Botswana looks beyond diamonds as mining push gathers pace

Botswana is preparing to widen its search for minerals beyond diamonds, signalling a strategic shift for an economy long built on one precious stone.

The government plans to scale up mining exploration across large parts of the country that have never been properly surveyed, including for so-called critical minerals used in modern manufacturing and energy technologies. About 70 percent of Botswana’s territory remains unexplored.

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Bogolo Joy Kenewendo, mines minister, said the move was driven by the need to reduce reliance on diamonds, which have been hit by a prolonged slump in global demand. Speaking on the sidelines of an African mining conference in Cape Town, she said the downturn had exposed the risks of depending too heavily on a single commodity.

“Diamonds will remain the backbone of the mining sector, but we cannot afford to stand still,” Kenewendo told Reuters. “If you have only explored 30 percent of your country, it really just shows how strong our focus on diamonds has been.”

Botswana has long been held up as an African success story, using diamond wealth to build stable institutions and strong public finances. Diamonds still account for about one-third of national revenue and roughly three quarters of foreign exchange earnings. But weaker global growth and the rising popularity of lab-grown stones have reduced demand and cut into state income.

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In response, the government has launched a state owned exploration company that will focus on expanding geological surveys and generating reliable data to attract investors.
“We were doing more exploration looking for diamonds than looking for other high-value minerals. And now we are going to change that,” Kenewendo said.

Exploration, however, is risky and expensive, a fact that has made some private investors cautious. Kenewendo acknowledged those concerns, saying the state wanted to play a stronger role in the early stages to lower the risks.

“There is a little hesitation from investors to go into exploration. You can lose a lot of money by exploring and not hitting anything,” she said. “We want to ensure that we have the right data, we know what is where, so that we can also decide if we want to be investors in that space.”

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Botswana is already the world’s top diamond producer by value and is emerging as a copper mining hotspot. The push into critical minerals could further raise its profile at a time when competition for resources is intensifying.

Demand for minerals such as copper and cobalt has surged as countries invest in clean energy, electric vehicles, and advanced manufacturing. The race to secure supply chains has also taken on a geopolitical edge, with the United States and China both seeking stronger ties with resource-rich countries.

Kenewendo said Washington had expressed interest in working with Botswana on exploration and mining projects, although talks were still at an early stage.

“We will see how that goes,” she said. “We are just engaging in general investments in the mineral space.”

For Botswana, the challenge will be to balance new partnerships with its long-standing reputation for careful resource management and transparency. Analysts say expanding exploration could help cushion the economy from future shocks, but only if discoveries translate into viable projects.