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Diamond deal terms reveal last minute ‘compromises’

Friday, February 28, 2025 | 1060 Views |

The deep slump in diamonds and negative earnings at De Beers overshadowed the finalisation of the deal with Botswana, forcing government to make compromises on timelines in order to support the company’s survival and the country’s own future, Mmegi can reveal.

The few main clauses of the deal made available this week show that between the heads of terms agreed upon last September, and the signing of the final deal this week, concessions were made between the two partners.

One key change is the timing of the phased increase in the allocation of 50% of Debswana’s output to the state-owned Okavango Diamond Company (ODC). In the September heads of terms, the increase in the ODC allocation from the current 25% to 50%, was scheduled to occur over the ten years of the deal.

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Diamond deal terms reveal last minute ‘compromises’

The deep slump in diamonds and negative earnings at De Beers overshadowed the finalisation of the deal with Botswana, forcing government to make compromises on timelines in order to support the company’s survival and the country’s own future, Mmegi can reveal.