Debswana shifts focus to copper, platinum, and solar energy

Facing a slump in global demand for natural diamonds, Debswana has greenlit a strategic move to diversify into copper, platinum, and solar energy. This shift comes on the heels of a steep 46 percent drop in the company’s revenue in 2024, highlighting the urgent need for diamond-reliant producers to expand their resource base. The decision mirrors a broader restructuring trend in the diamond industry, as companies increasingly seek out more stable and lucrative commodities.

The joint venture, equally owned by the Botswana government and De Beers, is set to invest heavily in non-diamond sectors to build more resilient revenue streams and lessen its dependence on diamonds. Speaking at the Mining Indaba in Cape Town, Chief of Operations Koolatotse Koolatotse revealed that the company is ramping up its exploration of copper and platinum across Sub-Saharan Africa through its subsidiary, Naledi Mining Services.