Botswana has signed a revised deal with mining giant De Beers, that will see the country’s share in diamond production increase from 25% to 50% within the next decade.
The Southern African nation is the world’s biggest producer of diamonds and De Beers has been under pressure from falling prices and growing competition, says the Reuters news agency.
The two parties – jointly known as Debswana – have also agreed to a 25-year extension to DeBeers’ mining licences.
In a joint statement announcing the deal on Friday, they said it “reflects the aspirations of the people of Botswana” and “propels both Botswana and De Beers forward”.
