The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has reported a significant enhancement in compliance across the sectors under its supervision, evidenced by a nearly 30% reduction in penalties, totaling P2.8 million for the fiscal year ending March 2024, down from P3.9 million in 2022. This authority oversees a wide array of entities, including insurance firms, non-bank lenders such as microlenders and pawn shops, capital markets, pension funds, asset managers, and virtual asset service providers like...

Al Cook, the CEO of De Beers Group, has resolutely reiterated the company’s steadfast dedication to sustainable practices and ethical standards within the diamond industry. With a tone of unwavering assurance, he underscored Botswana’s significant position as a global leader in diamond production and an exemplar of responsible mining. Cook’s discourse highlighted the distinctive partnership between Botswana and De Beers, portraying it as a model for the progressive future of the diamond trade. Addressing an...

Botswana’s economic expansion is projected to decelerate to a mere 1% in 2024, predominantly due to a downturn in the diamond market, as highlighted in the International Monetary Fund’s (IMF) 2024 Article IV consultation. This follows a notable decline from a robust 5.5% in 2022 to 2.7% in 2023, indicating a significant reduction in the nation’s growth trajectory. The diminished demand for diamonds on the global stage has directly stifled mining activities, contributing to the...

The Botswana Geoscience Institute (BGI) has announced promising results from its aeromagnetic survey studies in the western regions of Botswana, particularly in the Nossop-Ncojane area. These studies have identified the presence of critical minerals, including lithium and gold, significantly boosting the prospects for future mining ventures in the region’s sandy terrains. Initiated in April 2024, the project is slated for completion by December. It aims to conduct a high-resolution aeromagnetic survey over the remaining areas...