De Beers and Botswana have reached an agreement in principle that includes a new 10-year sales deal and a 25-year renewal of the company’s diamond mining licenses when they expire in 2029.
The new pact increases the amount of diamonds that state-owned Okavango Diamond Company (ODC) can sell from Debswana, the mining company jointly owned by De Beers and the Botswana government.
Currently, ODC can sell up to 25% of Debswana’s production. The new framework calls for ODC’s share of Debswana’s production to immediately jump to 30%, increase to 40% in four years, and hit 50% by the contract’s final year, in 2033.
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