Botswana President Launches Another Attack Against De Beers: Botswana
Under the current arrangement, due to expire next month, Botswana gets 25% of rough diamonds mined under its partnership with De Beers, and the company gets the rest. Negotiations on a renewal of the pact, in which Botswana is seeking a higher stake of the profits, are underway.Botswana provides De Beers with 70% of its rough diamonds.Since February, Masisi has ramped up the pressure on the diamond giant.
With Botswana due to hold its general election next year, Masisi said he would be willing to lose over the sensitive issue. Masisi said trade in all rough diamonds mined in Botswana could net up to $15 billion a year, but under the De Beers deal, the country gets"only $7 billion, or $8 billion if we are fortunate."
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