GOVERNMENT OF THE REPUBLIC OF BOTSWANA AND DEBEERS CONCLUDE NEGOTIATIONS ON ROUGH DIAMOND SALES AGREEMENT

The Government of the Republic of Botswana (“GRB”) and De Beers Group (“De Beers”) are pleased to announce the successful conclusion of negotiations focused on establishing a new sales agreement for Debswana’s rough diamond production, as well as extending Debswana’s mining licences beyond 2029. This development is in alignment with the Heads of Terms agreed on September 30, 2023.

Debswana, a 50:50 joint venture between the GRB and De Beers, operates several leading diamond mines in Botswana: Jwaneng, Orapa, Letlhakane, and Damtshaa.

Following the issuance of new mining licences by the appropriate regulatory authorities in Botswana and final governance approvals, both parties look forward to signing and executing the relevant agreements. Until the execution of these new agreements, the terms of the existing agreements will continue to remain in effect.

The GRB and De Beers reaffirm their commitment to their enduring partnership, which has lasted over 50 years. This collaboration is aimed at the responsible recovery, marketing, and sale of diamonds, ensuring the sustainability of the global diamond industry while enhancing the significant fiscal and societal contributions that diamonds provide to Botswana.

The GRB and De Beers remain steadfast in their dedication to fostering a robust and sustainable diamond sector that positively impacts the nation’s economy and supports the welfare of its citizens.