Botswana's new president hopes to mend his government's fractured relationship with De Beers and finally ink the deal negotiated, but not signed, by his predecessor. A new 10-year agreement between Botswana and De Beers was finally reached in July 2023 after Masisi repeatedly threatened to walk out. Both sides went on to sign a preliminary "heads of terms" but the final contract remains on the table.
Boko says having a deal that is still unsigned is a "very dangerous position to be in as a country". The unsigned agreement would see that percentage increase to 50 over the coming decade.
His government holds a 15 per cent share in De Beers. The remaining 85 per cent belongs to Anglo American, which is seeking to sell it off and focus on more profitable assets. De Beers and Botswana have a 50/50 share in the miner Debswana. Botswana receives 25 per cent of the rough diamond output.
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