Botswana will not back down on demands for a bigger share of rough diamonds from its joint venture with De Beers, President Mokgweetsi Masisi said on Thursday, upping the stakes as talks for a new sales deal appear to be stalling.
Botswana and De Beers mine the precious stones through their equally owned, 54-year-old mining venture, Debswana Diamond Co. The current diamond sales deal, in place since 2011, has been extended three times since 2020 but is set to expire next month., gets 75% of Debswana’s production, which was 24 million carats in 2022.
Masisi, who has been Botswana's president since 2018 and will seek re-election in next year's elections, now wants Botswana“Our agreement with De Beers is very restrictive to us. We signed it at a time when we didn’t know much, but now our eyes are open," Masisi said at a community meeting in Mmadinare, 400 kilometres north-east of the capital, Gaborone."Even if we lose the litigation, our diamonds will remain ours and we will never give in.
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