The rule is a change to the Mines and Minerals Act which previously gave the state the right to buy a 15% shareholding in any mining concession.
Now companies are required to sell a 24% stake in new concessions to local investors if the government chooses not to buy.
The mines and energy ministry said the rule had taken effect on October 1.
Botswana, the world’s top diamond producer by value is keen to increase local ownership of its mineral wealth and to promote local value addition.
With earnings from diamond sales hurt by weak demand and synthetic stones, the southern African country has struggled to finance its budget.
Revenues fell 50% in 2024. The IMF projects that Botswana’s economy will contract for a second year in a row.
GDP is expected to fall by 0.4% in 2025, after shrinking by 3% in 2024.
Source: Africanews
