De Beers hopeful as sales tick up

Grinding along: Debswana is operational but eyeing lower production this year PIC: MORERI SEJAKGOMO
Grinding along: Debswana is operational but eyeing lower production this year PIC: MORERI SEJAKGOMO

covid19

The coronavirus (COVID-19) restrictions in its producer nations and a drop in global demand saw De Beers’ revenue slump in the first half of the year by 54% year-on-year to $1.2 billion (P13.2 billion). 

De Beers, which is a 50-50 partner with government in Debswana, is amongst the principal anchors of government revenues through dividends, royalties and taxes.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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