Lawyer Rizwan Desai expands mining investments
Top lawyer Rizwan Desai, founding partner of the influential Gaborone law firm Desai Law Group, registered the company Mining and Power Resources on 29 November. He is the company's sole shareholder.
The De Beers-Botswana state JV, which represents a third of the country's GDP, is looking for a new boss and with the company in the process of renegotiating its diamond sales contract, the choice of CEO is tangled with political considerations.
Although talks are still in progress between Botswana and diamond producer De Beers on the terms of their partnership agreement, the share of Debswana's diamonds allocated for sale by the state-owned Okavango Diamond Company has been quietly but substantially increased.
Weighing in at a jaw-dropping 1,098 carats, the gemstone discovered by Debswana, a partnership between De Beers and Gaborone, made headlines the world over. But behind all the distracting sparkle, the business of diamonds is losing its shine.
Having suddenly found herself at the helm of Debswana in 2019 following the premature death of her predecessor, Lynette Armstrong has been running Botswana's leading diamond producer in an acting capacity. With the appointment of a permanent managing director pending, she has been activating her networks as well as renegotiating the contract to sell the company's diamonds with its two shareholders, the Botswanan state and De Beers.