Media sources reported, citing Phineas Botali, Botswana’s Minister of International Relations, that the country is ready to cooperate with Russia in the diamond sector to strengthen its economy.
According to the Russian state news agency TASS, the partnership aims to diversify Botswana’s economy, with cooperation focusing on rare earth metals and the diamond industry.
Botali stated: “We are leaders in diamond mining, and we are actively seeking to diversify our economy. We hope to leverage Russia’s expertise and knowledge in large-scale mining projects, as well as in manufacturing industries, to create added value. These are precisely the areas where we see opportunities for collaboration.”
Reuters noted that Russia is also looking to expand its presence in Africa amid ongoing tensions with the West.
Botswana has expressed interest in increasing its current 15% stake in De Beers to a majority share, while Anglo American is reportedly selling its 85% stake in the company.
However, citing economic challenges and Botswana’s heavy reliance on diamonds, the International Monetary Fund has issued warnings about the risks posed by declining demand for gemstones.
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