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January 2005

The Government of the Republic of Botswana and De Beers announced that they have agreed to renew the Jwaneng mining licence for 25 years. The mining licenses from other Botswanan mines including Orapa, Damtshaa and Letlhakane mining licenses will be extended for a similar 25-year period.

Orapa and Jwaneng are the two richest diamond mines in the world, producing approximately 29 million carats worth over $2.5 billion.

Botswana and De Beers have also agreed that the effective 15% holding of the equity of DB Investments (DBI) as previously owned by Debswana be ceded to and directly owned by GRB.

De Beers and the government said the renewal and extensions mark “the long-term continuation of their unique and important partnership.”

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