Top British law firm Slaughter and May has been revealed as the legal advisor that assisted Botswana in its negotiations with De Beers, according to information obtained by this publication.
The law firmโs involvement comes as Botswana and De Beers finalised a new agreement in the diamond sector, further solidifying their long-standing partnership. Slaughter and May, which specialises in corporate and commercial law, reportedly played a crucial role in guiding the Botswana government through the negotiations.
Slaughter and May had previously worked with Botswana in 2004 when it was commissioned to investigate and audit corporate governance at Debswana. At the time, the Botswana government expressed concerns that Debswanaโs direct shareholders were not listed on any stock exchange and were thus not subject to the regulatory oversight applicable to publicly traded companies, necessitating an independent audit.
In a brief seen by this publication, Slaughter and May confirmed its advisory role in the recent negotiations.
โSlaughter and May advised the Government of the Republic of Botswana on its renegotiation of its arrangements with the De Beers group. On 25 February 2025, the government and De Beers signed a new 10-year sales agreement concerning rough diamonds produced by the Debswana mining joint venture,โ the law firm stated. The agreement also includes an option for a five-year extension, contingent on meeting specific criteria.
According to Slaughter and May, the agreement encompasses a range of commitments aimed at supporting Botswanaโs economic development and advancing its diamond industry. This includes granting new mining licenses, establishing the Diamonds for Development Fundโwith an initial investment of 1 billion Botswana pula from De Beersโto promote economic growth, diversification, and job creation. Additionally, the agreement includes initiatives to enhance local beneficiation of diamonds and increase Botswanaโs participation in the diamond sector.
Negotiations on the deal began in 2018 and were initially stalled under former President Mokgweetsi Masisi. However, President Duma Boko prioritised the agreement upon taking office in October 2024, leading to its successful conclusion.
The agreement extends Debswanaโs mining licenses until 2054. Previously, the licenses were set to expire in 2029.
Debswana, a 50:50 joint venture between the Botswana government and De Beers, was established in 1969 and operates four diamond mines in Botswana, including the Jwaneng mine. Debswana remains one of the worldโs largest producers of diamonds by value.
