After Botswana threatened to break ties with South African diamond group De Beers, the latter made an announcement on Thursday at a press conference dedicated to the presentation of the company’s 2022 results, assuring that it is “confident” of a “win-win” deal with Botswana.
Botswana, Africa’s largest diamond producer, had announced that it is losing out on its contract with South Africa.
The announcement was made by Botswana’s president, Mokgweetsi Masisi, who told a rally of his ruling party that his country is being shortchanged by the 2011 agreement, which expires in June 2023, saying the actual benefits of the contract are less than what the country should receive.
The president has threatened to terminate the contract if the win-win condition is not met.
In response, De Beers Group Executive Vice President Paul Rowley said the company is convinced that the contract is based on a win-win partnership.