Miner Anglo American‘s diamond unit De Beers said on Monday it had finalised negotiations with the Botswana government for a new rough diamond sales agreement and extended mining licences for its joint venture beyond 2029.

Debswana, a 50:50 joint venture between top diamond producer Botswana and De Beers, currently sells 75% of its output to De Beers.

In 2023, Botswana and De Beers agreed to a fresh 10-year diamond sales deal, under which the government’s share of diamonds from the Debswana JV will increase to 30% and gradually rise to 50% over the decade.

However, this agreement was never signed under the leadership of former president Mokgweetsi Masisi.

On January 23, Botswana’s new President Duma Boko said he hoped to clinch a long-delayed sales pact with De Beers soon.

In addition, Boko said talks aimed at increasing Botswana’s ownership stake in De Beers – currently at 15% – were “going well”.

Anglo American is seeking to divest De Beers as part of a broader restructuring plan aimed at refocusing its operations on copper and iron ore mining.