KEY POINTS
- Botswana signed major agreements with Oman covering mineral exploration, renewable energy, and oil storage infrastructure.
- A 500MW solar plant and expanded mining efforts aim to reduce reliance on diamond revenues.
- Both countries are pursuing economic diversification through strategic international partnerships.
Botswana has signed a series of agreements with Oman aimed at strengthening economic ties and reducing its dependence on diamond mining.
The deals were finalised during President Duma Boko’s three-day visit to the Gulf nation, where he met with Sultan Haitham bin Tariq.
The mining move aligns with Botswana’s broader strategy to diversify its economy by tapping into underexplored mineral resources and expanding partnerships with Gulf states.
A key component of the agreements is a joint mineral exploration initiative that will focus on unlocking resources across roughly 70% of Botswana’s largely unexplored landmass. The country is looking to boost production of critical minerals such as copper, gold, graphite, and iron ore.
This comes as Botswana faces declining revenues from diamond sales, traditionally a major contributor to national income, due to global economic uncertainty and increasing demand for lab-grown alternatives.
Major Solar Project to Boost Renewable Energy Capacity
Botswana also secured a deal to develop a 500-megawatt solar power plant in its northwest region. The project, to be handled by NAQAA Sustainable Energy LLC, will have a minimum lifespan of 25 years.
The initiative supports Botswana’s goal of increasing renewable energy’s share of its power mix from the current 8% to 50% by 2030, enhancing long-term energy security.
In addition, Botswana Oil Limited entered into a partnership with OQ S.A.O.C to develop oil storage facilities both within Botswana and in Walvis Bay, Namibia.
The project is expected to bolster fuel supply stability and support regional energy logistics.
