The government has confirmed that it does not hold equity stakes in several mining operations that generated approximately P16 billion in revenue in 2025. This is despite despite having the option under mining legislation to acquire ownership interests when licenses are granted.
In response to a Sunday Standard inquiry, the Ministry of Minerals and Energy said government has no direct shareholding in Mowana Mine, Karowe Mine, Khoemacau’s Zone 5 Mine, Minergy’s Medie Mine and Motheo Mine.
The ministry said the mines generated revenues of about P16 billion last year.
‘In 2025 these operations grossed revenues in the region of BWP16 billion resulting in royalties to Government of roughly BWP700 million,’ the ministry said.
Under Botswana’s mining laws, government may acquire a working interest in mining projects at the licensing stage. The ministry said decisions on whether to take up that option are made on a case-by-case basis.
‘In the cases where Government does not exercise the option to acquire a stake, the decision is motivated by the desire to achieve the best possible outcomes for the country,’ the ministry said.
According to the ministry, factors considered include project viability, growth prospects, risk exposure and prevailing market conditions. The ministry said government continues to derive benefits from mining projects through royalties, taxes, employment creation and broader economic activity.
It also defended the current mining ownership framework. ‘Botswana’s mining ownership model has served the country well, delivering significant value through strategic partnerships and enabling the nation to benefit from its mineral resources,’ the ministry said.
The response comes as government pursues policies aimed at increasing the value retained from the country’s mineral resources through local beneficiation.
The ministry said Botswana currently exports copper, iron ore, diamonds and soda ash in raw or semi-processed form.
‘The Ministry estimates that the country would get more revenue by expanding the local beneficiation capacity from where it currently is,’ it said.
Among measures being pursued is a feasibility study for a copper processing plant.
‘The plant, when established will elevate Botswana from a producer of copper concentrate to producing a refined product,’ the ministry said.
Government said beneficiation requirements introduced through the Mines and Minerals (Amendment) Act of 2024 are also intended to increase value addition within Botswana.
The ministry said a recently developed Mineral Resource Development, Exploration and Value Chain Strategy will guide efforts to diversify the mining sector and expand downstream mineral processing over the next decade.