Copper cavalry paving Botswana’s mining future :: Mmegi Online

In 2016, global copper prices plummeted below $2.1 per pound, marking what seemed at that time a nadir for the copper market. Eight years later, the reddish metal has become the belle of the ball, trading above $4.8 per pound. For countries like Botswana, which had seemingly closed the chapter on copper, it may be time to reconcile, as the darling diamond industry faces unprecedented challenges, Mmegi Staffer TIMOTHY LEWANIKA writes

While diamonds remain the leading contributor to the country’s Gross Domestic Product (GDP), the future of Botswana’s mining industry is clouded with uncertainty. Particularly concerning is the projected closure of many diamond mines by 2050, prompting questions about what will succeed diamonds. The answer may lie in local copper industry which has resurged, offering hope due to its robust performance in recent years.

When the BCL Mine closed in 2016, Botswana shifted its focus entirely to the diamond industry, which has been the backbone of the economy since the discovery of diamonds in 1967. Commodity markets show no favouritism, and recently diamonds have been yielding sub-optimal returns amid significant macroeconomic shocks.

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