https://en.sputniknews.africa/20241103/botswanas-new-president-prioritizes-de-beers-diamond-sales-deal-seeking-swift-resolution-1069012059.html
Botswana's New President Prioritizes De Beers Diamond Sales Deal, Seeking Swift Resolution
Botswana's New President Prioritizes De Beers Diamond Sales Deal, Seeking Swift Resolution
Sputnik Africa
The deal, agreed upon last year between the country's outgoing President Mokgweetsi Masisi and De Beers, will see Botswana's share of diamonds from the... 03.11.2024, Sputnik Africa
2024-11-03T11:36+0100
2024-11-03T11:36+0100
2024-11-03T11:36+0100
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duma boko
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Botswana's newly inaugurated president, Duma Boko, has expressed his commitment to finalizing a new diamond sales agreement with De Beers, the global diamond giant, as soon as possible.Despite the deal's touted benefits by the previous administration, including the gradual increase of Botswana's share of diamonds from the Debswana joint venture to 50% over the next decade, it remains unsigned.Boko, who led his party to victory in recent elections, voiced concerns about the negotiations, stating that De Beers had considered withdrawing entirely, a situation he described as "very dangerous" for the country.Boko emphasized the importance of understanding De Beers' concerns and facilitate a mutually beneficial pact: "A proper negotiation involves compromise, where you get a bit of what you wanted, the other person gets a bit," he stated. "Then ... you have a durable, sustainable agreement."A De Beers spokesperson told Western media the company reaffirms its commitment to working collaboratively with the Botswana government towards shared objectives.The situation comes at a time when Anglo American, De Beers' parent company, is seeking to divest the diamond giant as part of its restructuring efforts. Botswana's previous administration had indicated that the country might increase its stake in De Beers from the current 15%.
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botswana, diamonds, southern africa, agreement, president, duma boko
Botswana's New President Prioritizes De Beers Diamond Sales Deal, Seeking Swift Resolution
Muhammad Nooh Osman
Writer/Editor
The deal, agreed upon last year between the country's outgoing President Mokgweetsi Masisi and De Beers, will see Botswana's share of diamonds from the Debswana joint venture gradually increase to 50% over the next decade.
Botswana's newly inaugurated president, Duma Boko, has expressed his commitment to finalizing a new diamond sales agreement with De Beers, the
global diamond giant, as soon as possible.
Despite the deal's touted benefits by the
previous administration, including the gradual increase of Botswana's share of diamonds from the Debswana joint venture to 50% over the next decade, it remains unsigned.
Boko, who led his party to victory in recent elections, voiced concerns about the negotiations, stating that De Beers had considered withdrawing entirely, a situation he described as "very dangerous" for the country.
"The relationship with De Beers could have been damaged by the way the negotiations were handled," the new leader said in a televised statement. "The first thing that needs to be done is to engage the other party."
Boko emphasized the importance of understanding De Beers' concerns and facilitate a mutually beneficial pact: "A proper negotiation involves compromise, where you get a bit of what you wanted, the other person gets a bit," he stated. "Then ... you have a durable, sustainable agreement."
A De Beers spokesperson told Western media the company reaffirms its commitment to working collaboratively with the Botswana government towards shared objectives.
The situation comes at a time when Anglo American, De Beers' parent company, is seeking to divest the diamond giant as part of its restructuring efforts. Botswana's previous administration had indicated that the country might increase its
stake in De Beers from the current 15%.
