the two said they have signed \u201cheads of terms\u201d for the agreement. Heads of terms, also known […]<\/p>\n","protected":false},"author":84,"featured_media":35739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[233,237,234],"class_list":["post-35740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nDe Beers, Botswana One Step Closer to Finalizing Agreement - Botswana<\/title>\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-one-step-closer-to-finalizing-agreement-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"De Beers, Botswana One Step Closer to Finalizing Agreement\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Botswana. The new sales agreement that continues the 54-year partnership between De Beers Group and the Botswana government for another 10 years is one step closer to being finalized. In a joint news release issued Sunday, the two said they have signed \u201cheads of terms\u201d for the agreement. 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