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The economy of Botswana is currently one of the world's fastest growing economies, averaging about 5% per annum over the past decade. Growth in private sector employment averaged about 10% per annum during the first 30 years of the country's independence. After a period of stagnation at the turn of the 21st century, Botswana's economy registered strong levels of growth, with GDP growth exceeding 6–7% targets. Botswana has been praised by the African Development Bank for sustaining one of the world's longest economic booms. Economic growth since the late 1960s has been on par with some of Asia's largest economies. The government has consistently maintained budget surpluses and has extensive foreign-exchange reserves.
The De Beers Group is a South African-British corporation that specializes in the diamond industry, including mining, exploitation, retail, inscription, grading, trading and industrial diamond manufacturing. The company is active in open-pit, underground, large-scale alluvial and coastal mining. It operates in 35 countries with mining taking place in Botswana, Namibia, South Africa, and Canada. It also has an artisanal mining business, Gemfair, which operates in Sierra Leone.
Palapye is a growing town in Botswana, situated about halfway between Francistown and Gaborone. Over the years its position has made it a convenient stopover on one of Southern Africa's principal north–south rail and road routes.
Nicholas F. Oppenheimer is a South African billionaire businessman. He was formerly the chairman of De Beers diamond mining company and of its subsidiary, the Diamond Trading Company, and former deputy chairman of Anglo American. He is the third richest man in Africa.
The Orapa diamond mine is the world's largest diamond mine by area. The mine is located in Orapa, a town in the Central District of Botswana about 240 km (150 mi) west of the city of Francistown. Orapa is owned by Debswana, a partnership between the De Beers company and the government of Botswana. The mine was discovered on 1 March 1967, a year after Botswana's independence, by a team of De Beers geologists, including Manfred Marx, Jim Gibson and led by Dr. Gavin Lamont. It is the oldest of four mines operated by the company, and began operations in July 1971 and its first production was 1,438,168 carats (287,633.6 g). The revenue the mine generated is credited for transforming the Botswana economy, as it allowed the government to invest in critical social services and national infrastructure.
The Letlhakane diamond mine is a diamond mine located in Botswana about 190 kilometers (120 mi) west of the city of Francistown. Letlhakane, meaning "little reeds", is owned by Debswana, a partnership between the De Beers company and the government of Botswana. It is the second oldest of four mines operated by the company, having begun operations in 1975.
The Jwaneng diamond mine is the richest diamond mine in the world, and also the second largest in the world. It is nicknamed "the Prince of Mines", and is located in south-central Botswana about 170 kilometers (110 mi) southwest of the city of Gaborone.
The Damtshaa diamond mine is a diamond mine located in Botswana about 220 km west of the city of Francistown. Damtshaa, meaning "water for a tortoise", is owned by Debswana, a partnership between the De Beers company, Aquarius Global Resources and the government of Botswana. It is the newest of four mines operated by the company, officially opening on October 25, 2003.
Debswana Diamond Company Limited, or simply Debswana, is a mining company located in Botswana, and is the world's leading producer of diamonds by value. Debswana operates four diamond mines in the eastern and central parts of Botswana, as well as a coal mine. Debswana is a joint venture between the government of Botswana and the South African diamond company De Beers; each party owns 50 percent of the company.
Jwaneng is a town located in the Southern District of Botswana, but it is not part of this, being a separate district, with its own Town Council.
The Morupule Colliery is a coal mine located in Palapye, Botswana, owned and operated by Debswana, a partnership between the government of Botswana and De Beers. The coalfield is composed of four main seams, only one of which, the No. 1 Seam, is currently being mined, using bord and pillar mining methods.
Morupule Thermal Power Station is a coal-fired power station in Botswana. It is responsible for an estimated 80 percent of the country's domestic power generation.
The mining industry of Botswana has dominated the national economy of Botswana since the 1970s, being a primary sector industry. Diamond has been the leading component of the mineral sector ever since production of gems started being extracted by the mining company Debswana. Most of Botswana's diamond production is of gem quality, resulting in the country's position as the world's leading producer of diamond by value. Copper, gold, nickel, coal and soda ash production also has held significant, though smaller, roles in the economy.
Louis Goodwill Nchindo (1941–2010) was a Botswana businessman and political advisor, who rose to political prominence as managing director of Debswana, the Botswana diamond authority. He was found dead in a rural area on the morning of 8 February 2010, having died under unknown circumstances.
The Orapa Power Station is a Peak load power generation plant located in the mining town of Orapa in northeastern Botswana in the Central District. It is built within the Debswana Diamond Company Ltd Orapa diamond mine fenced leased area and owned by the Government of Botswana who mandated the Botswana Power Corporation to manage, operate and maintain the facility.
Lynette Armstrong is a Botswana accountant and corporate executive, who was appointed as the acting chief executive officer of Debswana Diamond Company Limited, the largest diamond-mining company in the world, by value. She was appointed to that position in August 2019. Before that, from December 2015 until August 2019, Armstrong was the chief financial officer (CFO) at the same company. She relinquished he CEO/Managing Director role on 1 June 2022 when Andrew Maatla Motsomi became the new substantive CEO. Ms Armstrong resumed her role of CFO at Debswana.
Botswana continued to address the COVID-19 pandemic in 2021, beginning its vaccination process through the importation of vaccines. On November 11, Botswana was the location of the first documented case of the SARS-CoV-2 Omicron variant. 2021 also saw the discovery of two diamonds in Botswana that exceeded 1000 carats, becoming the third and fourth largest diamonds ever discovered. In relations with its neighbouring countries, Botswana continued to address violence at the Botswana–Namibia border, and it entered into the conflict in Cabo Delgado in support of the government of Mozambique.
Botswana continued to address the COVID-19 pandemic in 2022, including the discovery of the COVID-19 variant Omicron BA.4 and BA.5, with COVID-19 restrictions being relaxed in October. Continued disputes took place regarding the Botswana–Namibia border, though an open border was established in September. The rivalry between President Mokgweetsi Masisi and his predecessor Ian Khama escalated in 2022, accelerated by firearms charges against Khama and a warrant for his arrest. The government also saw controversy for its support of bills that would grant it additional espionage powers and regulate journalists.
Andrew Maatla Motsomi is a Botswana economist and corporate executive, who serves as the managing director and chief executive officer of Debswana Diamond Company Limited, the largest diamond-mining company in the world, by value. He was appointed to that position in May 2022 on a five-year contract. He assumed office on 1 June 2022.
References
Footnotes
- ↑ Njini & Peyton 2024.
- ↑ Denina & Benza 2023.
- ↑ Guest 2015.
- ↑ "Debswana Damtshaa Mine" . Retrieved 2024-05-28.
- ↑ "Orapa Diamond Mine, Botswana". NASA Jet Propulsion Laboratory (JPL). Retrieved 2024-05-29.
- ↑ "Famous Diamond Mines of the World". Leibish. Retrieved 2024-05-29.
- ↑ Labs, Captive. "Morupule Coal Mine". Morupule Coal Mine. Retrieved 2024-05-30.
- ↑ "Morupule Coal Mine". Morupule Coal Mine. Retrieved 2024-05-30.
Citations
- Denina, Clara; Benza, Brian (2023-07-01). "De Beers agrees to give Botswana more rough diamonds in new sales pact". Reuters . Retrieved 2024-05-27.
- Njini, Felix; Peyton, Nellie (2024-01-10). "De Beers approves $1 billion spending at Botswana mine". CNBC Africa . Retrieved 2024-05-27.
- Guest, Peter (2015-12-03). "Inside the world's richest diamond mine". CNN. Retrieved 2024-05-29.