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Diamond Sector Lifts Botswana’s S&P Outlook

Ratings agency S&P has revised its outlook on Botswana - from Negative to Stable
Diamond Mine Botswana Debswana
Credit: Debswana

Ratings agency S&P has revised its outlook on Botswana – from Negative to Stable – saying it expects that “economic rebound, supported by a strong diamond sector recovery, will lead to a material improvement of fiscal and external performance over the next two years,” Mining Weekly reports.

 

Diamond Mine Orapa Botswana
Credit: Debswana

 

S&P said in its report: “We expect Botswana’s diamond export-dependent economy to rebound by 8.5% in real terms in 2021 because the diamond industry is rebounding from 2020’s large pandemic-induced contraction.” The agency affirmed Botswana’s ratings at ‘BBB+/A-2’.

 

Botswana Map
Credit: Pincasso

 

Recently, Gem Diamonds sold its Ghaghoo mine in Botswana for $4 million to Okwa Diamonds, a company owned by Vast Resources and Botswana Diamonds. Botswana Diamonds managing director James Campbell noted that “there are significant opportunities to improve Ghaghoo’s operating and financial performance through both the application of new, and optimization of existing, technologies, along with a strongly recovering diamond market.”



Tags: Diamonds News, Jewelry News, Diamond Industry News, Mining News, Botswana News

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