Is Botswana Getting A Raw Deal From De Beers Diamonds - The World News ((top))

Is Botswana getting a raw deal? The answer is nuanced. Compared to other mineral-rich nations in Africa, Botswana has secured an exceptionally favorable arrangement. However, in the context of modern ESG standards and the rise of synthetic competitors, the "old" way of doing business is no longer enough.

In 2019, the government of Botswana announced plans to increase its share of the revenue from diamond mining. The government proposed a new royalty rate of 15% on the value of diamonds extracted from the mines, and also announced plans to acquire a 24% stake in the Debswana Mining Company, which is the joint venture between De Beers and the government of Botswana. Is Botswana getting a raw deal

The relationship between Botswana and De Beers, a multinational diamond mining company, has been a long-standing one. For over 50 years, De Beers has been mining diamonds in Botswana, generating significant revenue for both the company and the government. However, there have been concerns raised about whether Botswana is getting a fair share of the revenue generated from its diamond resources. However, in the context of modern ESG standards

The mining agreement between De Beers and the government of Botswana has been the subject of much debate. The agreement, which was signed in 1971, gives De Beers the rights to extract diamonds from the Orapa mine for a period of 25 years. The agreement was later extended to cover the Jwaneng mine, and in 2004, the government of Botswana and De Beers signed a new agreement that extended the life of the Orapa mine until 2035. The relationship between Botswana and De Beers, a

The raw deal is not just about money. It is about control. For 60 years, a nation blessed with the world’s hardest gem has been treated like a soft touch. As President Masisi told Parliament last month: "We are not asking for a favor. We are taking what is ours."