Debswana sales hit all-time high at P57bn

Friday, February 03, 2023 | 160 Views |

Rich vein: Debswana’s mines have once again rescued the budget and are set to support the return to fiscal stability PIC: MORERI SEJAKGOMO

Rough diamond sales by Debswana reached P56.6 billion in 2022, an all-time high and a boost for budget revenues which have suffered deficits that pre-date the pandemic, BusinessWeek has established.

Bank of Botswana data released this week indicates that Debswana’s sales were nearly 50% higher year-on-year, a trend the Finance ministry has attributed to a rebound in global economic activity and sanctions on the world-leading rough diamond producer, Russia, for its invasion of Ukraine.

While Debswana’s full-year production figures for 2022 are due to be confirmed next month, information previously sourced by BusinessWeek indicated that the diamond giant was due to produce 23.6 million carats last year, the highest since 2018. This was despite pressures on output arising from a P1 billion increase in operating costs, particularly around fuel and spares.

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