De Beers and the Government of the Republic of Botswana are inching closer to finalising new agreements to continue a decades-long diamond mining partnership.

They recently signed the Heads of Terms for a new 10-year sales deal for Debswana Diamond Co’s (Debswana) rough diamond production through to 2033 and a 25-year extension of the Debswana mining licences through to 2054.

The Heads of Terms provide further detail and clarity to the commercial and operational aspects of the agreement in principle between the two partners announced in June 2023.

These include raising the share of rough diamonds sold via government-run Okavango Diamond Co from 30 per cent at the start of the new contract to 50 per cent by its final year. De Beers is also investing US$75 million to create the Diamonds for Development Fund “to accelerate Botswana's economic diversification,” with further contributions that could total US$750 million over the next 10 years.

Hon. Lefoko Maxwell Moagi, minister of Minerals and Energy for the Botswana government, said, “This is an important step forward as we progress towards finalisation of the contracts and implementation of the transformational new agreements. The new chapter we are embarking on will see more skills development and job creation for Batswana, and more diamond beneficiation locally.”

Debswana is a 50/50 joint venture between De Beers and the Government of the Republic of Botswana.