Business Maverick: Botswana President Sees Progress on Diamond Pact With De Beers

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 84%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Botswana and De Beers Plc are working out the “finer” details of a new diamond-sales pact and the southern African nation’s government is confident a deal will be struck, President Mokgweetsi Masisi said.

An initial 10-year agreement governing terms for the sale of diamonds produced by Debswana Diamond Co. — a joint venture between the two — and auctioned through the De Beers system lapsed in December 2020 and was extended to June 2022 due to the disruption from the pandemic. The two agreed last month to extend negotiations on new terms to June 2023.

“We are just fine tuning, but we will strike a deal,” Masisi said in an interview in Marrakech, Morocco. “It is imperative that a deal gets struck because it is in the interests of both parties.”Botswana’s mines contribute about two-thirds of De Beers’ annual rough-diamond production. Botswana now wants to leverage its control of the diamond reserves to wring more concessions from one of the world’s top diamond suppliers.

That doesn’t mean the government wants to break ties with De Beers, Masisi said. The government is seeking adjustments in the terms of the joint venture, and more value added to the stones in Botswana through local processing to help boost job-creation and economic growth, he said. “It’s really value addition, so the resources you have been mining, we want to use our knowledge base to yield greater returns,” Masisi said. “That’s the conversation De Beers and ourselves are talking about.”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

With Masisi keeping a personal ‘eye’ on things. I trust he got his couches secure and his ausies securer

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Cartoon Tuesday with RicoDefend Truth
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: South Africa Requests Extradition of Gupta Brothers From UAESouth Africa submitted a request for extradition from the United Arab Emirates of the Gupta brothers, who are wanted for allegedly masterminding the looting of billions of dollars from state entities on Monday.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: China’s economy strengthens in July despite housing, covid woesChina’s economic recovery gained momentum in July as business activities resumed and confidence improved, despite disruptions from sporadic Covid outbreaks across the country.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Saudi prince plans $80bn investment fund for megaprojectThe kingdom will set aside 300 billion riyals (R1.3-trillion) for an investment fund tied to the crown prince’s flagship megaproject, Neom, with plans to invest in companies that agree to operate there.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Kylie Jenner reposts critique of Instagram: ‘Stop trying to be TikTok’The reality-show celebrity, who is the most-followed woman on Instagram, reposted a critique of the app’s redesign that asked it to “stop trying to be TikTok”. In 2018, her tweet criticising Snapchat caused the parent company Snap to lose $1.3-billion in market value in a day.
Source: dailymaverick - 🏆 3. / 84 Read more »