Under terms of new agreement, Botswana’s government will be allowed to sell 30% of rough diamonds mined through joint mining venture with De Beers

De Beers has finalised talks on a rough diamond sales deal with the Botswana government and on extending mining licences for its joint venture there to 2054, the Anglo American unit said on Monday.

Botswana’s president Duma Boko, who swept to power in October elections, said his government has reached a diamond extraction and sales agreement with De Beers that will bring certainty to the gem-dependent economy.

Diamond mining giant De Beers Group has completed negotiations with the Government of Botswana to establish a new ten-year sales agreement for Debswana’s rough diamond production until 2033. The agreement also includes a 25-year extension of Debswana’s mining licences to 2054.

Miner Anglo American's diamond unit De Beers said on Monday it had finalised negotiations with the Botswana government for a new rough diamond sales agreement and extended mining licences for its joint venture beyond 2029.

Botswana’s government will develop new industries, dismantle the state power utility to foster private investment and increase concessional borrowing as part of a plan to diversify the diamond-dependent economy,