MUMBAI: The government of Botswana and De Beers Group have signed new agreements, securing a 10-year sales deal (with a potential five-year extension) and a 25-year extension of mining licences for their 50:50 Debswana joint venture, now running from 2029 to 2054.

Botswana’s minister of minerals and energy, Bogolo Joy Kenewendo, said the agreements will “underpin the success of our diamond industry” and bring stability to the market. De Beers chief executive officer Al Cook, called it “the world’s greatest public-private partnership.”

Key Agreements
* Mining Licence Extension: Ensures long-term value from Debswana’s assets, including Jwaneng Cut-9, Jwaneng Underground, and Orapa Cut-3.
* Sales Agreement: Botswana’s Okavango Diamond Company (ODC) will sell 30 per cent of Debswana’s output, increasing to 40 per cent after five years. In an optional five-year extension, both ODC and De Beers will each sell 50 per cent.

Economic Commitments
* Diamonds for Development Fund: De Beers commits BWP 1 billion ($75 million) and further contributions from Debswana’s dividends to drive economic growth and job creation.
* Local Beneficiation: Investments in diamond jewellery manufacturing, a grading laboratory, and a vocational training institute.
* Marketing Initiatives: Botswana and De Beers will co-invest in campaigns to stimulate diamond demand and uphold ethical standards.