The Botswana government signed a new diamond sales agreement crucial to its economy with the De Beers mining company on Tuesday after seven years of negotiations. The deal gives the government an increasing share of diamond sales through the Debswana company — its joint venture with De Beers,

The partnership secures long-term value from existing mines and expansions such as Jwaneng Cut-9 and Jwaneng Underground.

Botswana’s government and De Beers, the diamond mining unit of Anglo American, have finalised a 10-year diamond sales agreement after a protracted negotiation period, Reuters reported on Tuesday. This new agreement replaces a provisional deal and includes a potential extension of five additional years.

Botswana's government on Tuesday signed a long-delayed 10-year diamonds sales agreement with Anglo American unit De Beers adding a possible extension period of five more years to the provisional pact.