Botswana, De Beers Diamond Deal

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

The deal is critical for the southern African country since its economy is largely dependent on the export of diamonds.

"We have us a good deal and we trust that it will carry us into the future. To the people of Botswana, this agreement is about you, about the jobs it will create," Boko said at a signing ceremony in the capital Gaborone.

Under the agreement, Debswana's mining licences, which were due to expire in 2029, will be extended until 2054.

However, the government hopes the economy will rebound this year because of an improvement in the global diamond market and a better performance of other sectors.