Botswana De Beers sign new heads of terms
02 Oct 2023
The newly signed heads of terms between Botswana government and De Beers Group for the new Debswana sales agreement and mining license mark an important milestone which heralds an interesting new era in the country’s developmental drive.
This was said by Minister of Minerals and Energy, Mr Lefoko Moagi after signing the heads of terms on behalf of government on September 30, the same day that Botswana celebrated 57 years of independence.
The signing of the new heads of terms came on the backdrop of recent agreement in principle between the two parties on a new 10-year sales agreement for Debswana’s rough diamond production through to 2033 as well as the new 25-year Debswana mining licenses ending in 2054.
Mr Moagi said Botswana was pleased to have agreed and signed the heads of terms and such was an important step forward in finalising all the necessary documents as well as implementation of the transformational new agreements.
He said the transformational new agreements between Botswana and De Beers also reflected the aspirations Batswana.
Mr Moagi added that the deal further underpinned the future of Botswana-De Beers joint venture through long-term investment, which would in turn propel both entities forward.
“The heads of terms are going to provide a further detailed clarification to the commercial and operational aspects of the agreement in principle between the two partners that was announced on July 1 this year. The new chapter we are embarking on will see more skills development and job creation for Batswana and more diamond beneficiation done locally,” he added.
For his part, De Beers Group chief executive officer, Mr Al Cook commended President Dr Mokgweetsi Masisi for his leadership and vision in ensuring that Batswana got a better share of their diamonds.
“President Masisi has been steadfast in his determination to get a long term agreement that would be beneficial to the people of Botswana,” Mr Cook said.
He said De Beers would forever remain grateful for its contribution in developing livelihoods of Batswana, adding the new deal also presented greater beneficiation to the citizens.
“The Botswana-De Beers partnership is highly regarded around the world for the enduring role it has played in creating economic development and growth,” he said. ends
Source : BOPA
Author : Thato Mosinyi
Location : GABORONE
Event : Debswana sales agreement
Date : 02 Oct 2023
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