Botswana’s new president intends to repair his government’s strained relationship with De Beers and finalize the transaction reached but not signed by his predecessor. Following Masisi’s repeated threats to walk out, Botswana and De Beers struck a new 10-year agreement in July 2023. Both parties signed a preliminary “heads of terms,” but the full deal is still on the table.
According to Boko, having an unsigned contract puts the country in a “very dangerous position.” Under the unsigned deal, that percentage would rise to 50 during the next decade.
His government owns a 15% stake in De Beers. Anglo American owns the remaining 85 percent and plans to sell it to focus on other profitable businesses. Debswana mine is owned 50/50 by De Beers and Botswana respectively. Botswana receives 25% of the raw diamond output.